A recent report published by Infinium Global Research on smart card IC market provides in-depth analysis of segments and sub-segments in the global as well as regional smart card IC market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional smart card IC market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of global smart card IC market. According to the report, the global smart card IC market is projected to grow at a CAGR of 4.7% over the forecast period of 2019-2025.
Modern society is advancing from the use of connected mobile devices and chip-based smart cards for cashless payment applications. Smart card IC is a technology-intensive industry. Banks in several countries such as China have announced all banking cards in China would migrate to smart cards due to which the demand for the smart card has a rapid development in recent two years. With the development of production and technology, Chinese communications operators gradually shift to the manufacturers. The development of smart card IC that can provide more security and integration of smart cards with biometrics is the emerging trend that has a direct impact on the dynamics of the smart card IC industry.
Increasing usage of smart cards in payment and banking industries is the major driving factor for the smart card IC market. Smart cards contain unique features that bring many benefits to both consumers and issuing organizations that led to a rise in demand for smart card IC. Furthermore, factors such as growing demand for contactless smart cards and increasing adoption of electronic identification cards for various e-governance projects are other driving factors for the smart card IC market. The demand for smart card IC is rising due to its benefits such as speed, ease of use, and versatility. However, slow adoption and security concerns related to smart card IC are restraining the growth of the market. Moreover, increasing usage in telecommunication, payment and banking, transportation, and e-government sectors are expected to provide growth opportunities to the market players.
Geographically, Asia-pacific dominates the global smart card IC market owing to the growing 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 that expected to drive the growth of the market in the forecasted period.
The report on global smart card IC market covers segments such as card type, interface, and end-use industry. On the basis of card type, the sub-markets include microcontroller, and memory. On the basis of interface, the sub-markets include contact, and contactless. On the basis of end-use industry, the sub-markets include e-government, telecommunication, payment and banking, and other end-use industries.
The report provides profiles of the companies in the market such as EM Microelectronic-Marin SA, Infineon Technologies AG, Atmel Corporation, NXP Semiconductors N.V., CEC Huada Electronic Design Co., Ltd., On Semiconductor Corporation, Shanghai Huahong Integrated Circuit Co., Ltd., STMicroelectronics, Samsung, Renesas Electronics Corporation, and other companies.
The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of smart card IC market. Moreover, the study highlights current market trends and provides forecast from 2019-2025. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.
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