As companies continue to adopt contactless smartcards for their business applications, the worldwide market for the technology is expected to increase significantly, according to research by RNCOS.
One of the main drivers for the growth is that businesses trust in them because they are a proven technology. According to RNCOS, the shipments for worldwide contactless smartcards is expected to grow at an annual compound growth rate of approximately 24 percent from 2011 to 2013.
The increased adoption of near field communications is also a driver for the market, with many transportation and payment systems adopting the technology, including certain public transportation systems switching to contactless ticketing, the report stated.
“According to our study, the rapid uptake of contactless payments from mobile phones and cards will raise the shipments of contactless smart cards during the next few years,” said RNCOS.
MarketsandMarkets also expects the market for smartcards to increase. According to its report, the worldwide market for the plastic cards is expected to reach $6.6 billion by 2015.
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