[193+ PagesReport] The latest finding surrounding the “Global Biometric Payment Market” published by Facts & Factors covers all the historical and future market analytics in a neatly packaged and comprehensive read. We at Facts & Factors estimate that the global biometric payment market surrounding biometric payments will reach a projected value of USD 63.4 Billion by the year 2026 with a growth rate of 9.9% CAGR from an initial value of USD 32.4 Billion in the year 2020.
Biometrics payments are the systematic referral of initiating a mode of payment that is based on the calibration of body measurements and further calculations that are based on the user’s characteristics. Biometric authentication is often incorporated in the sector of computer science as a means of identification and providing access control among its ecosystem before a mode of payment can be initiated. Users often have to opt-in for the service and register their chosen form of biometrics with their bank's onboarding process for this advanced format of payment to work.
The significant growth of the global biometric payment market is rising use case scenarios of biometrics in the sector of consumer electronics coupled with increasing formats of authentication and identification devices to name a few. Additionally, the growing need for surveillance and security measures coupled with a heightened threat of external threats such as terrorist attacks is expected to witness the footprint of the global biometric payment market during the forecast period. Moreover, an increased rate of adoption of biometric-based applications and devices coupled with factors pertaining to rapid, convenient, and secure solutions will boost the growth of the global biometric payment during the forecast period.
Increased threats arising from international terrorism, organized crime, and illegal migration are expected to drive the global biometric payment market during the forecast period. Easy installation solutions coupled with a low intensive labor force will fuel the growth of the global biometric payment market during the forecast duration. Rising concerns among consumers while making electronic payments over secured servers coupled with ease of convenience will further increase the consumer base for the global biometric payment market during the forecast. However, a higher installation and deployment cost is expected to decrease the market value of the market to some extent.
The global biometric payment market can be segmented into technology, type, deployment model, and regions.
The global biometric payment market can be divided across single-factor authentication, fingerprint recognition, iris recognition, palm recognition, face recognition, signature recognition, voice recognition, biometric smart card, and multimodal on the basis of technology. The segment pertaining to single-factor authentication is expected to witness the largest market share during the advent of the forecast owing to increasing convenience, cost-effective measures, and rapid response time in terms of functionality to name a few. The global biometric payment market is categorized into contact-based, contactless, and hybrid on the basis of type. The hybrid segment is expected to occupy the largest market share during the advent of the forecast owing to the rising adoption of efficient and reliable biometric solutions coupled with increased safety incentives against spoofing and forgery-related intrusion attempts. The global biometrics payment market can be fragmented into hardware and software on the basis of the deployment model. The software category is expected to witness the largest market share during the advent of the forecast owing to increased adoption of cloud-based services coupled with AI-related adoption measures in the sector of biometric devices to name a few.
|Market Size in 2020||USD 32.4 Billion|
|Projected Market Size in 2026||USD 63.4 Billion|
|CAGR Growth Rate||9.9% CAGR|
|Key Market Players||Thales, Safran, NEC, ASSA ABOLY, Fujitsu, Precise Biometrics, NXP Semiconductors, Linxens, and Others|
|Key Segments||Technology, Types, Deployment Mode, and Region|
|Major Regions Covered||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
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Asia-Pacific is expected to witness the largest market share during the advent of the forecast owing to rapid economic growth in emerging economies such as China, India, Japan, and South Korea coupled with the rising technological advancements to name a few. Additionally, rising consumer awareness about increased security gains obtained from the biometrics payment solutions coupled with lowered pricing options for these devices will increase the footprint of the biometric payment market in the region during the forecast period. Increased deployment of biometric payment devices in airports, banks, ATMs, and other public places coupled with favorable government initiatives undertaken to increase the impact of biometric payment devices will further boost the growth of the biometric payment market in the region. The emergence of reliable vendors in the region coupled with increased penetration of international players in the region will lead to a considerable market share during the forecast period.
The market participants in the global biometric payment market are Thales, Safran, NEC, ASSA ABOLY, Fujitsu, Precise Biometrics, NXP Semiconductors, Linxens, ZWIPE, IDEMIA, Cardlab, Gemalto NV, and Kona I, among others.
Global Biometric Payment : Regional Segment Analysis
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