Smart Card IC Market 2023 Production, Demand and Growth Analysis |
Posted: May 31, 2023 |
Industry Overview of Smart Card IC MarketA smart card integrated circuit (IC), also known as a chip card, is an embedded IC technology housed in a plastic card. It functions as a secure token for data storage and transaction purposes. Smart cards are available in two main variants: memory and microcontroller. The microcontroller smart card IC incorporates essential components such as a crystal oscillator, central processing unit (CPU), timers, watchdog, and analog input and output capabilities. This type of smart card reduces complexity, circuit size, costs, and the need for discrete components in embedded systems. Conversely, the memory smart card IC relies on the card reader for processing and is suitable for applications where the card performs a fixed operation. It primarily stores and processes information and value within its memory and microprocessor card chip. How Big Is the Smart Card IC Market?In 2022, the global smart card IC market achieved a size of US$ 2.8 Billion, and it is projected to reach US$ 3.9 Billion by 2028, exhibiting a compound annual growth rate (CAGR) of 5.4% during the period 2023-2028. Smart Card IC Market Trends and Drivers:The smart card IC market is experiencing significant growth due to the widespread adoption of cashless transactions, driven by the increasing use of smartphones and high-speed internet connectivity. The market is further propelled by the incentives provided by banks, such as discount vouchers and cashback, to encourage digital transactions among small and medium-sized merchants. The growing demand for online shopping and the expansion of e-commerce websites are also contributing to the market growth. Moreover, the use of smart employee identification (ID) cards in small and medium-scale enterprises (SMEs) for secure access to physical facilities and computer systems is gaining traction. Furthermore, the healthcare industry is adopting smart card ICs for managing patient identity and enabling secure access to medical records for healthcare practitioners. These factors are expected to drive the growth of the smart card IC market in the coming years. Global Smart Card IC Market 2023-2028 Analysis and Segmentation:Top Key Players covered in this report are: Analog Devices Inc, CardLogix Corporation, CEC Huada Electronic Design Co. Ltd., Eastcompeace Technology Co. Ltd., Imatric LLC, On Semiconductor Corporation, Shanghai Fudan Microelectronics Group Co. Ltd., SONY Group Corporation, STMicroelectronics N.V., Texas Instruments Incorporated, Toshiba Corporation, Watchdata Technologies Pte Ltd. The report segmented the market based on region, type, interface, architecture type, application, and end use industry. Type Insights:
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Key Highlights of the Report: Market Performance (2017-2022) Market Outlook (2023-2028) Market Trends Market Drivers and Success Factors Impact of COVID-19 Value Chain Analysis Comprehensive mapping of the competitive landscape If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization. About Us: IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses. IMARC's information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company's expertise. Our offerings include comprehensive market intelligence in the form of research reports, production cost reports, feasibility studies, and consulting services. Our team, which includes experienced researchers and analysts from various industries, is dedicated to providing high-quality data and insights to our clientele, ranging from small and medium businesses to Fortune 1000 corporations. Contact us: IMARC Group 134 N 4th St. Brooklyn, NY 11249, USA Email: [email protected] Tel No:(D) +91 120 433 0800 Americas:- +1 631 791 1145 | Africa and Europe :- +44-702-409-7331 | Asia: +91-120-433-0800, +91-120-433-0800
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