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(IT-NEWSWIRE.COM, October 12, 2022 ) The global smart card IC market is projected to reach USD 3.9 billion by 2027 from an estimated USD 2.9 billion in 2022, at a CAGR of 6.3% from 2022 to 2027. The growth of the smart card IC market can be attributed to government agencies promoting digitalization and adoption of ID cards across various organizations and educational institutions.
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Dual interface chip cards enable both contact and contactless transactions and are compatible with any card reader or POS terminal. They provide greater payment processing convenience, reducing the waiting time for customers in a queue. Hence, the dual interface segment is projected to register the highest CAGR during the forecast period.
During the forecast period, the government and healthcare segment is projected to register the highest CAGR in the smart card IC market. The growth can be attributed to the emphasis of governments of multiple countries on mandating the use of electronic identifications (eIDs) such as citizen or national ID cards, driver’s license, ePassport, and healthcare cards to securely store users’ information and avoid tampering of valuable data.
The Asia Pacific market is expected to register the highest CAGR during the forecast period. China houses numerous IC design and manufacturing companies. According to the International Conference on Computer-Aided Design (ICCAD), the number of IC design companies in China reached 2,810 in 2021, compared to 2,218 and 1,780 in 2020 and 2019, respectively. Moreover, the increasing demand for smart devices such as smartphones, tablets, wearables, and smartwatches as well as connected vehicles is expected to fuel the demand for smart card ICs in the region.
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