North America Smart Card Market By Type (MPU Microprocessor and Memory Card), By Interface (Contactless, Contact and Dual Interface), By Functionality (Communication, Transaction and Security), By Vertical (Telecommunications, BFSI, Government & Healthcare, Transportation, Retail, Education and Others), By Country, Industry Analysis and Forecast, 2020 - 2026
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Get in-depth analysis of the COVID-19 impact on the North America Smart Card Market
The North America Smart Card Market would witness market growth of 4.7% CAGR during the forecast period (2020-2026). Smart cards are distinct card-like devices that have integrated circuit chips, which transfer and store the data which can be valuable and personal data. Mostly, these smart cards are utilized to offer faster & safer transactions and safeguard all the personal data like electronic passports, credit cards, corporate & government identification cards, visas, and other payment cards. Smart cards are widely used in various business verticals like corporates, government organizations, and banks to improve their functional dynamics.
The smart card business in the telecommunications and healthcare sector is comparatively less affected than other sectors. The COVID-19 pandemic has negatively affected the smart card market but this market is expected to get back on the recovery track post the pandemic. Owing to the government initiative for national ID cards, growing demand for contactless payments, and increasing usage of e-commerce platforms for shopping, the global smart card market is expected to be fueled during the forecast period.
The growth of the smart card market would be propelled by the emergence of technologies like blockchain, IoT, and biometric. The companies operating in the BFSI industry are aiming to use blockchain technology for offering an advanced security solution in the digital payment process. Government organizations are implementing these technologies to avoid tax fraud and allow more transparency between government and citizens. Blockchain applications need appropriate management of cryptographic keys that are handled by smart card technology. The developers of blockchain technology are incorporating the smart cards into these applications for increasing the convenience & security of the transactions. The market for the smart card would witness a surge due to the booming medical industry over the forecast years. The expansion of health care data possesses various challenges in offering effective patient care and privacy. These challenges are resolved by the smart cards as they offer safe storage and simple distribution of data.
The US market dominated the North America Smart Card Memory Card Market by Country 2019, and would continue to be a dominant market till 2026. The Canada market is experiencing a CAGR of 7.7% during (2020 - 2026). Additionally, The Mexico market would witness a CAGR of 6.7% during (2020 - 2026).
The Contactless market dominated the Canada Smart Card Market by Interface 2019, thereby, achieving a market value of $369.6 million by 2026. The Contact market is exhibiting a CAGR of 6.9% during (2020 - 2026). Additionally, The Dual Interface market is showcasing a CAGR of 8.7% during (2020 - 2026).
Based on Type, the market is segmented into MPU Microprocessor and Memory Card. Based on Interface, the market is segmented into Contactless, Contact and Dual Interface. Based on Functionality, the market is segmented into Communication, Transaction and Security. Based on Vertical, the market is segmented into Telecommunications, BFSI, Government & Healthcare, Transportation, Retail, Education and Others. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Thales Group S.A., CPI Card Group (Parallel49 Equity), Assa Abloy AB, Giesecke & Devrient GmbH, IDEMIA SAS (Advent International, Inc.), Inteligensa, CardLogix Corporation, Watchdata Co., Ltd., Eastcompeace Technology Co., Ltd (Potevio Group), and ABCorp (American Banknote Corporation).
Scope of the Study
Market Segments Covered in the Report:
- MPU Microprocessor
- Memory Card
- Dual Interface
- Government & Healthcare
- Rest of North America
Key Market Players
List of Companies Profiled in the Report:
- Thales Group S.A.
- CPI Card Group (Parallel49 Equity)
- Assa Abloy AB
- Giesecke & Devrient GmbH
- IDEMIA SAS (Advent International, Inc.)
- CardLogix Corporation
- Watchdata Co., Ltd.
- Eastcompeace Technology Co., Ltd (Potevio Group)
- ABCorp (American Banknote Corporation)
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