Technavio Announces the Publication of its Research Report Global Smart Card IC Market 2016-2020
Technavio recognizes the following companies as the key players in the global smart card IC market: Infineon Technologies, NXP Semiconductors, Samsung Semiconductor, and STMicroelectronics.
Other Prominent Vendors in the market are: Shanghai Huahong Integrated Circuit.
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Commenting on the report, an analyst from Technavios team said: Increasing adoption of e-commerce will be a key trend for market growth. An increase in the adoption rate of e-commerce is likely to boost market growth. During the forecast period, the e-commerce market is expected to grow at a CAGR of 17%. It is growing at a faster rate in developing markets because of increasing penetration of the internet, the high adoption rate of smartphones, and changing lifestyle of consumers. In addition, the growth of the online market is likely to increase the demand for cyber security, thereby propelling the growth of the global smart card IC market during the forecast period.
According to the report, increasing use of credit and debit cards for transactions will be a key driver for market growth. The increasing use of credit and debit cards for transactions is propelling card manufacturing vendors to adopt smart card-based payment mechanisms. In addition, consumers are expected to use cards and digital money more often than cash as the mode of payment. This encourages vendors to invest in the EMV technology, with the expectation that merchants and consumers will process payments through card transactions in a secure manner.
Further, the report states that multiple instances of credit and debit card frauds continue to be a major challenge for stakeholders in the market. The most largely affected stakeholder were banks until 2015. However, with the liability shift policy, merchants are liable for losses accounting from fraudulent activities involving card transactions.
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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About Smart Card
A smart card is made up of PVC, polyester, or polycarbonate and is embedded with an IC, an MCU, and a memory chip. The memory chip is embedded with a smart card IC that can store and process a large amount of data. The microcontroller helps to secure payment transactions with functions such as encryption and digital signatures. It provides a tamper-resistant system and protects in-memory information, thereby reducing cases of fraud.
Technavios analysts forecast the global smart card IC market to grow at a CAGR of 8.49% during the period 2016-2020.
Covered in this report
The report covers the present scenario and the growth prospects of the global smart card IC market for 2016-2020. To calculate the market size, the report considers the revenue generated from the sales of smart card ICs.
The market is divided into the following segments based on geography:
Technavio’s report, Global Smart Card IC Market 2016-2020, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
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