Smart Card Ic Market Growth, Demand, Opportunity, Analysis and Forecasts to 2020

Technavio Announces the Publication of its Research Report Global Smart Card IC Market 2016-2020

Technavio recognizes the following companies as the key players in the global smart card IC market: Infineon Technologies, NXP Semiconductors, Samsung Semiconductor, and STMicroelectronics.

Other Prominent Vendors in the market are: Shanghai Huahong Integrated Circuit.

Browse full report with TOC@ https://marketreportscenter.com/reports/388329/global-smart-card-ic-market-2016-2020

Commenting on the report, an analyst from Technavios team said: Increasing adoption of e-commerce will be a key trend for market growth. An increase in the adoption rate of e-commerce is likely to boost market growth. During the forecast period, the e-commerce market is expected to grow at a CAGR of 17%. It is growing at a faster rate in developing markets because of increasing penetration of the internet, the high adoption rate of smartphones, and changing lifestyle of consumers. In addition, the growth of the online market is likely to increase the demand for cyber security, thereby propelling the growth of the global smart card IC market during the forecast period.”

According to the report, increasing use of credit and debit cards for transactions will be a key driver for market growth. The increasing use of credit and debit cards for transactions is propelling card manufacturing vendors to adopt smart card-based payment mechanisms. In addition, consumers are expected to use cards and digital money more often than cash as the mode of payment. This encourages vendors to invest in the EMV technology, with the expectation that merchants and consumers will process payments through card transactions in a secure manner.

Further, the report states that multiple instances of credit and debit card frauds continue to be a major challenge for stakeholders in the market. The most largely affected stakeholder were banks until 2015. However, with the liability shift policy, merchants...