With the increasing application of smart card in different industrial sectors and rising awareness about its benefits, the global smart-card market has witnessed continuous growth over the past few years. The telecom sector uses the highest number of smart cards in the form of SIM cards as the penetration of mobile phones increases globally. Moreover, the application of smart cards in other industrial sectors like transportation, public sector and financial services also surges owing to the benefits of high storage capacity, faster processing speed and increasing security concerns.
With the increasing application of smart card in different industrial sectors and rising awareness about its benefits, the global smart-card market has witnessed continuous growth over the past few years. The telecom sector uses the highest number of smart cards in the form of SIM cards as the penetration of mobile phones increases globally. Moreover, the application of smart cards in other industrial sectors like transportation, public sector and financial services also surges owing to the benefits of high storage capacity, faster processing speed and increasing security concerns.
According to a new research report from RNCOS entitled “Smart Card Market Forecast to 2012”, the global shipment of smart cards is expected to grow at a CAGR of approximately 11 percent from 2009 to 2013 with around 8.5 billion units by 2013 from 5.5 billion units. The number of smart-card projects has been increasing at a rapid pace worldwide. Additionally, the shift in liability associated with Euro pay, MasterCard and VISA standard is driving many banks to issue smart cards.
The report has found that the EMEA region will represent the major share of smart-card industry by the end of 2013. The European countries like Spain and Germany will witness a sharp rise in smart-card usage in the transportation sector, which will grow at a CAGR of approximately 13 percent from 2011 to 2013 worldwide. Besides, the shipment of smart cards in Americas will increase on the back of government initiatives to introduce smart cards in various industrial segments.
The report has also revealed that the smart-card technology will give boost to the online-payment transactions as it allows customers to make reliable and secure transaction. For instance, the shipment of microprocessor contactless smart cards is expected to grow at CAGR of around 24 percent during the forecast period. Besides, the microprocessor smart cards will continue to hold the majority of smart-card shipment worldwide. By 2009, this segment shipped around 4.5 billion smart cards worldwide, up by approximately 7 percent over 2008.