IMARC Group, a leading market research company, has recently releases report titled “Smart Card IC Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global smart card IC market report, growth, share, size, trends, and forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

How Big Is the Smart Card IC Market?

The global smart card IC market size reached US$ 2.8 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 3.9 Billion by 2028, exhibiting a growth rate (CAGR) of 5.4% during 2023-2028.

What is Smart Card IC?

A smart card integrated circuit (IC) is a small, embedded microchip that stores and processes data securely within a smart card. It comprises hardware and software components that enable various functions, such as authentication, encryption, and data storage, within a compact and tamper-resistant card. It can support multiple applications on a single card, such as payment, access control, identification, and healthcare information storage. It has built-in cryptographic capabilities, which enable secure data encryption and decryption for authentication and privacy. It offers safe storage of sensitive data, such as personal identification, financial information, and access credentials. It is widely used in contactless transit cards and electronic toll collection systems for quick and secure fare payment.

Global Industry Trends and Drivers:

The increasing digitization of services and processes across various industries, such as finance, healthcare, and government, represents one of the key factors catalyzing the demand for secure smart card ICs to authenticate users and protect sensitive data. Additionally, the rising adoption of contactless payment methods, including Europay, Mastercard, and Visa (EMV) chip cards and mobile wallets, is driving the need for smart card ICs to enhance payment security and enable convenient transactions. Moreover, the governing authorities of several countries are investing in national ID programs and e-Government services, which is driving the demand for secure smart cards for citizen identification, access control, and secure data storage.

What Is Included In Market Segmentation?

The report has been segmented the market into following categories:

Type Insights:

• Microcontroller
• Memory

Interface Insights:

• Contact
• Contactless
• Dual Interface

Architecture Type Insights:

• 16-Bit
• 32-Bit
• Others

Application Insights:

• USIM/eSIMs
• ID Cards
  • Employee ID
  • Citizen ID
  • E-Passport
  • Driving License
• Financial Cards
  • Credit Cards
  • Debit Cards
• IoT Devices

End Use Industry Insights:

• E-Government
• Telecommunication
• Transportation
• Payment and Banking
• Others

Regional Insights:

• North America
  • United States
  • Canada
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Russia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East and Africa