Smart Card IC Market Set to Grow at 3.7% CAGR Over Next Decade

It is estimated to grow at a CAGR of 3.7% from 2024 to 2034 and reach US$ 5.2 Bn by the end of 2034

The Global Smart Card IC market valued at USD 3.5 billion in 2023, is poised for significant growth, projected to reach USD 5.2 billion by the end of 2034, with a CAGR of 3.7% from 2024 to 2034. This upward trajectory is driven by the increasing adoption of contactless payment methods and the proliferation of smartphones, which are crucial for secure identification and authentication solutions.

 

The rise in contactless payment methods and smartphone utilization is propelling the smart card IC market value. Smart card ICs, known for their high security levels, are becoming essential in applications such as government IDs, access control systems, and other secure identification needs. The demand for advanced security solutions is creating lucrative opportunities for vendors, who are developing next-generation payment ICs, including fingerprint sensor packages and biometric cards.

 

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Market Introduction: A smart card, or integrated circuit card (ICC), is a portable plastic card embedded with an integrated circuit (IC) chip. These cards are used for personal identification, authentication, data storage, and application processing. They can be microprocessors with memory or simple memory circuits. Common applications include identification, financial transactions, public transit, computer security, schools, and healthcare.

Smart cards can be contact-based, contactless, or a combination of both. The universal integrated circuit card (UICC) used in mobile phones, whether as a pluggable SIM card or an embedded eSIM, is a type of smart card. As technology advances, the applications of smart cards continue to expand.

 

Market Drivers:

  1. Rise in Adoption of Contactless Payment Methods: Contactless payment methods, which enable wireless communication with payment terminals via radio frequency (RF) signals, are driving the growth of the smart card IC market Smart cards, equipped with IC chips, are crucial for storing and processing payment data in contactless transactions. According to Barclays, the average UK contactless user conducted 220 'touch and go' transactions in February 2023, up from 180 in 2021. This surge in contactless payments is boosting market demand.
  2. Increase in Utilization of Smartphones: Smartphones, which include cellular and mobile computing functions, utilize smart card ICs for enhanced security, mobile payments, and authentication. The popularity of smartphones with NFC (Near Field Communication) technology is fueling mobile payment systems such as Apple Pay, Google Pay, and Samsung Pay. Leading manufacturers are introducing advanced technology chips to provide reliable services, augmenting market revenue. In November 2022, Infineon launched the SLC26P security controller for payment applications, based on 28 nm technology.

 

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Market Segmentation  

By Type

  • Contact
  • Contactless

By Architecture

  • 16-bit
  • 32-bit

By Configuration

  • Memory Cards
  • Microprocessor-based Cards
  • Dual-interface Cards
  • Hybrid Smart Card

By Application

  • SIM Cards
  • ID Cards
  • Employee IDs
  • Citizen IDs
  • ePassports
  • Driving Licenses
  • Financial Cards
  • IoT Devices
  • Others (Consumer Device Cardholder Verification Methods [CDCVMs], etc.)

 

Regional Outlook: Asia Pacific Leading the Market: According to industry analysis, Asia Pacific accounted for the largest market share in 2023 and is expected to maintain its dominance. Rapid urbanization, digital transformations, and the rise of digital payments, smart city initiatives, e-governance, and mobile subscribers in China, India, South Korea, and Japan are driving market dynamics. Investments in advanced technologies like 5G, AI, and blockchain, along with the presence of leading semiconductor manufacturers in Taiwan, South Korea, and China, are bolstering market growth in the region.

 

Key Players:

  • Analog Devices, Inc.
  • CEC Huada Electronic Design Co., Ltd.
  • imatric LLC.
  • Infineon Technologies AG
  • Microchip Technology Inc.
  • Nations Technologies Inc.
  • NXP Semiconductors
  • Semiconductor Components Industries, LLC
  • SAMSUNG
  • Shanghai Fudan Microelectronics Group Co., Ltd.
  • Sony Corporation
  • STMicroelectronics
  • Texas Incorporated
  • TOSHIBA CORPORATION
  • Watchdata Group

 

Notable Developments:

  • May 2024: Samsung received a patent from the U.S. Patent and Trademark Organization for an IC for fingerprint reading, storage, processing, and biometric cards. This IC integrates the fingerprint sensor, secure element, and secure processor for biometric matching.
  • June 2022: STMicroelectronics launched the ST4SIM-201 embedded SIM (eSIM) for M2M communication, meeting the latest standards for 5G network access, M2M security, and remote provisioning and management.

 

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Amit Mohite

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