The global smart card IC market size is expected to grow by USD 1.82 billion during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.
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Technavio has announced its latest market research report titled Global Smart Card IC Market 2020-2024 (Graphic: Business Wire)
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The growing demand for contactless smart cards is expected to drive the smart card IC market growth during the forecast period. The demand for contactless cards is increasing owing to their benefits such as speed, ease of use, and versatility. Contactless smart cards consist of a chip and an antenna, which are composed of sensors that are packaged in standard PVC cards. The antenna embedded in the card allows it to communicate with the card reader without physical contact. These cards are being used in applications such as cashless vending, public transport, and for e-passports and other travel documents.
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As per Technavio, the integration of smart cards with blockchain will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other signifIcant trends and market drivers that will influence market growth over 2020-2024.
Smart Card IC Market: Integration of Smart Cards with Blockchain
Blockchain is increasingly being integrated with smart cards, as it helps in embedding standard security requirements for storing, generating, and managing the user cryptographic keys in smart card ICs. Blockchain also protects the data generated from the microprocessor, non-volatile memory, RAM, and a crypto-coprocessor, which are all embedded in smart cards ICs. Thus, the integration of smart cards with blockchain is expected to be one of the key smart card IC market trends during the forecast period.
“Other factors such as the growing use of biometrics in smart cards, and the robust demand for dual-interface cards will have a significant impact on the growth of the smart card IC market value during the forecast period,” says a senior analyst at Technavio.
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Smart Card IC Market: Segmentation Analysis
This market research report segments the smart card IC market by microprocessor architecture (16-bit and 32-bit), application (telecommunication, financial, government, transportation, and others), and geography (APAC, Europe, North America, South America, and MEA).
The APAC region led the smart card IC market share in 2019, followed by Europe, North America, South America, and MEA respectively. During the forecast period, the APAC region is expected to register the highest incremental growth due to factors such as the emergence of SMEs, improved network infrastructure, and the high adoption of EMV standards in the region.
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Some of the key topics covered in the report include:
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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