Fast Market Research

Recent Study: Global Smart Card IC Market 2015-2019

Fast Market Research announces the availability of the new TechNavio report, "Global Smart Card IC Market 2015-2019", on their comprehensive research portal


Boston, MA -- (SBWIRE) -- 08/20/2015 -- A smart card is a pocket-sized plastic card embedded with ICs; these ICs are also called microchips. A smart card with a microchip is known as a smart card IC. It can store and process a large amount of data, and this helps in the secured payment transaction with functions such as encryption and digital signatures. It provides a tamper resistant system and protects in-memory information, reducing cases of frauds. Smart cards are used in some of the major sectors such as the BFSI, government, transportation, healthcare, and defense.

Technavio's analysts forecast the global smart card IC market to grow at CAGR of 8.06% and 8.67%, in terms of revenue and unit sales, respectively, over the period 2014-2019.

Get More Details on this Report and a Full Table of Contents at Global Smart Card IC Market 2015-2019

Commenting on the report, an analyst from Technavio's team said: "The market is expected to experience growth because of advances in technology leading to the availability of hybrid cards. These cards have two chips: a contact interface and a contactless interface. These cards are also multipurpose, so the user does not need to carry multiple cards"

According to the report, the growth of e-commerce and m-commerce have increased the demand for safe and secure payment options, thereby raising the demand for smart cards. Also, retail stores deploy loyalty cards to their customers that store customer information and the points earned by them. These points can be redeemed in the future.

Further, the report states that the growth of the global smart card IC market is curtailed by some serious challenges. As the smart card ICs are priced at a low range, the gross margin earned by the manufacturers is less as compared to the other MCU products. Different companies have different international and regional standards for ICs. Therefore, the supply-chain issues, along with low penetration of POS terminals in the retail sector, in the developing countries, are expected to hinder market growth during the forecast period.

The key players in the Global Smart Card IC Market are Infineon Technologies, NXP Semiconductors, Samsung Semiconductor, and STMicroelectronics while other prominent vendors include Shanghai Huahong Integrated Circuits

The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.

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