According to a new market report published by Lucintel, the future of the smart card integrated circuit (IC) market looks attractive with opportunities in telecommunication, payment and banking, transportation, e-government, and others.The global
smart card IC market is expected to decline in 2020 due to global economic recession led by COVID-19. However, market will witness recovery in the year 2021 and it is expected to reach an estimated $3.7 billion by 2025 with a CAGR of 1% to 3% from 2020 to 2025. The major drivers for the growth of this market are increasing usage of Subscriber Identification Module (SIM) cards for mobile phones, growing adoption of electronic identification cards for various e-governance projects, and increasing usage of smart cards in payment and banking industries.
Browse 57 market data Tables and 74 Figures spread through 137 Pages and in-depth TOC on “Global Smart Card IC Market 2020-2025" To download report brochure, please go to
https://www.lucintel.com/smart-card-ic-market.aspx and click "report brochure" tab.
In this market two types of cards, such as microcontroller and memory based are used. Microcontroller based smart card IC will remain the largest type, and it is expected to witness the highest growth during the forecast period as it enables secure payment facilities, authentication, and information storage for consumers.
The smart card IC market is categorized into three interface types: contact, contactless, and others. The contactless interface will be the largest interface type, as it provides more storage, speed, convenience, and secure reading and writing of data.
The global smart card IC market is being used in various end use industries, such as e-government, telecommunication, transportation, payment and banking, and others. Telecommunication will remain the largest application segment during the forecast period supported by the rising adoption for subscriber identity modules (SIM) cards for mobile phones.
Asia Pacific is expected to be the largest region over the forecast period supported by increasing demand for smartphones in China and India. The government of various Asian countries mandates smart card IC in national ID cards, driving licenses, and other government identification cards, which is expected to drive the Asian smart card IC market during the forecast period.
Emerging trends, which have a direct impact on the dynamics of the industry, include the development of smart card IC that can provide more security and integration of smart cards with biometrics. Infineon Technologies AG, NXP Semiconductor, Samsung Electronics, STMicroelectronics, and CEC Huada Electronic Design Co. Ltd are among the major smart card IC providers.
The study includes a forecast for the global smart card IC by card type, type of interface, end use industry, and region as follows: By Card Type [$M shipment analysis from 2014 to 2025]: