PUBLISHER: Bizwit Research & Consulting LLP | PRODUCT CODE: 1326595
PUBLISHER: Bizwit Research & Consulting LLP | PRODUCT CODE: 1326595
Global Smart Card IC Market is valued approximately at USD 2.9 billion in 2022 and is anticipated to grow with a growth rate of more than 6.3% over the forecast period 2023-2030. A smart card IC, also known as a smart card chip or a microcontroller chip, is a small electronic device that contains a microprocessor or microcontroller along with other components such as memory, input/output interfaces, and security features. The increasing use of Subscriber identity Module (SIM) cards for mobile phones, expanding use of electronic identity cards for various e-governance initiatives, and growing use of smart cards in the payment and banking industries are the main factors driving the growth of this market across the globe.
The expansion of the smart card IC market is associated to the increasing trend of contactless payments and widespread adoption of ID cards in diverse organizations and educational institutions. According to the Electronic Transactions Association, the market for contactless payments is expected to experience significant growth between 2023 and 2026, rising from its present market worth of over USD 40 billion to over USD 100 billion. Another important factor for the market is the rising adoption of IoT in the telecommunications, BFSI, transportation, and retail end-user industries, which has increased demand for low-cost, highly effective smart card ICs used for secure data transfer and storage. In addition, the focus of governments in many nations on switching from paper-based ID cards to chip-based ID cards to stop illicit activity and safeguard citizens from identity theft can be credited to the growth and development of the market. However, eSIM data security issues and a global supply shortage of semiconductor chips may be the main factors limiting the industry's growth throughout the forecast period of 2023-2030.
The key regions considered for the Global Smart Card IC Market study include Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. Asia Pacific dominated the market in 2022 and is also anticipated to experience the highest growth during the forecast period due to ongoing technological advancements in the telecommunications, BFSI, government, healthcare, and transportation verticals, the growing adoption of digital technologies, and the region's quick urbanization and industrialization. Other significant factors include the expanding use of IoT devices, the expansion of digital technology use in the retail, corporate, educational, and entertainment sectors, and the expansion of electrification in the transportation sector.
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.
The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
List of tables and figures are dummy in nature, final lists may vary in the final deliverable
List of tables and figures are dummy in nature, final lists may vary in the final deliverable