Global Smart Card IC Market 2017-2021
About Smart Card IC
A smart card is a plastic card that is embedded with an integrated circuit (IC). Smart cards are usually manufactured from plastic, namely, polyvinyl chloride (PVC). They are also made from polyesters or polycarbonates. There are two types of smart cards: contact-based smart cards and contactless cards. In a contact-based smart card, the card comes in contact with a physical reader. In a contactless card, a transaction is established through a remote contactless radio frequency interface.
Technavio’s analysts forecast the global smart card IC market to grow at a CAGR of 8.22% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global smart card IC market for 2017-2021. The report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Smart Card IC Market 2017-2021
Technavio recognizes the following companies as the key players in the global smart card IC market: Infineon Technologies, NXP Semiconductors, SAMSUNG, and STMicroelectronics.
Other Prominent Vendors in the market are: Atmel, EM Microelectronic-Marin, ON Semiconductor, Renesas Electronics, and Shanghai HuaHong Integrated Circuit.
Commenting on the report, an analyst from Technavio’s team said: “One trend in the market is SIM cards for M2M communication. An M2M SIM card is the technology that allows devices and machines to communicate with each other. In simpler terms, it is a SIM card that has been designed for machine use. Devices need to be equipped with interchangeable protocols that are necessary to receive and send data between devices.”
According to the report, one driver in the market is increase in number of financial frauds. The major driver for the global smart card IC market is the increasing number of financial across several countries. Most debit and credit cards use magnetic tapes to store data. These magnetic tapes are easily tampered, leading to insecure monetary transactions and monetary loss for users. Magnetic stripe cards can be subjected to frauds like card skimming. Card skimming is a technique wherein the details of the customer are stolen from the magnetic strip on the cards. This information can be used to forge duplicate cards and hence be used to make fraudulent transactions.
Further, the report states that one challenge in the market is growth of net banking and mobile wallets. The growth of the online marketplace has compelled customers to opt for net banking and mobile wallets. Customers find net banking convenient and safe to transfer money online. Multiple users find it convenient to transfer money online using internet banking, as it is the safest way to make transactions. Banks provide these services with high levels of security, and most of B2B transactions are done through the internet banking at present. Several large companies use online payment methods to make bank transfers and not cards to make a payment.
Infineon Technologies, NXP Semiconductors, SAMSUNG, and STMicroelectronics, Atmel, EM Microelectronic-Marin, ON Semiconductor, Renesas Electronics, and Shanghai HuaHong Integrated Circuit.
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