The Latin America, Middle East and Africa Contactless Smart Cards Market would witness market growth of 11.0% CAGR during the forecast period (2024-2031).
The Brazil market dominated the LAMEA Contactless Smart Cards Market by Country in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $401.9 million by 2031. The Argentina market is showcasing a CAGR of 11.7% during (2024 - 2031). Additionally, The UAE market would register a CAGR of 10.6% during (2024 - 2031).
A credit card-sized contactless credential is called a contactless smart card. Its built-in integrated circuits can store data and communicate with a terminal through NFC. These smart cards are extensively used for payment transactions in retail stores, restaurants, public transportation, vending machines, and other point-of-sale environments. They enable quick and convenient tap-and-go payments, improving the customer experience and reducing transaction times.
These cards are widely deployed in public transportation systems, allowing commuters to access buses, trains, subways, and other transit modes with a simple tap of their card or smartphone. These cards streamline fare collection processes, reduce waiting times at ticket counters, and enhance overall transportation efficiency. These cards serve as access credentials for buildings, offices, parking garages, and other secured areas. They provide a secure and convenient way for authorized individuals to gain entry, replacing traditional key-based systems and enhancing overall security through encryption and authentication.
Brazil has a vibrant media and entertainment industry, with a high demand for ticketing solutions for events, concerts, theaters, cinemas, and sports venues. Entertainment providers in Brazil actively promote contactless payment solutions, including these smart cards, to their customers. Entertainment providers can leverage contactless smart cards to offer additional services and upsell premium experiences to their customers in Brazil. According to the ITA, the Brazilian media and entertainment industry reached $2.7 billion in 2019. Thus, due to these aspects, the market will expand across the LAMEA region in upcoming years.
Free Valuable Insights: The Worldwide Contactless Smart Cards Market is Projected to reach USD 17.7 Billion by 2031, at a CAGR of 8.3%
Based on Functionality, the market is segmented into Transaction and Security & Access Control. Based on Type, the market is segmented into MPU Microprocessor and Memory. Based on Industry Vertical, the market is segmented into BFSI, Retail, Transportation & Logistics, Hospitality, Healthcare, Media & Entertainment, and Others. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
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