In a recent report Frost & Sullivan analysts have found that the global smart card market will see steady growth due to the increasing emphasis on the Europay, Mastercard and Visa (EMV) standard in the payment and banking vertical. In 2015, multiple financial institutions in the US are expected to make their payment cards EMV-compliant. The research company predicts that countries in the Middle East, Africa and Asia-Pacific will follow suit.
The 2014 Global Smart Card Forecaster from Frost & Sullivan finds that the market earned revenues of €5.37 billion in 2013 and estimates this to reach €7.16 billion in 2019. The SIM card segment will account for 42.6 percent of the total revenue while the banking and payment vertical will make up 33.5 percent. The smart card government ID and transportation sectors will constitute the rest.