World News: 09:41 GMT Friday 10th August 2018. [Research and Markets via Globe Newswire via SPi World News]
Dublin, Aug. 10, 2018 (GLOBE NEWSWIRE) -- The report has been added to offering. The global smart card IC market is expected to reach an estimated $4.3 billion by 2023 with a CAGR of 4.0% from 2018 to 2023. The future of the smart card integrated circuit (IC) market looks attractive with opportunities in telecommunication, payment and banking, transportation, e-government, and others. The major drivers for the growth of this market are increasing usage of Subscriber Identification Module (SIM) cards for mobile phones, growing adoption of electronic identification cards for various e-governance projects, and increasing usage of smart cards in payment and banking industries.Emerging trends, which have a direct impact on the dynamics of the smart card IC industry, include the development of smart card IC that can provide more security and integration of smart cards with biometrics.In this market two types of cards, such as microcontroller and memory based are used. Microcontroller based smart card IC will remain the largest type, and it is expected to witness the highest growth during the forecast period as it enables secure payment facilities, authentication, and information storage for consumers.The global smart card IC market is being used in various end use industries, such as e-government, telecommunication, transportation, payment and banking, and others. Telecommunication will remain the largest application segment during the forecast period supported by the rising adoption for subscriber identity modules (SIM) cards for mobile phones.Asia Pacific is expected to be the largest region over the forecast period supported by increasing demand for smartphones in China and India. The government of various Asian countries mandates smart card IC in national ID cards, driving licenses, and other government identification cards, which is expected to drive the Asian smart card IC market during the forecast period.Some of the smart card IC companies profiled in this report include Infineon Technologies AG, NXP Semiconductor, Samsung Electronics, STMicroelectronics, and CEC Huada Electronic Design Co. Ltd and others.
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Related Topics: Smart Cards
Globe Newswire: 09:41 GMT Friday 10th August 2018
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