The Europe Smart Card IC Market would witness market growth of 6.0% CAGR during the forecast period (2023-2029).
Contactless smart card can store various banking credentials, medical benefits, driver's licenses and public transportation privileges, loyalty programs, and club memberships, to name a few. In order to make all of the services on smart cards more secure, multi-factor as well as proximity authentication can be and have been built into the cards.
Smart cards, for instance, can be configured to only permit contactless transactions when they are within range of other devices, such as specially connected mobile phones. The security of the smart card can be considerably increased by doing this. Better security, better data, and lower processing costs result in savings for governments and regional bodies. These cost savings aid in cutting governmental spending or improving public services. As a result, numerous governments are expediting the use of smart cards across various sectors, like library cards.
As the use of smart cards grows, the demand for smart card IC will grow proportionately. When people use smart cards that offer different services, their security is improved, and their convenience is increased. For instance, if their wallet is lost or stolen, they simply need to replace one card. In addition, a card's data storage can prevent duplication and even offer emergency medical information. These factors promote the use of smart cards among the general populace as well as government organizations, companies, etc.
The smart tickets can be either pre-printed, over-printed, or printed on demand. Additionally, in Sweden, the cost of the phone apps is lower, at least for transit operators who don't require any technical equipment, which has increased the demand for smart card IC in phones. Moreover, its use has increased dramatically due to the European Commission's regulation since a card-based alternative to its paper E-111 form is introduced for cross-border healthcare. The European healthcare system reportedly has 200 million smart cards in use. The healthcare smart cards used in nations like France are among the most advanced in functionality and features. Therefore, the region presents lucrative growth opportunities for market growth.
The Germany market dominated the Europe Smart Card IC Market by Country in 2022, and would continue to be a dominant market till 2029; thereby, achieving a market value of $274 million by 2029. The UK market is anticipated to grow at a CAGR of 5.1% during (2023 - 2029). Additionally, The France market would exhibit a CAGR of 6.8% during (2023 - 2029).
Based on Type, the market is segmented into Microprocessor and Memory. Based on Interface, the market is segmented into Contactless, Contact and Dual. Based on Application, the market is segmented into USIMs/eSIMs, ID cards, Financial Cards, and IoT Devices. Based on Industry, the market is segmented into Telecommunications, BFSI, Government & Healthcare, Transportation, Education, Retail and Others. Based on countries, the market is segmented into Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
Free Valuable Insights: The Worldwide Smart Card IC Market is Projected to reach USD 4.3 Billion by 2029, at a CAGR of 6.3%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Toshiba Corporation, ON Semiconductor Corporation, Microchip Technology Incorporated, STMicroelectronics N.V., Texas Instruments, Inc., Sony Corporation, Analog Devices, Inc., Infineon Technologies AG, Samsung Electronics Co., Ltd. (Samsung Group) and NXP Semiconductors N.V.
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