Global transportation smart cards market: 10.7% CAGR growth forecast between 2012-16
Global Smart Cards Market in the Transportation Sector 2012-2016 - a new market research report on companiesandmarkets.com
PR-Inside.com: 2014-03-26 08:33:03
The Global Smart Cards market in the Transportation sector is to grow at a CAGR of 10.7 percent over the period 2012-2016. One of the key factors contributing to this market growth is the need for a tamper-free system. The Global Smart Cards market in the Transportation sector has also been witnessing the increasing use of contactless smart cards. However, the high initial deployment and replacement costs could pose a challenge to the growth of this market.
Contactless cards are more user-friendly than contact-based cards. The Transportation sector is increasingly deploying contactless e-ticket cards to improve security in billing and payment processes. Countries such as France, Russia, Brazil, Indonesia, Poland, and Malaysia are expected to experience high adoption of contactless smart cards in the future. South Africa and Canada are also expected to experience an intensive adoption of contactless smart cards. Instances like these are expected to contribute to the growth of the Global Smart Card market in the Transportation sector.
One of the major drivers is the need for a tamper-free system. Generally, cards embedded with magnetic tapes only store information about end-users´ accounts. These cards can be easily tampered with, resulting in loss of information or data. However, smart cards store information that can only be accessed with a pin code that is difficult to decode, thereby protecting end-users´ data.
One of the key challenges is the high initial deployment and replacement cost. Regions such as South America and the APAC region have limited vendor penetration and very few local players. As a result of this, the market is controlled by a small group of vendors, leading to low competition. This low competition is leading to high initial deployment and replacement costs.
The key vendors dominating this market space are ASK S.A., Watchdata System Co. LTd., Giesecke & Devrient GmbH, and Gemalto N.V.
Other vendors are DataCard Corp., and Eastcompeace Technology Co. Ltd.
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