Lucintel: Global Smart Card IC Market Expected to Reach $4.3 Billion by 2023

According to a new market report published by Lucintel, 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 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 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.

In this market, microcontroller and memory are used for smart card IC manufacturing for card type. Lucintel forecasts that 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. 

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.

Emerging trends, which have a direct impact on the dynamics of this industry, include the development of smart card IC that can provide more security and integration of smart cards with biometrics. Infineon Technologies AG, NXP Semiconductor, Samsung Electronics, STMicroelectronics, and CEC Huada Electronic Design Co. Ltd and others are among the major suppliers of smart card integrated circuit (IC).

Lucintel has analyzed and forecast growth opportunities in this  market by card type, type of interface, end-use industry, and region has compiled a comprehensive research report entitled “Growth Opportunities in the Global Smart Card IC Market 2018-2023: Trends, Forecast, and Opportunity Analysis.”