Smart Card IC Global Market 2023 - By Insights, Size, Competitive Landscape, Analysis Forecast To 2032

December 13, 2023

The Smart Card IC Global Market Report 2023 by The Business Research Company, provides smart card ic market overview across 60+ geographies in the seven regions - Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.

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According to The Business Research Company’s Smart Card IC Global Market Report 2023, the market size is expected to grow from $2.61 billion in 2022 to $2.81 billion in 2023 at a compound annual growth rate (CAGR) of 6.8%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The global smart card IC market size is expected to reach $3.67 billion in 2027 at a CAGR of 7%.

The rise in contactless payments is expected to boost the growth of the smart card IC market going forward. Contactless payment is a payment technique that does not involve physical touch with a card reader or terminal when using a credit card, debit card, or other sort of payment card. It allows the payment card or device to communicate wirelessly with the payment terminal via radio frequency (RF) signals. Smart cards are plastic cards with an embedded integrated circuit (IC) chip that saves and processes information. They are used in a range of applications such as identity, payment, and access control. The smart card IC is utilised in a contactless transaction to store and process payment information such as the cardholder's account details and the transaction amount.

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The smart card ic market is segmented:

1) By Type: Microcontroller, Memory

2) By Architecture: 16-bit, 32-bit

3) By Interface: Contact, Contactless, Dual Interface

4) By Application: USIMs/e-SIMs, Id Cards, Financial Cards, Iot Devices

5) By Industry: Telecommunications, BFSI, Government and Healthcare, Transportation, Education, Retail, Other Industries

Product innovation is a key trend gaining popularity in the smart card IC market. Major companies operating in the smart card IC market are focused on developing innovative products to strengthen their position in the market. For instance, in June 2022, ST Microelectronics NV, a Switzerland-based company that designs and manufactures a wide range of electronic and electromechanical products launched ST4SIM-201 embedded SIM (eSIM), which is a small, secure, and flexible SIM card that is designed specifically for machine-to-machine (M2M) communication. The ST4SIM-201 eSIM is designed to enable M2M communication in a range of applications, including smart meters, connected cars, and industrial automation. It is based on the ST33J2M0 secure microcontroller, which includes hardware-based security features to protect against cyber threats and unauthorized access. The eSIM also supports over-the-air (OTA) updates, which allows it to be remotely reconfigured and updated without the need for physical access.

The smart card ic market report table of contents includes:

1. Executive Summary

2. Smart Card IC Market Characteristics

3. Smart Card IC Market Trends And Strategies

4. Smart Card IC Market - Macro Economic Scenario

5. Smart Card IC Market Size And Growth

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26. Africa Smart Card IC Market

27. Smart Card IC Market Competitive Landscape And Company Profiles

28. Key Mergers And Acquisitions In The Smart Card IC Market

29. Smart Card IC Market Future Outlook and Potential Analysis

30. Appendix