Smart Card IC Market by Type, Architecture , Interface, Application, End-user Industry and Region - Global Forecast to 2027 - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "Smart Card IC Market by Type (Microprocessor, Memory), Architecture (16-bit, 32-bit), Interface, Application (USIMs/eSIMs, ID Cards, Financial Cards), End-user Industry (Telecommunications, BFSI) and Region - Global Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.

The global 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.

The growth of the smart card IC market can be attributed to the high demand for Subscriber Identity Modules (SIMs), Universal Subscriber Identity Modules (USIMs), and embedded Subscriber Identity Module (eSIMs) cards; secure ID cards; and financial cards from the ever-growing population and a gradual shift to digitalization and electrification.

In 2022, USIMs/eSIMs segment captured the largest share of the smart card IC market

In 2022, the USIMs/eSIMs segment captured the largest share of the smart card IC market, and a similar trend is likely to be observed throughout the forecast period. The growth of the segment can be attributed to the adoption of USIM/eSIM in consumer electronic devices such as smartphones, mobile phones, tablets, and smartwatches as well as IoT devices. Various smartphone manufacturing companies are working on eSIM technology to ingrate them with their latest smartphone series. For instance, Apple Inc. introduced eSIM technology in its third-generation iPad Pro, iPhone XS line, and will be integrating eSIM in all product lines of iPhone 14 series.

In 2022, the telecommunications end-user industry captured the largest share of the smart card IC market

In 2022, the telecommunications end-user industry accounted for the largest size of the smart card IC market, and a similar trend is likely to be observed during the forecast period. The high growth can be attributed to the technological developments such as adoption of 3G, 4G, and 5G technologies for fast and secure communication. Also, the emergence of eSIMs in smartphones is expected to increase in future. With technological developments, products such as smartphones, smartwatches, wearables, are also evolving to be compatible with the latest technologies. This is spurring the demand for smart card ICs.

In 2022, Europe held the second-largest share of the overall smart card IC market

Europe has witnessed rapid adoption of state-owned healthcare and health insurance systems than the most developed countries across the world. The European Commission has mandated the use of smart cards as a replacement to E-111 paper forms for cross-border healthcare services, which has led to the growth of the smart card IC market in Europe. In addition, the increasing adoption of contactless technology for retail transactions and access control are expected to accelerate the growth of the European smart card IC market. Hence, Europe held the second-largest share of the overall smart card IC market in 2022.

Market Dynamics

Drivers

• Rising Usage of Sims and Esims in Smartphones
• Adoption of Id Cards Across Various Organizations and Educational Institutions
• Rise in Contactless Payments Post COVID-19 Outbreak

Restraints

• Data Security Concerns Related to Esims

Opportunities

• Government Agencies Promoting Digitalization
• Surging Demand for Advanced Telematics and Infotainment Systems from Automotive Sector
• Increased Adoption of IoT by End-user Industries

Challenges

• Global Semiconductor Chip Supply Shortage

Companies Mentioned

• Analog Devices, Inc.
• Cec Huada Electronic Design Co. Ltd.
• EM Microelectronic
• HT Micron
• ICTK Holdings Co. Ltd.
• Imatric LLC
• Infineon Technologies AG
• Kona I
• Microchip Technology Incorporated (Atmel Corporation)
• Nations Technologies Inc.
• Nxp Semiconductors N.V.
• ON Semiconductor Corporation
• Samsung Electronics Co. Ltd.
• Shanghai Fudan Microelectronics Group Co. Ltd.
• Sony Group Corporation
• STMicroelectronics N.V.
• Texas Instruments Incorporated
• Toshiba Corporation
• Watch Data Co. Ltd.
• Ziguang Tongxin Microelectronics Co. Ltd. (Tmc)

For more information about this report visit https://www.researchandmarkets.com/r/li0q1x