The Latin America, Middle East and Africa Smart Card Market would witness market growth of 5.2% CAGR during the forecast period (2020-2026). The growing digitalization of various government processes and the increasing demand for identity cards required to get the benefit of government facilities are opening new growth prospects for the market.
Along with that, the provision of healthcare, licenses, and social benefit documentations of people has resulted in the introduction of smart cards by government authorities, hence accelerating the growth of the market in the coming years.
There is an increasing awareness among people regarding the advantages of contactless payments along with that using these cards is trending due to the ongoing pandemic situation. In this pandemic, authorities are creating awareness about the importance of maintaining social distancing when people go out to buy household items, groceries, etc., by utilizing these contactless payment options. People focus on restricting their physical touch while making payments. As per the research conducted in May 2020, by Fiserv (US), users prefer contactless cards because they are the fastest and the safest method for payment. Thus, the pandemic has boosted the demand for contactless card payment modes to avoid physical interaction with people.
The COVID-19 pandemic is surging the demand for the contactless smart card market because global agencies like World Health Organization (WHO) and governments all over the world are supporting the usage of contactless smart cards for different purposes to follow the social distancing norms to prevent the spread of the coronavirus. These contactless smart cards help in offering speed, ease, and convenience to the customers. Using the contactless interface becomes highly pertinent during the COVID-19 pandemic, particularly for payment applications because it streamlines safe & secure payment methods to avoid physical contact.
The Brazil market dominated the LAMEA Transportation Smart Card Market by Country 2019, and would continue to be a dominant market till 2026. The Argentina market would witness a CAGR of 5.8% during (2020 - 2026). Additionally, The UAE market is experiencing a CAGR of 5% during (2020 - 2026).
The MPU Microprocessor market dominated the South Africa Smart Card Market by Type 2019, thereby, achieving a market value of $123.7 million by 2026. The Memory Card market is expected to witness a CAGR of 6.5% 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 Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
Free Valuable Insights: Smart Card Market in LAMEA is expected to register a CAGR of 5.2% during the forecast period (2020-2026)
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).
By Type
By Interface
By Functionality
By Vertical
By Country
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