Business | July 26, 2012
Global value of smart cards to exceed $7.2bn in 2017
According to a new technical market research report from Electronics.ca Publications, the global market for smart cards was valued at $4.7 billion in 2011, and is projected to reach nearly $5.1 billion in 2012 and nearly $7.3 billion in 2017, a five-year compound annual growth rate (CAGR) of 7.4%.
The market for smart cards can be broken down into three categories by type: contact, contactless, and dual interface. Contact cards are projected to account for 4.5 billion units in 2012 and nearly 6.6 billion units in 2017, a CAGR of 7.8%. Contact cards account for 67.9% of the smart cards market. Contactless cards are estimated to account for nearly 1.4 billion units in 2012 and nearly 3.1 billion units in 2017, a CAGR of 17.4%. Contactless cards account for 18.7% of the smart cards market. Dual-interface cards should account for 922 million units in 2012 and nearly 1.5 billion units in 2017, a CAGR of 10.1%. Dual interface cards account for the remaining 13.4% of the smart cards market. The smart cards market continues to grow as an increasing number of corporate and government agencies adopt smart cards to improve security and flexibility. Smart cards have become an integral part of the economy, serving various sectors and industries around the world. A majority of the world population may not be aware of what a smart card is, but is using multiple smart cards several times a day. Growing mobile demand, an increase in initiatives for automated healthcare systems, government initiatives for national ID cards, and an increased effort in Europay, MasterCard, Visa (EMV) compliance are fueling the demand for smart cards worldwide.
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