Global Smart Card IC Market 2019-2023 8% CAGR Projection Over the Next Five Years

The global smart card IC market is expected to post a CAGR of more than 8% during the period 2019-2023, according to the latest market research report by Technavio.

A key factor driving the growth of the global smart card IC market size is the growing demand for contactless smart cards. The demand for contactless cards is increasing due to their benefits such as speed, ease of use, and versatility. Contactless smart cards consist of a chip and an antenna, which are composed of sensors that are packaged in standard PVC cards. The antenna embedded in the card allows it to communicate with the card reader without physical contact. These cards are being used in applications such as cashless vending, public transport, and for e-passports and other travel documents. The growing demand for contactless smart cards will stimulate the adoption of the smart card IC market during the forecast period.

Blockchain is increasingly being integrated with smart cards, as it helps in embedding standard security requirements for storing, generating, and managing the user cryptographic keys in smart card ICs. Blockchain also protects the data generated from the microprocessor, non-volatile memory, RAM, and a crypto-coprocessor, which are embedded in smart cards ICs. Thus, the integration of smart cards with blockchain is expected to be one of the key smart card IC market trends during the forecast period.