Facilitating Hassle-Free Identity Verification with the Smart Card IC Market

Smart Cards, also referred to as #ICcards , are small portable electronic authentication devices used to store information and provide access to systems and services. Smart cards offer portability, security, and convenience and have several applications, including transit cards, health ID cards, and medical record cards.

Smart cards come with an embedded integrated circuit (IC) chip that acts as a security token. Smart cards IC chips can take the form of a memory chip or an embedded microcontroller. In this post, we take a look at the basics of IC chips and shed light on the growth drivers and recent developments in the smart card IC market.

The market for smart card IC was valued at USD 2.5 billion in 2022 and is expected to grow to USD 4.14 billion at a CAGR of 5.35% during the forecast period.

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What is an integrated circuit (IC)?

An Integrated Circuit (IC) is a wafer made of silicon on which a large number of transistors, microprocessors, and transistors are forged. An IC can act as computer memory, oscillator, timer, or counter. Here’s a quick overview of the major IC components:

Diodes: #Diodes are electronic devices that control current flow in a circuit. Also, they only allow the current to flow in certain paths.

Transistors: These components have the function of amplifying or switching electrical circuits and power.

Microprocessors: #Microprocessors are one of the most crucial components of an IC. They have the function of providing memory to the system. Also, they act as the operating system of an integrated circuit.

Growth Drivers

Shift towards contactless payment options: Using contactless payment options has several advantages, including high convenience and improved hygiene. A rise in the usage of contactless payment options is impacting the smart card IC market in a positive way.

Development of novel healthcare technologies: The development of telemedicine and other innovative healthcare technologies has made it possible for patients to receive medical care remotely. With more and more patients looking for convenient and secure healthcare services, the demand for smart card IC is rising.

Advent of Industry 4.0: The introduction of #Industry4 .0 has resulted in the automation of several manufacturing processes involving little to no human interaction.

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Geographical Analysis

North America: The North America region dominated the smart cards IC market in 2022. The region’s growth is attributed to the increasing necessity to avoid fraud in the #BFSI sector, the growing emphasis on R&D activities, and the implementation of several business development strategies.

Asia Pacific: The smart card IC market in the Asia Pacific region had the highest growth rate over the study period. This is primarily due to the rapid technological advancements in various sectors, rising adoption of digital services, and surge in urbanization rates in major economies like China and India.

Recent Developments

In February 2023, the All India Council of Technical Education introduced a BTech program and a diploma course for semiconductor manufacturing. These programs aim at developing good and unique semiconductor talent.

End Note and Conclusion

Smart Card IC is one of the most integral components of a smart card. It facilitates the storage of personal data and is primarily used for authentication purposes. Rising consumer inclination towards cashless payments and an increase in the adoption of embedded circuits in various sectors are expected to fuel the smart card IC market sales in the near future.?