NEWARK, Del, March 20, 2024 (GLOBE NEWSWIRE) -- The smart card IC market is expected to be valued at US$ 3.3 billion in 2024. The market's progress is projected to rise considerably from 2024 to 2034, with a CAGR of 6.8%, compared to 9.0% in 2023. By 2034, the market value is forecasted to hit US$ 6.5 billion.
Smart card ICs are witnessing a surge in demand due to various drivers in the market. The increasing adoption of contactless payment systems has led to the widespread use of smart card ICs in various sectors such as retail, transportation, and hospitality. These ICs offer secure and fast payment transactions without requiring physical contact between the card and the reader.
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Smart card ICs provide high levels of security and are widely used in government IDs, access control systems, and other applications that require secure identification and authentication solutions. The growing need for secure identification and authentication solutions in various industries is expected to drive the demand for smart card ICs in the coming years.
With the rising adoption of IoT devices, the demand for smart card ICs is expected to increase significantly in the coming years. Smart card ICs can provide secure communication and authentication between IoT devices, which is critical for ensuring the security of IoT applications.
"The Smart Card IC Market is poised for substantial growth driven by increasing demand for secure payment solutions and identification systems across various industries. With advancements in technology and the adoption of smart cards for authentication purposes, the market is expected to witness significant expansion in the coming years." - says Sudip Saha, Managing Director and Co-Founder at Future Market Insights.
Key Takeaways from the Smart Card IC Market Report:
- The smart card IC market is estimated to register a CAGR of 6.8%, reaching a valuation of US$ 6.5 billion by 2034.
- The memory smart cards segment is anticipated to perform better than others in the market by registering a 6.5% CAGR from 2024 to 2034.
- With a 6.2% market CAGR, the telecommunications segment is expected to generate significant revenue in the market from 2024 to 2034.
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Competitive Landscape:
The market is highly competitive due to the presence of numerous players, both large and small. The market demand for smart cards is increasing rapidly across various sectors such as healthcare, banking, transportation, and government, driving companies to invest heavily in research and development to develop cutting-edge and innovative smart card ICs that meet diverse market needs. Additionally, there is a trend toward consolidation in the market, with many companies seeking to acquire smaller players to expand their product range and strengthen their market position. This consolidation trend is expected to continue in the future as companies strive to gain a competitive edge.
Leading Key Players:
- NXP Semiconductors
- Infineon Technologies
- Samsung Electronics
- STMicroelectronics
- Broadcom
- Giesecke+Devrient
- IDEMIA
- Beijing Watchdata
- Shanghai Huahong Integrated Circuit Co.
- Gemalto (Thales Group)
Recent Development:
In 2022, Infineon Technologies AG launched OPTIGA Trust M Express, the latest security solution, to provide high-end security for cloud-connected IoT devices. The solution offers a unique identity to each device, serving as a secure anchor of trust for a range of applications such as industrial and building automation, smart homes, and connected consumer devices. With this innovative technology, users can rest assured that their devices are well-protected, and their sensitive data is secure.
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Smart Card IC Market Segmentation:
By Card Type:
- Memory smart cards
- Microprocessor smart cards
By End-user Vertical:
- Telecommunications
- BFSI
- Government and Healthcare
- Transportation
- Others
By Interface:
- Contact
- Contactless
- Dual Interface
By Region:
- North America
- Latin America
- East Asia
- South Asia
- Europe
- Oceania
- MEA
Authored By:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management across verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client's requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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