Smart Card IC Market Size Worth $4.14 Billion by 2032 | CAGR:5.35%

Smart Card IC Market Size Worth $4.14 Billion by 2032 | CAGR:5.35%

The global smart card IC market size is expected to reach USD 4.14 billion by 2032, according to a new study by Polaris Market Research. The report “Smart Card IC Market Share, Size, Trends, Industry Analysis Report, By Type (Microcontroller and Memory); By Interface; By Application; By End-User; By Region; Segment Forecast, 2023- 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.

Growing adoption of cashless transaction globally on account of extensive growth in digitalization, increasing sales of smartphones, and high-speed internet connectivity and extensive rise in the number of debit card and credit card users, as they provide secure and convenient transactions and security are prominent factors influencing the market growth at rapid pace.  Additionally, rising usage of SIM or eSIM cards for mobile phones and increasing prevalence of electronic identification cards for several e-governance projects along with the surge in the focus on key players on innovating new and more enhanced solutions by investing in their R&Ds is further opening huge growth opportunities for the market.

For instance, in November 2022, Infineon Technologies, unveiled its SLC26P, a security controller based on the 28 nm technology for payment applications. It is the 1st smart card IC product produced in the 28 nm technology that delivers un-matched performance for payment industry with highest security standards.

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Advancements in the semiconductor industry & strong focus towards the innovation across the globe boosted the popularity for the smart card ICs across the globe. In addition to this, the introduction of the next-generation networks & the implementation of IoT, as an aftereffect of the surging need for numerous applications like assets biotechnology, cities, smart grids, & connected cars among others.

Smart Card IC Market Report Highlights

  • Microcontroller segment accounted for majority of global market share in 2022, owing to wide utilization in numerous applications because of its easy to use and low time require for operations
  • Dual interface segment is projected to grow at a higher CAGR during the forecast period, on account of its rapidly increasing adoption in various verticals including digital signature and secure authentication
  • ID cards segment expected to account for substantial market share, which is mainly driven by increasing focus of government organizations on mandating the use of advanced chips
  • Telecommunication segment led the industry market in 2022, mainly due to drastic increase in the number of smartphone users and their shift towards cashless payments
  • North America region dominated the global market in 2022, which is highly attributable to increasing investments of major players on R&D activities to develop more innovative and advanced smart card IC solutions
  • The global key market players include Infineon Technologies, NXP Semiconductors, Samsung Electronics, STMicroelectronics, Microchip Technology, CEC Huada Electronic, Sony Group, Toshiba Corporation, ON Semiconductor, Analog Devices, Texas Instruments, Inside Secure, and Gemalto.

Polaris Market Research has segmented the smart card IC market report based on type, interface, application, end-use, and region:

Smart Card IC, Type Outlook (Revenue - USD Billion, 2018 - 2030)

  • Microcontroller
  • Memory

Smart Card IC, Interface Outlook (Revenue - USD Billion, 2018 - 2030)

  • Contact
  • Contactless
  • Dual Interface

Smart Card IC, Application Outlook (Revenue - USD Billion, 2018 - 2030)

  • USIMs/eSIMSs
  • ID Cards
  • Financial Cards
  • IoT Devices

Smart Card IC, End-User Outlook (Revenue - USD Billion, 2018 - 2030)

  • Telecommunications
  • BFSI
  • Government & Healthcare
  • Transport
  • Education
  • Retail
  • Others

Smart Card IC, Regional Outlook (Revenue - USD Billion, 2018 - 2030)

  • North America
  • U.S.
  • Canada
  • Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Netherlands
  • Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Indonesia
  • Malaysia
  • Latin America
  • Argentina
  • Brazil
  • Mexico
  • Middle East & Africa
  • UAE
  • Saudi Arabia
  • Israel
  • South Africa