By 2024, the smart card integrated circuit market is projected to be worth US$ 3.3 billion. From 2024 to 2034, the market is expected to grow at a compound annual growth rate (CAGR) of 6.8%, up from 9.0% in 2023. The market value is expected to reach US$ 6.5 billion by 2034.
Demand for smart card integrated circuits (ICs) is rising as a result of several market factors. The extensive usage of smart card integrated circuits (ICs) in a variety of industries, including retail, transportation, and hospitality, is a result of the growing acceptance of contactless payment methods. These ICs allow for quick and safe transactions without requiring the card and reader to come into direct touch.
Smart card ICs provide high levels of security and are widely used in government IDs, access control systems, and other applications that require secure identification and authentication solutions. The growing need for secure identification and authentication solutions in various industries is expected to drive the demand for smart card ICs in the coming years.
With the rising adoption of IoT devices, the demand for smart card ICs is expected to increase significantly in the coming years. Smart card ICs can provide secure communication and authentication between IoT devices, which is critical for ensuring the security of IoT applications.
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Key Takeaways from the Smart Card IC Market Report:
- The smart card IC market is estimated to register a CAGR of 6.8%, reaching a valuation of US$ 6.5 billion by 2034.
- The memory smart cards segment is anticipated to perform better than others in the market by registering a 6.5% CAGR from 2024 to 2034.
- With a 6.2% market CAGR, the telecommunications segment is expected to generate significant revenue in the market from 2024 to 2034.
“The Smart Card IC Market is poised for substantial growth driven by increasing demand for secure payment solutions and identification systems across various industries. With advancements in technology and the adoption of smart cards for authentication purposes, the market is expected to witness significant expansion in the coming years.” – says Sudip Saha, Managing Director and Co-Founder at Future Market Insights.
Competitive Landscape:
The market is highly competitive due to the presence of numerous players, both large and small. The market demand for smart cards is increasing rapidly across various sectors such as healthcare, banking, transportation, and government, driving companies to invest heavily in research and development to develop cutting-edge and innovative smart card ICs that meet diverse market needs. Additionally, there is a trend toward consolidation in the market, with many companies seeking to acquire smaller players to expand their product range and strengthen their market position. This consolidation trend is expected to continue in the future as companies strive to gain a competitive edge.
Leading Key Players:
- NXP Semiconductors
- Infineon Technologies
- Samsung Electronics
- STMicroelectronics
- Broadcom
- Giesecke+Devrient
- IDEMIA
- Beijing Watchdata
- Shanghai Huahong Integrated Circuit Co.
- Gemalto (Thales Group)
Recent Development:
In 2022, Infineon Technologies AG launched OPTIGA Trust M Express, the latest security solution, to provide high-end security for cloud-connected IoT devices. The solution offers a unique identity to each device, serving as a secure anchor of trust for a range of applications such as industrial and building automation, smart homes, and connected consumer devices. With this innovative technology, users can rest assured that their devices are well-protected, and their sensitive data is secure.
