Smart Card IC Market Report 2023: Growth Analysis, Size, Share And Forecast Report By 2028
Industry Overview of Smart Card IC Market
A smart card integrated circuit (IC), also called a chip card, represents that is embedded in a plastic card and serves as a service token for transacting and storing data between users. It is widely available in memory and microcontroller variants. Among these, the microcontroller smart card IC consists of a crystal oscillator, central processing unit (CPU), timers, watchdog, analog input and output, etc. It aids in reducing the complexity, size of circuits, costs, and discrete components in embedded systems. On the other hand, the memory smart card IC is dependent on the card reader for their processing and is suitable for uses where the card performs a fixed operation. It is usually associated with information and value and stored and processed within memory and microprocessor card chip.
How Big Is the Smart Card IC Market?
The global smart card ic market size reached US$ 2.8 Billion in 2022. Looking forward, IMARC Group expects the market to reach a value of US$ 3.9 Billion by 2028 exhibiting a CAGR of 5.4% during 2023-2028.
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Smart Card IC Market Trends and Drivers:
The widespread adoption of cashless transactions, on account of the growing utilization of smartphones and high-speed internet connectivity, is primarily driving the smart card IC market. Additionally, discount vouchers and cashback offered by banks across numerous countries to small and medium-sized merchants to encourage digital transactions, which is further bolstering the market growth. Besides this, the escalating demand for online shopping and the increasing number of e-commerce websites are acting as significant growth-inducing factors. Moreover, the rising utilization of smart employee identification (ID) cards in small and medium-scale enterprises (SMEs) for securing access to physical facilities and computer systems, and networks is positively influencing the global market. Apart from this, it is gaining extensive traction in the healthcare industry to manage patient identity and provide practitioners with secure access to their medical records, which is anticipated to fuel the smart card IC market over the forecasted period.
Global Smart Card IC Market 2023-2028 Analysis and Segmentation:
Top Key Players covered in this report are: Analog Devices Inc, CardLogix Corporation, CEC Huada Electronic Design Co. Ltd., Eastcompeace Technology Co. Ltd., Imatric LLC, On Semiconductor Corporation, Shanghai Fudan Microelectronics Group Co. Ltd., SONY Group Corporation, STMicroelectronics N.V., Texas Instruments Incorporated, Toshiba Corporation, Watchdata Technologies Pte Ltd.
The report segmented the market based on region, type, interface, architecture type, application, and end use industry.
Architecture Type Insights:
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Key Highlights of the Report:
Market Performance (2017-2022)
Market Outlook (2023-2028)
Market Drivers and Success Factors
Impact of COVID-19
Value Chain Analysis
Comprehensive mapping of the competitive landscape
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