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Smart Card IC Market Size, Growth Analysis, Demand Forecast 2033
Smart Card IC Market Size
According to The Business Research Company's, The smart card ic market size has grown strongly in recent years. It will grow from $2.81 billion in 2023 to $3.01 billion in 2024 at a compound annual growth rate (CAGR) of 7.0%. The growth in the historic period can be attributed to rise in cashless transactions, increased focus on data security, global migration towards emv standards, expansion of healthcare id solutions, government initiatives for e-governance.
The smart card ic market size is expected to see strong growth in the next few years. It will grow to $4.1 billion in 2028 at a compound annual growth rate (CAGR) of 8.1%. The growth in the forecast period can be attributed to increasing adoption of wearables, expansion of smart cities initiatives, contactless access control systems, growth in mobile payments, integration in national identification programs. Major trends in the forecast period include innovation in payment technologies, contactless technology adoption, internet of things (iot) integration, multi-application cards, cryptocurrency hardware wallets.
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Market Drivers and Trends:
The rise in contactless payments is expected to boost the growth of the smart card IC market going forward. Contactless payment is a payment technique that does not involve physical touch with a card reader or terminal when using a credit card, debit card, or other sort of payment card. It allows the payment card or device to communicate wirelessly with the payment terminal via radio frequency (RF) signals. Smart cards are plastic cards with an embedded integrated circuit (IC) chip that saves and processes information. They are used in a range of applications such as identity, payment, and access control. The smart card IC is utilized in a contactless transaction to store and process payment information such as the cardholder's account details and the transaction amount. For instance, in February 2023, according to Barclays, a UK-based bank, in 2022, the average UK contactless user conducted 220 'touch and go' transactions, marking an increase from 180 transactions in 2021. Therefore, the rising contactless payment is driving the smart card IC market.
Product innovation is gaining popularity in the smart card IC market. Major companies operating in the smart card IC market are focused on developing innovative products to strengthen their position in the market. For instance, in June 2022, ST Microelectronics NV, a Switzerland-based company that designs and manufactures a wide range of electronic and electromechanical products launched ST4SIM-201 embedded SIM (eSIM), which is a small, secure, and flexible SIM card that is designed specifically for machine-to-machine (M2M) communication. The ST4SIM-201 eSIM is designed to enable M2M communication in a range of applications, including smart meters, connected cars, and industrial automation. It is based on the ST33J2M0 secure microcontroller, which includes hardware-based security features to protect against cyber threats and unauthorized access. The eSIM also supports over-the-air (OTA) updates, which allows it to be remotely reconfigured and updated without the need for physical access.
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• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
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• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
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Major Key Players of the Market:
Infineon Technologies AG; NXP Semiconductors N.V; Samsung Group; STMicroelectronics N.V.; CEC Huada Electronic Design Co Ltd.; Toshiba Corporation; On Semiconductor Corporation; Eastcompeace Technology Co Ltd.; Valid S.A.; Microchip Technology Incorporated; Analog Devices Inc.; Sony Group Corporation; EM Microelectronic; Watchdata Technologies Ptd Ltd.; CardLogix Corporation; Thales Group; Renesas Electronics; Maxim Integrated; Shanghai Huahong Integrated Circuit Co. Ltd.; Rambus; Taiwan Semiconductor Manufacturing Company; Infineon Technologies; Winbond Electronics; Melexis; Beijing Watchdata; Giesecke+Devrient; Zwipe AS; Fingerprint Cards; Identiv; IDEMIA; Infineon Technologies; Beijing Tongfang Microelectronics; Cardtek; Kona I Co.Ltd.; Elliptic Labs
Smart Card IC Market 2024 Key Insights:
• The smart card ic market will grow to $4.1 billion in 2028 at a compound annual growth rate (CAGR) of 8.1%.
• Contactless Payment Surge Fuels Growth In Smart Card Ic Market
• Product Innovation Drives Momentum In Smart Card Ic Market
• Asia-Pacific was the largest region in the smart card IC market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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