Reportlinker.com today released a new market research report outlining the smart card forecast through 2014. According to the report, the global smart card industry has been witnessing dynamic changes for the past few years, and these, in turn, have created significant opportunities for the market participants.
According to the report, "Smart Card Market Forecast to 2014," the global shipments of smart cards is estimated to reach around 6.1 billion units in 2011, growing at a rate of around 11 percent over the previous year.
Furthermore, the demand for smart cards will be seen in emerging markets as some of the key manufacturers in these regions are expanding their market reach. Increasing penetration of 3G, and focus on payments will give a further boost to the momentum. In addition, the liability associated with EMV standard is also driving many banks to issue smart cards.
Backed by such positive factors, the global smart card shipments are expected to post a double digit growth (CAGR of around 12 percent) during 2011-2014.
Increasing demand for contactless smart cards is mainly being fueled by near field communication, mass transit projects and e-passports. The volume of secure microprocessor contactless smart card shipment is likely to grow at a CAGR of around 22 percent during 2011-2014.
For more information on this topic, visit our EMV research center.
