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Asia Pacific Contactless Smart Card Market
Frost & Sullivan, Dec 2008, Pages: 38
This study looks at key contactless smart card applications including government ID, mass transit and banking. Key drivers, restraints and trends are described for this region, and some other smaller applications are also briefly described. A snapshot of market estimates are included in the study with a brief look at the mix of key applications throughout the study period.
Market Overview
Contactless Smart Card Market Buoyant despite Economic Uncertainty
The diversity of the contactless smart card market in the Asia Pacific means that the market in each country will react differently to the economic slowdown. While countries that have not yet achieved mass deployment of contactless smart cards could experience further delays, more advanced countries such as Japan and South Korea that possess strong contactless infrastructure and high penetration rates are unlikely to slow down drastically. In fact, some countries continued to expand and new projects, particularly in mobile payments, flourished in 2008 despite the turbulent economic environment. Ongoing issuance of projects such as e-passport and mass transit ticketing will continue and applications will expand to include contactless and mobile payments. Some other contactless applications that will mitigate the downturn are upgrades and replacement cards.
Despite this positive outlook, market participants must be prepared for a lower volume and revenue growth rate, as some new projects and expansion programs could be delayed or shelved. “Applications that may suffer are perhaps new projects in entertainment, tourism, travel, or access control - especially when there are cheaper alternatives and converting to smart cards may not be a priority at this point in time,” says the analyst of this research. “For instance, contactless payments may not be popular in countries that are just starting to expand or launch various projects.”
To ride out this unstable phase, market participants should promote their products’ ability to create a more efficient and cost-saving system in the long term, be it in the mass transit, government, or other industry. This benefit will be even more apparent if there are multiple applications. At a time when participants need to restrain spending, vendors should revisit successful business cases and emphasize the long term cost savings and efficiency that resulted from them. “Currently, there are many well-established projects in the region such as Ez-Link in Singapore, T-Money in South Korea, and EasyCard in Taiwan,” notes the analyst. “Similarly, with e-passports, there are spillover benefits through learning, wherein a country adopts e-passports and later considers using the same platform for its national IDs or driving license cards.”
Market Sectors
Expert Frost & Sullivan analysts thoroughly examine the following market sectors in this research:
By Application Sectors:
- Government ID
- Mass transit
- Banking and payment
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