Smart Card IC Market To Reach USD 4,929.8 Million by 2030, Says P&S Intelligence

NEW YORK, July 3, 2023 /PRNewswire/ — According to the latest market research study published by P&S Intelligence, the smart card IC market will grow at a rate of 7.1% by the end of this decade, to touch USD 4,929.8 million by 2030. This is because of the increasing use of financial cards for secure payments.
Moreover, the acceptance of smart IDs in educational organizations and e-governance projects is playing a vital part in the growth of the industry.
The telecommunications sector led the industry in 2022 as a result of the usage of ICs in subscriber identity modules, powered by the increasing smartphone acceptance.
Companies are not just delivering postpaid and prepaid SIMs but also the pay-as-you-go alternative with little paperwork. This has made it easy for consumers to purchase these cards.
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Additionally, numerous initiatives are being taken across the world for connecting people in rural areas with mobile phones or an internet connection.
The contactless category is growing at a significant rate due to the surging use of these cards in numerous organizations and educational institutes as an access control device.They are integrated into biometric systems because of their ability of transmitting data from just one direction, without the need for the internet for processing the information.Moreover, as a result of the pandemic, numerous organizations shifted to contactless smart cards, because they are a more-hygienic option in comparison to touch-based biometric technologies, for instance, fingerprint recognition and palm geometry.The microcontroller category led the industry in the past, and this trend will continue till the end of this decade, as stated by P&s Intelligence. It is because these chips have a higher storage capacity and offer better data security than the conventional magnetic-stripe cards.
Browse detailed report on Smart Card IC Market Share, Growth and Demand Forecast to 2030
Moreover, these chips allow for enhanced cryptographic security and extended application. The growing use of biometric and financial ID cards worldwide is the main reason for the larger share of the microcontroller category.
The market in APAC will advance at a high rate till 2030, as a result of the fast industrialization and urbanization.Moreover, the fast acceptance of novel technologies in the telecom, BFSI, and healthcare industries is powering the integration of ICs into smart cards in the region.Furthermore, the count of SIMs being used in APAC is growing at a high rate.Regional smart card IC sales will be led by China, South Korea, Australia, Japan, and India. In developing nations, such as Malaysia and India, governments are enhancing the internet infrastructure and promoting cashless transactions.Bottom of Form
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