- The key vendors in the Smart Card Market in Latin America 2015-2019 are Gemalto N.V., Giesecke & Devrient GmbH, Morpho S.A., Oberthur Technologies and Watchdata System Co. Ltd.
London, 17 February 2015: TechNavio, an independent tech-focused global research firm, has announced the publication of its market research report on the Smart Card Market in Latin America 2015-2019. The increased adoption of near- field communication payments is a major trend emerging in this market. With growing awareness of NFC payment solutions, the adoption of smart cards by the BFSI sector is increasing. NFC-enabled mobile devices operate in card emulation mode for mobile contactless payments. Therefore, they are being widely adopted by some of the emerging sectors. The Smart Card market in Latin America is expected to grow at a CAGR of 8.8 percent during the period 2014-2019.
With the rapid growth of cross border intrusions and forgeries, all major sectors have been adopting smart card solutions. Additionally, smart cards eliminate the need for further authentication and verification and the need to carry multiple cards.
“Government agencies in developing countries are increasingly adopting smart cards. For instance, smart-card-based driver’s licenses, e-visas, e-passports, and smart cards that store vehicle information are being widely used in Latin America,” says Faisal Ghaus, Vice President of TechNavio Research.
“Many of the other developing countries are launching smart cards for sectors such as Government, Healthcare, Transportation, and Defense.”
To define the market conditions in the next 3-4 years, TechNavio analysts have conducted in-depth analysis of the impact of market drivers, challenges and trends featuring data on product segmentations, vendor shares, growth rate by revenue and an evaluation of the different buying criteria in the order of importance.
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