Contactless Smart Card Market to Grow at 33%

Rising applications of smart cards in various fields, including security, payment and ticketing, is expected to make contactless smart card market grow at 33% CAGR by 2012.

Delhi, India, March 28, 2009 --( The increasing acceptance of smart cards in a number of applications worldwide has led to a series of technological developments over the recent past. Evolution of contactless smart cards is one of such technological developments which have gained momentum in ticketing and payment applications worldwide. The global market for contactless smart cards stood at an estimated US$ 240 Million in 2008 and is forecasted to grow at a CAGR of nearly 33% by 2012, says their new research report, “Smart Card Market Forecast to 2012.”

With mounting security concerns, contactless smart card industry will be least affected by the current global economic crisis. Factors such as EMV compliance, enhanced security feature and easy use with minimal human intervention will continue to fuel growth in worldwide adoption of contactless smart card technology. Increasing usage of internet or payment terminals such as ATMs or point of sales systems will also boost the adoption of technology as it offers secure, fast and convenient transactions.

However, the future of smart card market depends to a large extent on its compatibility with existing systems. Smooth integration of smart cards with the existing legacy systems makes it a cost saving and effective security tool, which will boost the application of smart card market in near term.

“Smart Card Market Forecast to 2012” provides prudent analysis on the smart card industry worldwide. It gives an insight into the current market trends and growth prospects for the smart card industry while substantiating data with unbiased and rationale analysis. The report helps clients to understand the key trends in the industry and restructure their investment plans.

The report studies the global smart card industry by segmenting it into Americas, Europe Middle East and Africa (EMEA) and Asia Pacific. It helps in analyzing the current performance and future outlook of the smart card industry at regional level.

Countries covered in the report are decided on the basis of existing opportunities that could lead to the growth for smart cards. Country level profiling provides prudent analysis of the smart card projects which are under consideration in a particular country across various application sectors.

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RNCOS, incorporated in the year 2002, is an industry research firm. We are a team of industry experts who analyze data collected from credible sources. We provide industry insights and analysis that helps corporations to take timely and accurate business decision in today's globally competitive environment.

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