RNCOS Forecasts Strong Growth for the Smart Card Market

Given the dynamism exhibited by the global smart card industry, the future of the smart card market does indeed look rather promising. According to a RNCOS, which specializes in Industry intelligence and creative solutions for contemporary business segments, this sector has already experienced tremendous growth in 2011, a precursor to the expansion that is expected to follow.

The research report also includes an analysis of the regulatory environment associated with the smart card deployment and essays to provide clients with an overall view of the global smart card market and current developments in key countries of the world.

Accordingly, the study gives an insight into the current and future market trends, the factors that drive it and the key challenges. The current report tends to focus on the healthcare and government sectors.

The ubiquity in the deployment of smart cards in public sector applications and the establishing of a legal framework to leverage strong identity credentials for e-Government, e-Healthcare and e-Commerce, are helping the industry gain momentum.

Unit shipment of the microprocessor smart cards is expected to touch 6.1 billion at the end of 2011. Coupled with successful beginnings of the micro-payment segment in Asia, North America, Europe and other regions, a positive uptrend appears to be on the cards. The favorable environment is also expected to accelerate the trend.

According to RNCOS, the healthcare and government segments are estimated to have registered about 18 percent year-on-year growth in 2011. With smart-technology based healthcare ID cards being issued in many countries, unit shipment of smart cards is well on the road to buoyant growth.

In other related news, according to the RNCOS report, “Booming Health Insurance in India”, the

Indian health insurance market is seen to be one of the fastest growing and second largest non-life insurance segments in the country. The market owes its stupendous growth rate to the rising health consciousness and concerns over scaling healthcare costs, among both the urbanities and ruralites.