According to the recent study the smart card IC market is projected to reach an estimated $3.7 billion by 2025 from $3.1 billion in 2019, at a CAGR of 2.6% from 2020 to 2025. Growth in this market is primarily driven by increasing usage of Subscriber Identification Module (SIM) cards for mobile phones, growing adoption of electronic identification cards for various e-governance projects, and increasing usage of smart cards in payment and banking industries.
Browse 74 figures / charts and 57 tables in this 137 -page report to understand trends, opportunities and forecast in smart card IC market by card type (microcontroller and memory), by type of interface (contact, contactless, and others), by end use industry (e-government, telecommunication, transportation, payment and banking, and others), and by region (North America, Europe, Asia Pacific, and the Rest of the World).
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“Microcontroller market is expected to remain the largest segment during the forecast period.”
Based on card type, the smart card IC market is segmented into microcontroller and memory. Lucintel forecasts that the microcontroller market is expected to remain the largest segment over the forecast period and it is expected to witness the highest growth during the forecast period as it enables secure payment facilities, authentication, and information storage for consumers.
“Within the smart card IC market, the telecommunication segment is expected to remain the largest end use industry.”
Based on end use industry, the telecommunication segment is expected to witness the largest application over the forecast period supported by the rising adoption for subscriber identity modules (SIM) cards for mobile phones.
“Asia Pacific will dominate the smart card IC market in near future.”
Asia Pacific is expected to be the largest region over the forecast period supported by increasing demand for smartphones in China and India. The government of various Asian countries mandates smart card IC in national ID cards, driving licenses, and other government identification cards, which is expected to drive the Asian smart card IC market during the forecast period.
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Major players of smart card IC market are adopting various growth strategies like new product launches, expansions, merger and acquisitions, partnerships, agreements, and collaborations to expand their presence in this market. Infineon Technologies AG, NXP Semiconductor, Samsung Electronics, STMicroelectronics, and CEC Huada Electronic Design Co. Ltd and others are among the major smart card IC providers.
This unique research report will enable you to make confident business decisions in this globally competitive marketplace. For a detailed table of contents, contact Lucintel at +1-972-636-5056 or click on this link https://www.lucintel.com/smart-card-ic-market.aspx or [email protected]
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