CHICAGO, Oct. 11, 2022 /PRNewswire/ --Smart Card IC Market is projected to reach USD 3.9 billion by 2027 from an estimated USD 2.9 billion in 2022, at a CAGR of 6.3% from 2022 to 2027, according to a new report by MarketsandMarkets. The growth of the smart card IC market can be attributed to rising usage of SIMs and eSIMs in smartphones and government agencies promoting digitalization.
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Browse in-depth TOC on "Smart Card IC Market" 150 - Tables
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The 32-bit segment is projected to register the highest CAGR during the forecast period
The 32-bit segment is projected to register the highest CAGR during the forecast period. The growth of the segment can be attributed to the increased focus on data security and rising use of connected devices as well as the increasing penetration of 5G, which are fueling the demand for communication networks. In addition, they are specially used for applications that demand high efficiency
The ID cards application is projected to register the highest CAGR during the forecast period
The ID cards application is projected to register the highest CAGR during the forecast period. The growth can be attributed to rising focus of government of different countries on transforming paper-based ID cards into chip-based ID cards to avoid illegal activities and protect citizens from identity theft. Governments of several European countries have rolled out circulars for mandating the integration of chips in ID cards. In response to this, there were over 9 million university students using student smart cards across 279 universities in Spain, Portugal, and Latin America.
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Asia Pacific is projected to account for the largest global market share during the forecast period
Asia Pacific is projected to account for the largest share of the global smart card IC market during the forecast period. The dominance of Asia Pacific can be attributed to the increased focus on data digitalization in the region. Key countries, including China, Japan, India, and South Korea, in the region are focusing on integrating smart card ICs in various government and healthcare applications such as citizen ID cards, drivers' licence, healthcare cards, voter IDs, ePassport, and other essential official documents. For instance, the government of India used embedded ICs in smart cards used for drivers' license and vehicle registration. The country understood the importance of citizen travel record during the COVID-19 pandemic and, hence, is set to roll out ePassports by the end of 2022.
Infineon Technologies AG (Germany), NXP Semiconductors N.V. (Netherland), Samsung Electronics Co., Ltd. (South Korea), STMicroelectronics N.V. (Switzerland), Microchip Technology Incorporated (US), CEC Huada Electronic Design Co., Ltd. (China), Analog Devices, Inc. (US), Sony Group Corporation (Japan), Toshiba Corporation (Japan), and ON Semiconductor Corporation (US); are some of the key players in the smart card IC market.
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