Noida, UP -- (SBWIRE) -- 01/09/2012 -- The global smart card shipments have been increasing stupendously for the past few years. According to a new research report, “Smart Card Market Forecast to 2014” by RNCOS, with over one billion population and increasing modern application areas, India is emerging as one of the world’s fastest growing smart card markets. A number of government-run programs, like Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGS), e-Passport, and e-driving license, among others employ smart cards. With these, the smart card market in India is anticipated to grow at a CAGR of around 15% during 2011-2014. The potential areas for smart card applications include rapid transit system, EMV and loyalty cards, and toll and parking smart cards.

Growing shift towards Euro pay, MasterCard, and VISA (EMV) is one of the key factors further promoting the adoption of smart cards across the globe. The EMV migration facilitates the mitigation of losses being incurred due to frauds and security issues. The advent of innovative technological applications is likely to provide a further boost to the global smart card industry. According to the report, the concept of chip-based smart cards is new in developing countries like India where most of the cards used are magnetic ones. Also, the demand for mobile SIM cards has been growing at a double-digit rate in emerging markets like China and India. This development has indeed improved the profit margins of smart card and chip vendors.

Beside India, the report also covers other geographical regions which are showing impressive growth in the adoption of smart card technologies. Providing valuable information and prudent analysis of the global smart card industry, the research presents an insight into the current market trends, industry drivers, and challenges which help understand the market structure. The profiles of key players, SWOT analysis and recent developments have also been included in the detailed study.

For FREE SAMPLE of this report visit: http://www.rncos.com/Report/IM358.htm

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