Published Date: 26-May-2023
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According to a new report, published by KBV research, The Global Smart Card IC Market size is expected to reach $4.3 billion by 2029, rising at a market growth of 6.3% CAGR during the forecast period.
The Memory segment is showcasing a CAGR of 8.7% during (2023 - 2029). Memory smart cards are limited to storing, reading, and writing data to their memory chips. Although the data on such cards can be changed or rewritten, the card itself cannot be programmed. Hence, data cannot be programmed to be processed or changed. These read-only cards can store information like a PIN, password, or public key. They can also be used to update or write user data because they are read-write. Memory smart cards can be made disposable or rechargeable.
The Contactless segment acquired maximum revenue share in the Global Smart Card IC Market by Interface in 2022 thereby, achieving a market value of $2.2 billion by 2029. An internal memory space, a small antenna, and an embedded smart card secure microcontroller or similar intelligence are all included in a contactless smart card. It connects with readers via a contactless radio frequency (RF) interface. The World Health Organization (WHO), as well as governments all over the world, are urging the adoption of contactless smart cards for a variety of purposes to ensure social segregation and stop the transmission of the virus, which is having a favorable effect on the demand for contactless smart cards.
The Financial Cards segment has shown the growth rate of 6.5% during (2023 - 2029). Smart cards can be used as credit or ATM, or debit cards, fuel cards, authorization cards for pay television, mobile phone SIMs, prepayment cards for household utilities as well as public transportation and public phone payment cards. In addition, electronic wallets can be created using smart cards. In order to pay at parking meters, vending machines, or retailers, money can be "loaded" onto the smart card chip.
The Telecommunications segment is leading the Global Smart Card IC Market by Industry in 2022 thereby, achieving a market value of $1.6 billion by 2029. A significant industry end-user of smart cards is the telecom sector. SIM cards & USIM cards are only two examples of the many applications that use smart card ICs. The adoption of 3G, 4G, as well as 5G technologies for quick and secure communication are only a few technological advancements that is linked to rapid growth of the segment. In addition, products like smartphones, smartwatches, and wearables are evolving along with technological advancements to be compatible with the newest gadgets. The need for smart card ICs is increasing as a result.
The Asia Pacific market dominated the Global Smart Card IC Market by Region in 2022, and would continue to be a dominant market till 2029; thereby, achieving a market value of $1.6 billion by 2029. The Europe market is experiencing a CAGR of 6% during (2023 - 2029). Additionally, The North America market would showcase a CAGR of 5.6% during (2023 - 2029).
Full Report: https://www.kbvresearch.com/smart-card-ic-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of Toshiba Corporation, ON Semiconductor Corporation, Microchip Technology Incorporated, STMicroelectronics N.V., Texas Instruments, Inc., Sony Corporation, Analog Devices, Inc., Infineon Technologies AG, Samsung Electronics Co., Ltd. (Samsung Group) and NXP Semiconductors N.V.
Unique Offerings from KBV Research
North America Smart Card IC Market size & Opportunities 2023-2029
Europe Smart Card IC Market & Growth Forecast 2023-2029
Asia Pacific Smart Card IC Market Share & Industry Outlook to 2029
LAMEA Smart Card IC Market Growth, Trends & Forecasts 2023-2029