Global Smart Cards Market to Reach 10.9 Billion by 2015

GIA announces the release of a comprehensive global outlook on the Smart Cards Industry. Increasing usage of contactless technology, newer applications and EMV migration across countries are major drivers boosting the global market for smart cards. Awareness about the benefits of smart cards is increasing manifold and so is the number of applications, giving the much needed impetus for the smart cards market to continue on its long drawn out growth path.
The global market for smart cards is currently traversing on a double-digit growth path driven largely by major initiatives in the financial, government and security sectors while the telecom sector continues to be the largest end-user with no nearest contender so far. With faster processing speeds and enhanced storage capacities, smart cards of late have also forayed into a number of newer applications even while the existing applications demonstrate immense potential for future growth. While rising security concerns lead the way for rapid proliferation of smart cards in security and identity markets, growth in the financial end-use sector is propelled by the EMV migration across the world. Improvements with regard to interoperability with existing systems could go a long way in encouraging implementation of projects in the future. Region wise, major growth is expected in the EMEA with usage portended to skyrocket in the transportation application end-use area particularly. In the Americas on the other hand, growth would be largely driven by governmental initiatives to introduce smart cards into several industry segments while Japan and South Korea offer immense potential for future growth in terms of technological improvements. Read more