North America Smart Card Market Size

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.