The report "Smart Card IC Market by Type (Microprocessor, Memory), Architecture (16-bit, 32-bit), Interface, Application (USIMs/eSIMs, ID Cards, Financial Cards), End-user Industry (Telecommunications, BFSI) and Region - Global Forecast to 2027" The global smart card IC market is projected to reach USD 3.9 billion by 2027 from an estimated USD 2.9 billion in 2022, at a CAGR of 6.3% from 2022 to 2027. The growth of the smart card IC market can be attributed to rising usage of SIMs and eSIMs in smartphones and government agencies promoting digitalization.
Browse 150 market data Tables and 72 Figures spread through 222 Pages and in-depth TOC on "Smart Card IC Market by Type (Microprocessor, Memory), Architecture (16-bit, 32-bit), Interface, Application (USIMs/eSIMs, ID Cards, Financial Cards), End-user Industry (Telecommunications, BFSI) and Region - Global Forecast to 2027"
View detailed Table of Content here - https://www.marketsandmarkets.com/Market-Reports/smart-card-ic-market-29374723.html
The 32-bit segment is projected to register the highest CAGR during the forecast period
The 32-bit segment is projected to register the highest CAGR during the forecast period. The growth of the segment can be attributed to the increased focus on data security and rising use of connected devices as well as the increasing penetration of 5G, which are fueling the demand for communication networks. In addition, they are specially used for applications that demand high efficiency
The ID cards application is projected to register the highest CAGR during the forecast period
The ID cards application is projected to register the highest CAGR during the forecast period. The growth can be attributed to rising focus of government of different countries on transforming paper-based ID cards into chip-based ID cards to avoid illegal activities and protect citizens from identity theft. Governments of several European countries have rolled out circulars for mandating the integration of chips in ID cards. In response to this, there were over 9 million university students using student smart cards across 279 universities in Spain, Portugal, and Latin America.
Asia Pacific is projected to account for the largest global market share during the forecast period
Asia Pacific is projected to account for the largest share of the global smart card IC market during the forecast period. The dominance of Asia Pacific can be attributed to the increased focus on data digitalization in the region. Key countries, including China, Japan, India, and South Korea, in the region are focusing on integrating smart card ICs in various government and healthcare applications such as citizen ID cards, drivers’ licence, healthcare cards, voter IDs, ePassport, and other essential official documents. For instance, the government of India used embedded ICs in smart cards used for drivers’ license and vehicle registration. The country understood the importance of citizen travel record during the COVID-19 pandemic and, hence, is set to roll out ePassports by the end of 2022.
Infineon Technologies AG (Germany), NXP Semiconductors N.V. (Netherland), Samsung Electronics Co., Ltd. (South Korea), STMicroelectronics N.V. (Switzerland), Microchip Technology Incorporated (US), CEC Huada Electronic Design Co., Ltd. (China), Analog Devices, Inc. (US), Sony Group Corporation (Japan), Toshiba Corporation (Japan), and ON Semiconductor Corporation (US); are some of the key players in the smart card IC market.
Don’t miss out on business opportunities in Smart Card IC Market. Speak to our analyst and gain crucial industry insights that will help your business grow.
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
Mr. Aashish Mehra
630 Dundee Road
Northbrook, IL 60062
USA : 1-888-600-6441