The global smart card market is growing at an astonishing rate, with smart cards now becoming one of the most sophisticated and advanced pieces of technology used worldwide, primarily for payment and authentication purposes.
In 2011, 6.2 billion smart cards were shipped. It is estimated that smart card shipments are forecast to reach 6.8 billion in 2012 and 11.1 billion by 2017, increasing at a compound annual growth rate (CAGR) of 10.3% from 2012 to 2017.
In dollar figures, the smart card market was at $4.7 billion in 2011. It is expected to reach nearly $5.1 billion in 2012 and $7.3 billion in 2017, at a CAGR of 7.4%.
The telecommunications segment shipped 4.7 billion smart cards in 2011. This figure is estimated to reach 5.1 billion in 2012 and 8 billion units by 2017, at a five-year CAGR of 9.6%.
EMEA region holds the maximum share of revenue in consumer electronics market on account of technological competence, high adoption of high end smart cards and growing need of secure transaction and identity and access control.
Asia-Pacific, especially India and China have emerged as smart card hotspots with continuous development of the cellular markets and the increasing 3G penetration and increased governmental interest across the region.
The deployment of smart cards in public sector applications, including government ID and healthcare has gained momentum across the globe. The unit shipment of smart cards for the government/healthcare segment is estimated to have registered around 18% year-on-year growth in 2011, and this is expected to increase further.
For more information on the smart card market, see the latest research: Smart Card Market Report
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