Smart cards are extensively used in the telecommunication industry. The majorly used smart card in telecommunication industry is subscriber identity module (SIM) or universal integrated circuit card (UICC). This smart cards are manufactured mostly from polyvinyl chloride (PVC) and acrylonitrile butadiene styrene (ABS) materials. The Universal Integrated Circuit Card (UICC) is a new generation of SIM technology used for new wireless network standards. The advancement in the smart card technology for usage in telecommunication has surged form past few years which has resulted in consumption of smart cards in telecommunication industry. Furthermore, the growing healthcare industry is also the major factor in boosting the market. Healthcare organizations across the region are implementing smart heath cards consisting wide variety of features and applications. The acceptance of smart card technology in the healthcare industry for data security, protecting the patient’s personal health information so that only authorized person such as doctors and other medical staff can access it are among the key factors propelling the demand for smart cards in the healthcare industry. Thus, significant growth in the healthcare industry helps in rising the consumption of smart cards, which, in turn, is anticipated to drive the North America smart card materials market during the forecast period.
North America is one of the worst affected economies due to the COVID-19 pandemic. The unprecedented rise in the number of COVID-19 cases across the US and Canada and the subsequent lockdown of numerous manufacturing facilities in the countries have negatively influenced the growth of the various markets. The significant disruption in manufacturing has had an impact on the demand for smart card materials in the region. The COVID-19 pandemic has also impacted the retail and hospitality industry. The pandemic’s impact on the retail and hospitality industry was immediate and profound. However, the market is reviving on account of the government's significant measures, such as vaccination drives. Various industries are also overcoming the challenges of supply chain disruptions of their raw materials. Many players are resuming pre-COVID investment plans as businesses gain confidence in stabilizing economies and anticipate increased demand. This is expected to provide the impetus for market growthates.
With the new features and technologies, vendors can attract new customers and expand their footprints in emerging markets. This factor is likely to drive the smart card material market. The North America smart card material market is expected to grow at a good CAGR during the forecast period.
| Report Attribute | Details |
|---|---|
| Market size in 2021 | US$ 236.24 Million |
| Market Size by 2028 | US$ 329.41 Million |
| CAGR (2021 - 2028) | 4.9% |
| Historical Data | 2019-2020 |
| Forecast period | 2022-2028 |
| Segments Covered |
By Material
|
| Regions and Countries Covered |
North America
|
| Market leaders and key company profiles |
|
The North America Smart Card Material Market is valued at US$ 236.24 Million in 2021, it is projected to reach US$ 329.41 Million by 2028.
As per our report North America Smart Card Material Market, the market size is valued at US$ 236.24 Million in 2021, projecting it to reach US$ 329.41 Million by 2028. This translates to a CAGR of approximately 4.9% during the forecast period.
The North America Smart Card Material Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the North America Smart Card Material Market report:
The North America Smart Card Material Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The North America Smart Card Material Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the North America Smart Card Material Market value chain can benefit from the information contained in a comprehensive market report.
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