NewswireToday - /newswire/ -
Noida, Uttar Pradesh, India, 2011/01/11 - Global smart card industry is likely to grow at a CAGR of 12% during 2011-2013, says RNCOS.
Our new research report “Smart Card Market Forecast to 2012” says that global smart card industry will post a CAGR of around 12% during 2011-2013. The major driver for the global smart card industry remains its application in the financial services (including retail and loyalty). Growth in the global payment card market, especially Asia-Pacific, continues to drive the shipments of smart cards. Besides, rising cases of fraudulence have highlighted the drawbacks of magnetic stripe cards with regard to transaction security. In the financial sector, smart cards are extensively used as banking cards, ATM, and payment cards as they have emerged as the most secure alternative.
We have found that there will be huge opportunities for the players in near future due to rise in EMV migration, as only 20% of the cards already deployed in this segment are chip cards. Another reason, which will contribute to the opportunities in the financial segment, is contactless dual interface that enable convenient and fast payment & mass transit applications. In addition to financial services, other sectors like telecom, transport and public sector will provide sufficient room for smart card growth.
Our team of experts has found that geographical regions like, Asia-Pacific and Africa are showing impressive growth in the adoption of smart card technologies with a wide 3G penetration and will continue to boost the growth of the smart card market. More specifically, demand for mobile SIM cards has been growing at a double-digit rate on the back of explosive growth in emerging markets such as, China and India. This development has boosted profits of smart card and chip vendors, freeing-up capital for the development of new technology.
“Smart Card Market Forecast to 2012” provides valuable information and prudent analysis of the global smart card industry. It provides an insight into the current market trends, industry drivers, and challenges to understand the market structure. The report has segregated the smart card industry in terms of applications and technology. Key players section of the report throws light on their business profile, strengths, weaknesses, and recent developments.
RNCOS (rncos.com) specializes in Industry intelligence and creative solutions for contemporary business segments. Our professionals study and analyze the industry and its various components, with comprehensive study of the changing market behavior. Our accuracy and data precision proves beneficial in terms of pricing and time management that assist the consultants in meeting their objectives in a cost-effective and timely manner.