will the market allow Gemalto to maintain 50% market share

Implications: Gemalto is a distant leader with more than 50% market share
Security is a national matter and large countries (e.g. China, India, USA, Eu, Russia, et..) would prefer to maintain national players

Analysis: Clearly Gemalto is leader in technology and cost.

The challenge ahead is to convince the market to accept a single company to maintain more than 50% market share, this is not in favor of the telco operator for the commodity cards neither in the favor of national government who would like to see national player as driver for local security applications (e-passport, e-health card, et..)
The next 12 -24 months will either show Gemalto strengthening their market presence or will see other players winning market share