London, 4 August 2015: Technavio, the independent tech-focused global research firm, has published a report on the global smart card IC market 2015-2019, which is expected to grow at a CAGR of 8.06% during the forecast period of 2014-2019.
Increasing usage of electronic ID cards is a major factor that promotes growth in this market. Many governments are now promoting the use of smart cards by adopting them for e-passports, driving licenses, and voter ID cards. Also, the advent of contactless smart cards is another factor that is expected to augment growth in this market. This card is considered as a very safe payment mode as it uses radio frequency technology to exchange sensitive data.
“A key trend witnessed in the market is the availability of twin smart cards, which are also known as hybrid cards. Twin cards are a combination of contact and contactless cards. They have two chips, one with a contact interface and another with a contactless interface,” says Faisal Ghaus, Vice President of Technavio.
“They also act as a multipurpose card. Hybrid cards eliminate the need for carrying multiple cards as these cards have a shared storage and processor to increase the ease of handling.”
Key Market Drivers:
- Increased Adoption of Electronic ID Cards
- Growing Number of SIM Card Subscriptions
- Rise in Demand for Secure and Reliable Payment Transaction
- Need for Tamper Resistant System
Key Market Trends:
- Availability of Twin Smart Cards
- High Adoption of E-commerce
- Use of High-end SIM Cards (NFC based)
- SIM Cards for M2M Communications
Key Market Vendors:
- Infineon Technologies Pvt. Ltd.
- NXP Semiconductors NV
- Samsung Semiconductors
- STMicroelectronics Co. Ltd.
To define the market circumstances in the next 3-4 years, Technavio analysts have conducted in-depth analysis of the impact of market drivers, challenges, and trends featuring data on product segmentations, vendor shares, growth rate by revenue, and an evaluation of the different buying criteria in the order of importance.
https://www.technavio.com/%3Cp%3EIf%20you%20are%20interested%20in%20more%…
