High Competition will Drive $32.65 Billion Smart Card Market

A new report from Adroit Market Research predicts that the global smart card market will hit $32.65 billion by 2025. Contact-based cards currently represent the largest portion of that market (33 percent in 2018), but the demand for contactless cards is expected to grow at the fastest rate, with a CAGR of 18.23 percent during the forecast period.  According to Adroit, technological innovation will drive much of that growth as manufacturers release convenient, contactless smart cards that offer greater security, faster transaction times, and better storage. The need to comply with new regulatory standards based on those technological improvements is also expected to push the market forward.