(MENAFN- GlobeNewsWire - Nasdaq) Chicago, Nov. 25, 2022 (GLOBE NEWSWIRE) -- 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 growth of the smart card IC market can be attributed to rise in the contactless payments post COVID-19 outbreak and adoption of ID cards across various organizations and educational institutions.
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Scope of the Report
| Report Metric | Details |
| Smart Card Ic Market Research Report | CAGR 6.3% USD 3.9 Billion by 2027 USD 2.9 billion in 2022 |
| Base Year | 2021 |
| Forecast Period | 2022–2027 |
| Forecast Unit | Value (USD Billion) |
| Segments Covered | By Type, By Architecture, By Interface, By Application, By End-user Industry, and By Region |
| Geographic Regions Covered | North America, Asia Pacific, Europe, and RoW |
| Companies Covered | 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), |
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Infineon Technologies AG
Infineon Technologies AG is a global leader which offers semiconductor and microelectronics solutions. The company is one of the largest manufacturers of security chips and antennae for payment cards, governments, consumer electronics, automotive, and IoT applications. It has a wide portfolio of smart card ICs, which are used for various eSIM, government identification, and credit and debit card applications. It is an established brand with a strong presence in all major regional markets.
NXP Semiconductors N.V.
NXP Semiconductors N.V. is a global leader in secure connectivity solutions for embedded applications. The company is a leading high-tech industrial player that offers smart card microcontrollers and related software platforms for government and healthcare, transportation, consumer electronics, and BFSI industries. The company is undertaking efforts to strengthen its position in the smart card IC market through product launches, collaborations, and contracts.
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The ID cards application is projected to register the highest CAGR 2022 to 2027
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.
Government and healthcare segment is projected to register the highest CAGR during the forecast period
The government and healthcare segment is projected to grow at the highest CAGR during the forecast period. The growth of the segment can be attributed to an increase in the adoption of eID cards, including national cards, drivers' license, ePassports, ID cards, eHealth cards, and other vital government documents. The COVID-19 pandemic fueled the need to regulate the use of e-government documents as they can help in tracking citizen details. Further, e-health cards have the potential to improve the patient experience by storing key medical data and medication history and by serving as an electronic prescription. These cards can also be used to securely store social security numbers.
Asia Pacific is expected to register the highest growth in the smart card IC market during the forecast period
The smart card IC market in the Asia Pacific is expected to register the highest growth during the forecast period due to the ongoing technological innovations in the telecommunications, BFSI, government and healthcare, and transportation verticals, the increasing adoption of digital technologies, and rapid urbanization and industrialization. Other prominent drivers are the rising adoption of IoT devices, increasing deployment of digital technologies in retail, corporate, education, and entertainment industries, and growing electrification in the transportation industry.
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