RNCOS White Paper: Indian Smart Card Shipments to Grow at a Healthy CAGR of 10% during 2012-2017

Press Release   •   Dec 26, 2013 17:45 IST

The Global smart card market has been witnessing a substantial growth with some notable milestones which suggests an optimistic outlook for the industry. The Indian Smart Card Market is expected to reach around INR 52.76 Billion by the end of 2015; an increase of about INR 21.73 Billion from the revenues in 2011.Thus, the Smart Card Market is anticipated to grow at a CAGR of around 12.3% during the next three years.

Emphasizing on the future opportunities in the emerging market, Shushmul Maheshwari, CEO, RNCOS said that smart cards are expected to seep more into a number of other sectors such as healthcare, identity management, transportation, credit/debit cards, financial inclusion, public distribution, etc. Also, strong growth in the dual contact and contactless cards are expected in the coming years on the back of the increased penetration of the technology into various new areas.

Our analysis reveals that the changing global scenario would turn out to be one of the key drivers behind the rising demand for smart cards. Further, the expected deployment of migration to new, more secure documentation with an increased emphasis on integrating ID and healthcare solutions with contact and contactless smart technology would generate ample business prospects in the future. In addition to this, the augmenting demand for Near Field Communication (NFC), mass transit projects, e-passports and also the recent development leading to the upgrade of DL and RC books from paper to smart cards in high volumes are escalating its demand commendably in the industry.

Thus, the Indian smart card market is thus expected to prosper with the recent wave of E-Governance Initiatives occurring in the public sector of the country.

RNCOS acts as your growth partner in all your business endeavors, be it product launching, geographic expansion, sales improvement, distributor/retailer tie-ups etc. We help make your business flourish by studying the market dynamics, collating with your business and devising the right strategies.

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RNCOS specializes in Industry intelligence and creative solutions for contemporary business segments. Our professionals analyze the industry and its various components, with a comprehensive study of the changing market behavior. Our accuracy and data precision proves beneficial in terms of pricing and time management that assist the intending consultants in meeting their objectives in a cost-effective and timely manner.