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Smart card sector set to grow in MENA
17 Dec 2010

The smart card sector in the Middle East North Africa (MENA) region is predicted to grow exponentially over the three years, according to a new report.

Market research firm Frost & Sullivan has released its latest forecast for the market in MENA and has predicted that the technology will become more widely used in many areas such as driver's licenses and mobile phones.

Overall, smart card market revenue is expected to reach $328.5 million (£209 million) in 2014, compared to $229.3 million in 2009. This represents a compound annual growth rate of 10.8 per cent.

Bharath K, Frost & Sullivan senior research analyst, expressed his belief that smart card suppliers are now looking at providing products for both the public and private sector.

"The market is likely to get an additional boost from the usage of smart payment in both metros and road transportation," he said.

"The introduction of smart cards in driver’s license and vehicle registration also bodes well for the market."