Smart card IC market size to grow by USD 1.17 bn

The global smart card IC market size is set to grow by USD 1.17 billion from 2021 to 2026, according to Technavio. In addition, the growth momentum of the market will accelerate at a CAGR of 4.63% during the forecast period.

Revenue-generating Application Segment
The telecommunication segment will be the largest contributor to market growth during the forecast period. The growth of the market is attributed to factors such as the growth of the fifth-generation (5G) network, which is one of the latest mobile network technologies. Consumers are shifting from 4G networks to 5G networks. This, in turn, will result in a rise in the demand for 5G SIMs, which will increase the demand for smart card ICs.

Regional analysis
APAC will account for 60% of the market’s growth during the forecast period. This growth is attributed to factors such as the overall maturity of the industrial sector and the high adoption of technology. China, Taiwan, and Japan are the key countries for the smart card IC market in the region during the forecast period.

CT Bureau