The global IC card market is anticipated to grow at a CAGR of 12.0% during the forecast period (2022-2028). The major factor expected to drive the market growth is the rising consumer awareness regarding the benefits of tap-and-pay cards. The use of these cards was already trending upward before the pandemic and after the COVID-19 pandemic it grew quickly. In addition, the growing trend of organizations to move toward the digitalization of payment processes and efficient storage of personal data, and the inclination of consumers towards cashless payments are some factors that propel the growth of the global IC card market during the forecast period. Furthermore, the increasing adoption Internet-of-Things (IoT) and technological advancements in micro-embedded electronics, and the rising adoption of devices with embedded circuits in various industry sectors such as retail, hospitality, BFSI, and healthcare are further boosting the growth of the global IC card market during the forecast period.
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Some major players in the market include Gemalto NV, IDEMIA, and Infineon Technologies AG, among others. The market players are contributing significantly to the growth of the market by the adoption of various strategies including mergers and acquisitions, geographical expansion, partnerships, new product launches, and collaborations, to stay competitive in the market. For instance, in July 2021, Gemalto NV announced the launch of its new card that integrates a biometric sensor, providing users with increased security this card simplifies proximity payments and provides an essential level of privacy. Additionally, in January 2021, IDEMIA agreed with Jyske Bank, the second-largest Danish-owned bank, to introduce the first recycled plastic payment card in Denmark. Further, in January 2020, Confidex Ltd. announced the collaboration with Thales to develop flexible smart media for Calypso-based systems. The company used Gemalto’s software solutions to create a new category of microprocessor-based smart media that include durable contactless paper cards embedded with a PET layer that reinforces the structure of the card, which makes the product resistant to harsh environments associated with transportation applications.
Market Coverage
- The market number available for – 2021-2028
- Base year- 2021
- Forecast period- 2022-2028
- Segment Covered-
- By Interface
- By Type
- By Functionality
- By Vertical
- Regions Covered-
- North America
- Europe
- Asia-Pacific
- Rest of the World
- Competitive Landscape- Gemalto NV, IDEMIA, and Infineon Technologies AG, among others.
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- How has COVID-19 impacted the market?
- Deviation from the pre-COVID-19 forecast
- Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
Global IC Card Market Report by Segment
By Type
- Memory
- MPU Microprocessor
By Interface
- Contact
- Contactless
- Dual
By Functionality
- Transaction
- Communication
- Security and Access Control
By Vertical
- BFSI
- Telecommunications
- Government and Healthcare
- Education
- Retail
- Transportation
- Others
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