Global Smart Card IC Market Outlook Report, 2022-2023 & 2030 - Smart IDs in Education and E-Governance Projects Boost Smart Card IC Market Growth
DUBLIN, Sept. 8, 2023 /PRNewswire/ -- The "Smart Card IC Market Outlook by Type, Architecture, Interface, Application, End User - Global Industry Demand Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.
The global smart card IC market will touch USD 4,929.8 million, propelling at a 7.1% compound annual growth rate, by 2030. This is mainly because of the growing utilization of financial cards and other safe payment solutions. Moreover, the acceptance of smart IDs in educational organizations and e-governance projects are propelling growth.
They are utilized in biometric arrangements as they convey information in only one way and do not need the Internet to process. Furthermore, because of the COVID-19 epidemic, several establishments shifted to contactless smart cards, as they are a more-sterile choice over touch-based biometric technologies, like fingerprint and palm geometry recognition.
During the forecast period, the APAC region is projected to grow at a high rate, mainly because of the rapid industrialization and urbanization in the region. Moreover, the fast acceptance of novel technologies in the healthcare, telecommunications, and BFSI industries is boosting the addition of integrated circuits in smart cards. Furthermore, the count of SIMs being utilized in the region is growing at a high rate, which will drive the industry's development.
Based on type, in 2022, the microcontroller category led the market with the largest share, and the category is also projected to dominate the market in the future as well, as such chips provide better memory storage and safety to information compared to the old-style magnetic-stripe cards.
Hence, the growing utilization of financial cards and other safe payment solutions. Moreover, the acceptance of smart IDs in educational organizations and e-governance projects are the major factors propelling the market.
Key Topics Covered:
Chapter 1. Research Scope
For more information about this report visit https://www.researchandmarkets.com/r/vg7btn
Research and Markets
View original content:https://www.prnewswire.com/news-releases/global-smart-card-ic-market-outlook-report-2022-2023--2030---smart-ids-in-education-and-e-governance-projects-boost-smart-card-ic-market-growth-301921862.html
SOURCE Research and Markets
ITEXPO#TECHSUPERSHOW Expo Hall Open
Wrap-up: Update on Asterisk and FreePBX