Industry Overview of Smart Card IC Market
A chip card, also called as a smart card integrated circuit (IC), is a plastic card containing an embedded IC that acts as a service token, facilitating the storage and transaction of data among users. It is related to value and information and is stored and processed within memory and microprocessor card chips. The microcontroller smart card IC, which includes a central processing unit (CPU), crystal oscillator, timers, watchdog, and analog input and output, simplifies embedded systems by reducing complexity, costs, and the number of discrete components. Conversely, the memory chip card relies on the card reader for processing and is suitable for applications where the card performs a fixed operation.
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.
Smart Card IC Market Trends and Drivers:
The emerging trend of cashless transactions, on account of digitization, the inflating sales of smartphones, and high-speed internet connectivity, is among the key factors driving the smart card IC market. Moreover, the growing number of debit and credit card users, as they provide secured transactions and security and incentives, such as cashback, and discount vouchers offered by banks to encourage digital transactions is also stimulating the market growth. Besides this, the proliferation of e-commerce websites and the shifting preferences for online shopping are acting as significant growth-inducing factors. Furthermore, small and medium-scale enterprises (SMEs) are increasingly adopting smart employee identification (ID) cards to secure access to physical facilities, computer systems, and networks, which is further propelling the global market. Apart from this, the rising usage of this chip card in public transportation systems is positively influencing the market growth. Additionally, the increasing utilization of the product in the healthcare sector to supervise patient identity, provide practitioners and pharmacists reliable access to their medical records, and minimize fraud is anticipated to fuel the smart card IC market over the forecasted period.
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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.
Type Insights:
Interface Insights:
Architecture Type Insights:
Application Insights:
Regional Insights:
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Key Highlights of the Report:
Market Performance (2017-2022)
Market Outlook (2023-2028)
Market Trends
Market Drivers and Success Factors
Impact of COVID-19
Value Chain Analysis
Comprehensive mapping of the competitive landscape
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