Global Smart Card market in the Telecom sector to grow at a CAGR of 4.98 percent

Analysts forecast the Global Smart Card market in the Telecom sector to grow at a CAGR of 4.98 percent over the period 2014-2019. These cards are used by employing a radio frequency between card and the reader that needs no physical insertion of the card. Therefore, contactless smart cards have faster applications and are user-friendly. Contactless smart cards are widely accepted and used by some of the major sectors such as BFSI, Government, Transportation, Healthcare, and Defense.

Increased adoption of NFC payments is one of the major trends in the market. NFC-enabled mobile devices operate in card emulation mode for mobile contactless payments. Therefore, they are being widely used by the Telecom sector and by emerging sectors.

According to the report, the growth of the market in the Telecom sector is driven by the increased need to reduce identity duplication. The number of cases of fraud and forgery has increased due to advances in technology, motivating vendors to create a type of smart card that is difficult to duplicate.