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.
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