North America Smart Card Market Size (2024 - 2029)

The North America Smart Card Market is anticipated to experience growth, driven by the increasing demand for secure and efficient information systems across various sectors, including healthcare, finance, and government. Smart cards are becoming essential for enhancing information security and facilitating contactless payments, particularly in the wake of the COVID-19 pandemic. The integration of advanced technologies such as blockchain, IoT, and biometrics is further propelling the market's expansion. Despite challenges related to security concerns, the market's trajectory remains positive, supported by the growing adoption of smart card solutions in multiple industries.

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Market Size of North America Smart Card Industry

North America Smart Card Market Summary
Study Period 2019 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2019 - 2022
CAGR 4.00 %
Market Concentration Medium

Major Players

North America Smart Card Market Major Players

*Disclaimer: Major Players sorted in no particular order

North America Smart Card Market Analysis

The North America Smart Card Market Market is expected to register a CAGR of less than 4% over the forecast period. Smart cards provide security, confidentiality, and portability. They are used globally in applications across various industries in North America, including IT and telecommunications, Government, Transportation, and many more, where information security is crucial. With governments focusing on the safety of the people before and during the COVID-19 outbreak, smart-card technology has emerged as a smarter, more reliable, and hassle-free solution in many ways.

  • In North America, Government policymakers are looking carefully at the best ways to improve the efficiency of information systems in the healthcare industry vertical. Much emphasis has been placed on the need for electronic health records for every American and on ways to exchange those records at all levels, and smart card technology has emerged to be among the key technology enabler for those organizations.
  • Considering the benefits of smart cards, several states, including California, New York, and Louisiana, in the United States of America have already started providing Smart Health Card. Technology from the Boston Children's Hospital was used to create these cards.
  • The advent of smart cards has made payment methods faster and safer. The market is also expected to witness considerable growth because of the increase and advancement in the financial and banking sector. Contactless smart cards have become the leading choice for financial services and governments. According to data provided by Visa, in April 2021, over 300 million Visa cards will be contactless-enabled, a significant portion of active credit and debit cards in the United States.
  • With the emergence of technologies like blockchain, IoT, and biometrics, there has been a growth in the smart card market. Healthcare, smart city, consumer electronics, industrial, payments, and numerous other verticals are developing services that rely on an IoT (Internet of Things) infrastructure.
  • However, security has been among the major factor challenging the growth of the studied market, as a significant number of cases has been reported in the North American region that involved cards.
  • The outbreak of Covid-19 significantly impacted the North American region. Although a majority of the industrial and commercial sectors were affected by the pandemic, the use of smart cards for contactless payment and information sharing has witnessed an upward trend expected to sustain and positively impact the studied market growth during the forecast period.

North America Smart Card Industry Segmentation

A smart card is a device similar to a credit/debit card that uses a small microchip to store and process data. As these cards can handle more information and provide more functionality, they are increasingly being used across various industries.

The study tracks the trends and historical data related to smart card usage across various end-user verticals of the North American region, such as BFSI, IT and Telecommunication, etc. It also includes the impact assessment of COVID-19 on the studied market.

By Type
Contact-based
Contact-less
By End-User Vertical
BFSI
IT and Telecommunication
Government
Transportation
Other End-user Industries (Education, Healthcare, Entertainment, etc.)
By Country
United States
Canada
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North America Smart Card Market Size Summary

The North America smart card market is poised for steady growth, driven by the increasing demand for secure, efficient, and portable solutions across various sectors such as IT, telecommunications, government, and transportation. The COVID-19 pandemic has accelerated the adoption of smart card technology, particularly in contactless payment systems, as businesses and consumers seek safer and quicker transaction methods. The healthcare industry, in particular, is witnessing a surge in the use of smart cards for electronic health records and secure information exchange, with several states in the U.S. already implementing smart health cards. The financial sector is also contributing to market expansion, with contactless smart cards becoming the preferred choice for transactions, supported by advancements in blockchain, IoT, and biometrics.

In the United States, the demand for smart cards is bolstered by their application in physical access control systems, enhancing security for enterprise assets. Government agencies and private enterprises are increasingly adopting these systems, with notable programs like the Department of Defense's Common Access Card. The financial sector is seeing a rise in smart card usage as consumers prioritize security and new features. Additionally, the healthcare sector is leveraging smart cards to improve patient information privacy and reduce fraud. The competitive landscape of the North America smart card market includes key players like CardLogix Corporation, Secura Key, and IDEMIA, who are focusing on innovation, partnerships, and product launches to strengthen their market presence.

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North America Smart Card Market Size - Table of Contents

  1. 1. MARKET INSIGHTS

    1. 1.1 Market Overview

    2. 1.2 Industry Attractiveness - Porter's Five Forces Analysis

      1. 1.2.1 Bargaining Power of Suppliers

      2. 1.2.2 Bargaining Power of Consumers

      3. 1.2.3 Threat of New Entrants

      4. 1.2.4 Threat of Substitutes

      5. 1.2.5 Intensity of Competitive Rivalry

    3. 1.3 Assessment of the Impact of COVID-19 on the Market

  2. 2. MARKET SEGMENTATION

    1. 2.1 By Type

      1. 2.1.1 Contact-based

      2. 2.1.2 Contact-less

    2. 2.2 By End-User Vertical

      1. 2.2.1 BFSI

      2. 2.2.2 IT and Telecommunication

      3. 2.2.3 Government

      4. 2.2.4 Transportation

      5. 2.2.5 Other End-user Industries (Education, Healthcare, Entertainment, etc.)

    3. 2.3 By Country

      1. 2.3.1 United States

      2. 2.3.2 Canada

North America Smart Card Market Size FAQs

The North America Smart Card Market is projected to register a CAGR of less than 4% during the forecast period (2024-2029)

CardLogix Corporation, Secura Key, HID Global Corporation, IDEMIA France SAS and Fingerprint Cards AB are the major companies operating in the North America Smart Card Market.

North America Smart Card Report Snapshots

North America Smart Card Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)