Smartcard MCU Market to be Dominated by BFSI Through 2028
Smartcard MCU are being more widely used on a global scale owing
to the
increasing demand for secure payment solutions and adoption
of smart cards in government and public sector applications.
According to
TechSci Research report, “Smartcard MCU Market – Global Industry Size, Share,
Trends, Opportunity, and Forecast, 2018-2028.” The global Smartcard MCU market has
grown significantly in recent years, and this trend is projected to continue in
the coming years. The market is driven by several factors, including the
increasing demand for secure payment solutions, the adoption of smart cards in government
and public sector applications, and the rise of IoT devices. Smartcard MCUs are
widely used in various applications such as payment systems, identity
verification, and secure data storage.
One of the primary drivers of
the Smartcard MCU market's growth is the increasing demand for secure payment
solutions. With the rise in online transactions and e-commerce, there is a
growing need for secure payment systems that can protect sensitive financial
information from theft and fraud. Smartcard MCUs provide a high level of
security and encryption, making them an ideal choice for payment systems.
Another significant factor contributing to the Smartcard MCU Market's growth is
the increasing adoption of smart cards in government and public sector
applications. Governments are increasingly using smart cards to manage citizen
identification, healthcare, transportation, and other services. This has led to
a surge in demand for Smartcard MCUs, which are used to power smart cards and
provide secure access to sensitive information.
Browse over XX market data Figures spread through XX Pages and an in-depth TOC on the "Global Smartcard MCU Market."
Furthermore, the increasing
adoption of IoT (Internet of Things) devices is also driving the Smartcard MCU
Market's growth. As more devices become connected to the internet, the need for
secure communication and authentication becomes paramount. Smartcard MCUs
provide the necessary security features for IoT devices, making them an
essential component in the IoT ecosystem. The Smartcard MCU Market is also
expected to benefit from the growing trend towards contactless payment
solutions. With the COVID-19 pandemic, consumers are becoming more cautious
about touching shared surfaces, such as payment terminals. Contactless payment
solutions, powered by Smartcard MCUs, provide a secure and convenient payment
method that eliminates the need for physical contact.
The Smartcard MCU market can
be segmented by Product, Offerings, Functionality, and Region.
On the basis of Product, the market is segmented into 8-bit,16-bit and 32-bit.
On the basis of Offerings, the market is segmented
into Smart Card and Smart Card Readers
On the basis of Functionality, the market is further
split into Transaction, Security & Access Control.
On the basis of End user
industry, the market is segmented
into BFSI,
Telecommunications, Government and Healthcare, Education, Retail, and Transportation.
The market analysis also
studies the regional segmentation to devise regional market segmentation,
divided among North America, Europe, Asia-Pacific, South America, and Middle
East & Africa.
Key market players in the global
Smartcard MCU market include:
- Cardlogix
Corporation
- Cpi Card Group
Inc
- Giesecke+Devrient
Gmbh
- Infineon
Technologies AG
- STMicroelectronics
- Veeco
Instruments Inc
- Microchip
Technology Inc
- Texas
Instruments Incorporated
- Maxim
Integrated
- Ferrotec
Holdings Corporation.
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“Smartcards are rapidly being
utilized in a variety of applications, and their use is likely to rise in the
forecast period for a variety of reasons. Smartcards are convenient and simple
to use. They may be used with several devices, including smartphones, laptops,
and point-of-sale terminals, and can be used for a broad range of applications,
including payment systems, access control, identification, and loyalty programs.
Many nations, for example, are implementing EID (electronic identification)
schemes that employ smartcards to store and validate identity information.
Smartcards are also being used by governments for healthcare programs, public
transit, and other services. The Internet of Things (IoT) is predicted to
enhance smartcard usage. Smartcards may be used to offer secure communication
and authentication for IoT devices, making them an important component of the
IoT ecosystem.
Smartcard usage is likely to
rise in the future days and years as a result of its security, convenience,
government and regulatory activities, and acceptance in the IoT ecosystem.” said
Mr. Karan Chechi, Research Director with TechSci Research, a research-based
global management consulting firm.
“Smartcard
MCU Market - Segmented
By Product (8-bit, 16-bit, 32-bit), By Offerings (Smart Card,
Smart Card Readers), By Functionality (Transaction, Communication, Security
& Access Control), By End-User Industry (BFSI,
Telecommunications, Government and Healthcare, Education, Retail,
Transportation) By Region” has
evaluated the future growth potential of Smartcard MCU and provides statistics
and information on market structure, size, share, and future growth. The report
intends to provide cutting-edge market intelligence and help decision makers
take sound investment decisions. Besides, the report also identifies and
analyzes the emerging trends along with essential drivers, challenges, and opportunities
in the global Smartcard MCU market.
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