New analysis from Frost & Sullivan, World Corporate SeÂcuÂrity (Logical and Physical Access Control) Markets, reveals that the revenue in the smart card market totaled $94.7 million in 2004 and projects to reach $149.9 million in 2010.
"Growing security needs of businesses across the world are expecÂted to continue to push the adoption of smart card-based corporate ID system," explained Jafizwaty Ishahak, Karthik Nagarajan and Anoop Ubhey, Senior Analysts, Frost & Sullivan.
Smart cards have greater data storage capabiliÂties. Moreover, the WLAN conÂsortium defines the speciÂfications for worldwide acÂcess to wireless LAN networks with smart card security and related caÂpaÂbilities acÂross market segments.
Recently, it released a complete set of specifications that allows telecom operaÂtors to easily extend subsÂcriber identity module (SIM)-based authentication for use in hotspots. Despite such beneficial features, organizaÂtions shy away from intensive adoption of smart cards due to high investment costs. Smart card-based access control systems are more expensive compared to magnetic stripe, proximity cards and barcodes.
With a revenue forecast compound annual growth rate of eight percent, the future of the smart cards market is secure due to the high level of privacy it assuÂres, its multi-application appeal, heightened need for security in businesses gloÂbally and increased numÂber of mobile users in the corÂporate networks.