Smart Card IC Market Industry Size Growing USD 3.9 billion by 2027

1. MarketsandMarkets Presents Smart Card IC Market Industry Size Growing USD 3.9 billion by 2027 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 https://www.marketsandmarkets.com/Market-Reports/smart-card-ic-market-29374723.html

2. The 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,according to a new report by MarketsandMarkets™. The growth of the smart card IC market can be attributed to rising usage of SIMs and eSIMs in smartphones and government agencies promoting digitalization.    Browse 150 market data Tables and 72 Figures spread through 222 Pages and in-depth TOC on "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"

3. The 32-bit segment is projected to register the highest CAGR during the forecast period The 32-bit segment is projected to register the highest CAGR during the forecast period. The growth of the segment can be attributed to the increased focus on data security and rising use of connected devices as well as the increasing penetration of 5G, which are fueling the demand for communication networks. In addition, they are specially used for applications that demand high efficiency Ask PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=29374723 The ID cards application is projected to register the highest CAGR during the forecast period The ID cards application is projected to register the highest CAGR during the forecast period. The growth can be attributed to rising focus of government of different countries on transforming paper-based ID cards into chip-based ID cards to avoid illegal activities and protect citizens from identity theft. Governments of several European countries have rolled out circulars for mandating the integration of chips in ID cards. In response to this, there were over 9 million university students using student smart cards across 279 universities in Spain, Portugal, and Latin America.

4. Asia Pacific is projected to account for the largest global market share during the forecast period Asia Pacific is projected to account for the largest share of the global smart card IC market during the forecast period. The dominance of Asia Pacific can be attributed to the increased focus on data digitalization in the region. Key countries, including China, Japan, India, and South Korea, in the region are focusing on integrating smart card ICs in various government and healthcare applications such as citizen ID cards, drivers' licence, healthcare cards, voter IDs, ePassport, and other essential official documents. For instance, the government of India used embedded ICs in smart cards used for drivers' license and vehicle registration. The country understood the importance of citizen travel record during the COVID-19 pandemic and, hence, is set to roll out ePassports by the end of 2022. Request Free Sample Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=29374723 Infineon Technologies AG (Germany), NXP Semiconductors N.V. (Netherland), Samsung Electronics Co., Ltd. (South Korea), STMicroelectronics N.V. (Switzerland), Microchip Technology Incorporated (US), CEC Huada Electronic Design Co., Ltd. (China), Analog Devices, Inc. (US), Sony Group Corporation (Japan), Toshiba Corporation (Japan), and ON Semiconductor Corporation (US); are some of the key players in the smart card IC market.

5. Opportunities: Increased adoption of IoT by end-user industries Industry 4.0 fully automates manufacturing processes with very little to negligible human interference. It works on the Internet of Things (IoT), cyber-physical systems, cloud robotics, cloud computing, and big data. Thus, IoT has gained the attention of technology vendors, organizations, business decision-makers, and consumers in recent years. Industry players are focusing on adopting IoT due to continuous technological advancements, increasing cellular connectivity & data transfer rates, and cloud infrastructure development. IoT can be implemented using various smart and connected devices integrated into various smart payment systems, smart homes, and connected cars. Additionally, the rising penetration of IoT in telecommunications, BFSI, transportation, and retail end-user industries has led to an upsurge in the demand for low-cost and highly efficient smart card IC used for secured data storage and data transmission. Challenges: Global semiconductor chip supply shortage The trade war between the US and China added to the supply chain disruption. China being a key supplier of semiconductors, delay in the supply of semiconductors due to the increased tariffs rates and pandemic has created impediments in the development of smart card ICs. The increase in demand for chips and supply shortage has resulted in increased lead times as well as their price. Wafers, substrates, logistics, assembly and testing, and operational costs have all become more expensive. In turn, semiconductor suppliers are being forced to pass their costs on to their customers to help stabilize the supply chain.

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