LONDON--(BUSINESS WIRE)--The global smart card IC market is expected to post a CAGR of more than 8% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
A key factor driving the growth of the global smart card IC market size is the growing demand for contactless smart cards. The demand for contactless cards is increasing due to their benefits such as speed, ease of use, and versatility. Contactless smart cards consist of a chip and an antenna, which are composed of sensors that are packaged in standard PVC cards. The antenna embedded in the card allows it to communicate with the card reader without physical contact. These cards are being used in applications such as cashless vending, public transport, and for e-passports and other travel documents. The growing demand for contactless smart cards will stimulate the adoption of the smart card IC market during the forecast period.
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As per Technavio, the integration of smart cards with blockchain will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global Smart Card IC Market: Integration of Smart Cards with Blockchain
Blockchain is increasingly being integrated with smart cards, as it helps in embedding standard security requirements for storing, generating, and managing the user cryptographic keys in smart card ICs. Blockchain also protects the data generated from the microprocessor, non-volatile memory, RAM, and a crypto-coprocessor, which are embedded in smart cards ICs. Thus, the integration of smart cards with blockchain is expected to be one of the key smart card IC market trends during the forecast period.
“Apart from the integration of smart cards with blockchain, other factors such as the growing use of biometrics in smart cards, and the robust demand for dual-interface cards will have a significant impact on the growth of the smart card IC market value during the forecast period,” says a senior analyst at Technavio.
Global Smart Card IC Market: Segmentation Analysis
This market research report segments the global smart card IC market by application (telecommunication, financial, government, transportation, and others), microprocessor architecture (16-bit and 32-bit) and geographic regions (North America, Europe, APAC, South America, and MEA).
The APAC region led the smart card integrated circuit market in 2018, followed by Europe, North America, South America, and MEA, respectively. The growth of the smart card IC market share in APAC can be attributed to several factors such as the emergence of SMEs, improved network infrastructure, and the high adoption of EMV standards in the region.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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