The Smart Card IC Market is being driven by Growing demand for electronic ID cards
The Smart Card IC Market is expected to grow at a CAGR of 5% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 1450 million. In the realm of financial technology, smart cards represent a significant advancement, particularly the dual-interface variant. These cards, which can function as both debit and credit instruments, incorporate an IC chip that supports both contactless and contact transactions. This innovative feature allows cardholders to engage in seamless payments across a diverse array of machines, including those equipped with contactless readers and traditional magnetic stripe terminals. The IC chip within the smart card serves multiple purposes, storing essential data such as card numbers and identity information, while also accommodating EMV chips for enhanced security. The integration of these features streamlines the payment process, making smart cards an increasingly popular choice among consumers and merchants alike.
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The market is segmented based on
According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows:
However, the market also witnesses some limitations, which are as follows:
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Market Scope |
|
Report Coverage |
Details |
Page number |
243 |
Base year |
2024 |
Historic period |
2019-2023 |
Forecast period |
2025-2029 |
Growth momentum & CAGR |
Accelerate at a CAGR of 5% |
Market growth 2025-2029 |
USD 1450 million |
Market structure |
market_structure.ucfirst |
YoY growth 2024-2025(%) |
4.6 |
Key countries |
China, US, Taiwan, Germany, Japan, UK, Switzerland, South Korea, India, and France |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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The Smart Card IC Market encompasses various applications such as access control, healthcare, retail, mobile wallets, ticketing, and payment systems. Chip technology, including contactless payments and wearables, is replacing traditional methods like QR codes, barcodes, and magnetic stripes. Mobile payments, mobile banking, and IoT devices are driving adoption. Security features like biometric security, cybersecurity, digital identity, data encryption, multi-factor authentication, and secure infrastructure ensure benefits over traditional payment methods. Smart Cards offer fraud prevention, secure communication channels, and data privacy, making them ideal for credit cards, electronic identity, and personal data management in the era of digital transformation.
The Smart Card IC market is a significant segment of the global electronic components industry, encompassing manufacturers of chip designs, near-field communication (NFC) technology, radio frequency identification (RFID) systems, and dual interface solutions. According to Technavio's market research, the global electronic components market, which includes the aforementioned segments, is expected to grow due to the increasing demand for IoT devices and the integration of advanced technologies such as NFC and RFID in various applications. The Smart Card IC market, specifically, will benefit from this trend as these components are essential for secure data transfer and contactless payment systems in IoT devices and smart cards. Additionally, the demand for dual interface cards, which offer both contact and contactless functionality, is increasing, further boosting market growth.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
Technavio Research
Jesse Maida
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