LatAm Smart Card Market Seen Growing 59% Annually over 5 Years

The Latin American smart card market is expected to grow at a 59% compound rate annually over the next five years, building on the more than 136 million cards shipped in 2004, the Smart Card Alliance association said in a report, citing statistics from Frost & Sullivan.

The Americas Smart Card Market Analysis report published in September predicts that the smart card industry will grow rapidly in North America, at a 27.7% compound annual rate over the next five years, from around 132 million cards shipped in 2004.

The membership of the Smart Card Alliance, a not-for-profit, multi-industry association working to stimulate the understanding and widespread application of smart card technology, has grown by over 45% in the last year, with 54 new organizations becoming members.

"What is particularly exciting about this growth is that we are pulling members from new industries and technologies. This really demonstrates how widespread the adoption of smart cards is becoming," Smart Card Alliance executive director Randy Vanderhoof said in the report.

Fast growing categories of new members include organizations involved in computer hardware and software, card technology, security products and services, healthcare, financial services and transportation.

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