The Global Biometric Payment Card Market is valued at approximately USD 144.25 billion in 2023 and is anticipated to grow with a staggering growth rate of 68.8% over the forecast period 2024-2032. Biometric payment cards, which utilize advanced biometric authentication methods like fingerprint and facial recognition, are revolutionizing the security and convenience of financial transactions. By integrating an additional layer of security beyond traditional PINs or signatures, these cards significantly mitigate fraud and enhance user experience. This innovative technology is gaining traction across various sectors including finance, government, and corporate security, driven by the increasing incidence of data breaches and identity theft.
The shift towards contactless payment methods, fueled by consumer demand for faster and more convenient transactions, presents a significant growth prospect for the biometric payment card market. Technological advancements in biometric sensors and the integration of artificial intelligence for better accuracy and speed are also propelling market growth. Additionally, the presence of a large number of firms investing in research and development to innovate and improve biometric payment card technology contributes to the market's expansion. Regulatory support and favorable government policies promoting secure payment solutions enhance the market's growth prospects. However, the high cost of these cards and growing security and privacy concerns pose challenges to market growth. Despite these hurdles, the continuous advancement in information and communications technology and the rapid growth of the e-commerce sector are expected to offer lucrative opportunities for market expansion during the forecast period.
The key regions considered for the Global Biometric Payment Card Market study include Asia Pacific, North America, Europe, Latin America, and Middle East and Africa. In 2023, North America dominated the biometric payment card market and is expected to maintain its leading position throughout the forecast period. This dominance is driven by the increased adoption and use of contactless cards as a payment method, along with the presence of numerous firms operating in the market, which has fueled the growth of the biometric payment card industry in the region. Meanwhile, Asia Pacific is anticipated to experience significant growth during the forecast period. This growth is attributed to the rising demand for enhanced security in the payment industry and a growing consumer preference for contactless payment methods, which are key factors driving the expansion of the biometric payment card market in the region.
Major market players included in this report are:
Thales Group
Bio-idz
Zwipe
Mastercard
Visa Inc.
BNP Paribas
Infineon Technologies AG
IDEX Biometrics ASA
NXP Semiconductors
Goldpac Fintech
Fingerprint Cards AB
IDEX Biometrics ASA
KL HI-TECH
NEC Corporation
Schneider Electric
The detailed segments and sub-segment of the market are explained below:
Card Type:
Credit Cards
Debit Cards
Technology:
Fingerprint Recognition
Iris Recognition
Facial Recognition
End-User:
Retail
Transportation
Healthcare
Hospitality
Government
Others
By Region:
North America
U.S.
Canada
Europe
UK
Germany
France
Italy
Spain
Rest of Europe
Asia Pacific
China
Japan
India
South Korea
Australia
Rest of Asia-Pacific
Latin America
Brazil
Mexico
LAMEA
Middle East
Saudi Arabia
South Africa
Rest of Middle East and Africa
Years considered for the study are as follows:
Historical year - 2022
Base year - 2023
Forecast period - 2024 to 2032
Key Takeaways:
Market Estimates & Forecast for 10 years from 2022 to 2032.
Annualized revenues and regional level analysis for each market segment.
Detailed analysis of geographical landscape with Country level analysis of major regions.
Competitive landscape with information on major players in the market.
Analysis of key business strategies and recommendations on future market approach.
Analysis of competitive structure of the market.
Demand side and supply side analysis of the market.