The elevated popularity of cashless payments is one of the major factors contributing to the growth of this market. The popularity of digitalization and wide adoption of contactless EMV cards are another factors propelling the growth of smart card IC market, globally.
As per this research analysis, growing penetration of mobile internet has boosted the use of payments using mobile phones and tablets, which in turn, will increase the demand for smart EMV cards. The rise of e-commerce and m-commerce segments has accelerated the need for cashless transactions which are carried out through credit or debit cards. Such requirements increase the utility of EMV smart cards, subsequently driving the market for smart card ICs.
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However, increase in payment card-related frauds coupled with the issues related to supply chain have is expected to hamper the growth of this market. In addition, sluggish rate of adoption of EMV POS terminals is another factor that restricts the growth of this market. The market is being dominated by the regions like EMEA and APAC regions.
The mounting use of existing models like portable SIMs in wearable devices, smartphones, and tablets due to boost in the IoT and M2M communications will further boost the growth of this market in the coming years.
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The global smart card IC sales market can be segmented on the basis of application and region. On the basis of application, the global smart card IC sales market can be segmented into telecom, payment card manufacturers, government and transportation. On the basis of region, the global smart card IC sales market can be segmented into North America, Europe, Middle East & Africa, Asia-Pacific, and Latin America.
Some of the key players in the global smart card IC market include Infineon Technologies AG, NXP Semiconductors N.V., Samsung Semiconductor, Inc., STMicroelectronics and Shanghai Huahong Integrated Circuit Co., Ltd.
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