Smartcards meet a wide variety of business and consumer needs. As a result, they are becoming increasingly popular with several types of enterprises in Asia and North Africa.
According to a recent study by Frost & Sullivan, the Middle East and North Africa Smartcards market earned revenues of $229.3 million in 2009. This figure is expected to increase to $328.5 million by 2014, achieving a compound annual growth rate of 10.8 percent.
Businesses in the MENA region have embraced smartcards for their security. "Illegal immigration and the need for high-level security in the government administration are the key areas of concern," said Bharath Kumar a senior research analyst at Frost & Sullivan. "Smartcard suppliers are focusing on providing a secured and customized solution for both government and private segments."
According to Kumar smartcard use in transportation has also provided a significant boost to the market. "The introduction of smartcards in driver’s license and vehicle registration also bodes well for the market," he said.
The public transportation has also made use of smartcards. The Mowasalat transit company in Qatar recently introduced smartcards that commuters use to pay their fares.
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