Smart card market to hit $5.1 billion in 2012

A new report entitled "Smart Card Technologies and Global Markets" has unveiled that the global market for smart cards will reach nearly $5.1 billion this year. Released by research network and publishing company Electronics.ca, the technical market research report approximated a five-year compound annual growth rate of 7.4%, targeting to reach $7.3 billion in 2017.

The smart card market, aptly classified into contact, contactless and dual interface, is steadily rising as security and flexibility become higher priorities of public and private agencies.

Contact cards, which account for 67.9% of the smart card market, are projected to account for 4.5 billion units this year, whereas contactless cards, 18.7% of the market, are assessed to comprise 1.4 billion units. Meanwhile, dual-interface cards, smallest of the market with 13.4%, should constitute 922 million units.

Allowing the usage of multiple smart cards several times a day, this pocket-sized card is seeing increasing demand because of its sound economic significance and extensive industrial use. The report, which assessed the current market, could help companies ranging from chip manufacturing to system integration.

Similarly, the demand upsurge is facilitated by growing mobile demand, an increase in initiatives for automated healthcare systems, government initiatives for national ID cards and an increased effort in Europay, MasterCard, and Visa compliance.

The study aims to underline recent and projected trends in the smart card market, and help companies use the technology as their identification and authentication option. It also provides information on how to secure and simplify work through smart cards.