Categories: Market Research

Smart Card IC Market Growth Outlook Through 2024-2033

Overview and Scope
A smart card IC (integrated circuit) is a microprocessor chip that is embedded within a smart card, a small plastic card with the size and shape of a credit card. Smart cards can store and process data, allowing them to perform various functions such as identification, authentication, access control, and payment.

Sizing and Forecast
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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Segmentation & Regional Insights
The smart card ic market covered in this report is segmented –

1) By Type: Microcontroller, Memory
2) By Architecture: 16-bit, 32-bit
3) By Interface: Contact, Contactless, Dual Interface
4) By Application: USIMs/e-SIMs, Id Cards, Financial Cards, Iot Devices
5) By Industry: Telecommunications, BFSI, Government and Healthcare, Transportation, Education, Retail, Other Industries

Asia-Pacific was the largest region in the smart card IC market in 2023. The regions covered in the smart card ic market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

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Major Driver Impacting Market Growth
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.

Key Industry Players

Major companies operating in the smart card ic market report are 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 .

The smart card ic market report table of contents includes:

1. Executive Summary

2. Smart Card IC Market Characteristics

3. Smart Card IC Market Trends And Strategies

4. Smart Card IC Market – Macro Economic Scenario

5. Global Smart Card IC Market Size and Growth

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31. Global Smart Card IC Market Competitive Benchmarking

32. Global Smart Card IC Market Competitive Dashboard

33. Key Mergers And Acquisitions In The Smart Card IC Market

34. Smart Card IC Market Future Outlook and Potential Analysis

35. Appendix