04-Aug-2022 | Facts and Factors
According to Facts and Factors, the global biometric payment market size was worth around USD 32,814.20 million in 2021 and is estimated to grow to about USD 56,564.84 million by 2028, with a compound annual growth rate (CAGR) of approximately 9.50% over the forecast period. The report analyzes the Biometric payment market drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the Biometric payment market.
A point-of-sale (POS) technology called biometric payment systems uses biometric authentication to facilitate transactions and payments. In addition to fingerprint biometric authentication technology, advances in biometric technology have led to the emergence of sophisticated biometric authentication technologies, including palm recognition, eye recognition, etc.
Browse the full “Biometric Payment Market By Technology (Single Factor Authentication, Fingerprint Recognition, Iris Recognition, Palm Recognition, Face Recognition, Signature Recognition, Voice Recognition, Biometric Smart Card, & Multimodal), By Type (Contact-Based, Contactless, & Hybrid), By Deployment Mode (Hardware & Software), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2022 – 2028" report at https://www.fnfresearch.com/biometric-payment-market
However, biometric payments made possible by fingerprint authentication technologies are most extensively used in the market due to the simplicity and relative affordability of fingerprint identification systems. Technology advancements have also resulted in the creation of the multi-modal biometric payment terminal system, a solution that allows authentication using several identifying modes, such as the fingerprint, iris, palm, etc., all from a single biometric payment terminal. In terms of value, the biometric payments sector has seen significant growth during the last four years. Due to its simplicity of use, the market for biometric payments is also anticipated to increase by double digits during the projection period.
Rising biometric use case scenarios in the consumer electronics industry, along with expanding formats of authentication and identification devices, to name a few, are driving the significant expansion of the global biometric payment market. Additionally, during the forecast period, the worldwide biometric payment market is anticipated to expand because of the rising demand for surveillance and security measures as well as an increased threat from external threats like terrorist attacks. Additionally, factors related to quick, easy, and secure solutions, along with an increased rate of acceptance of biometric-based applications and devices, would promote the growth of the global biometric payment during the forecast period.
The single-factor authentication, fingerprint recognition, iris recognition, palm recognition, face recognition, signature recognition, voice recognition, biometric smart card, and multi-modal segments of the worldwide biometric payment market can be separated based on technology. In 2021, the single-factor authentication market is anticipated to hold the biggest market share at the beginning of the projection. Based on type, the global biometric payment market is divided into contact-based, contactless, and hybrid segments. Due to the expanding adoption of effective and trustworthy biometric solutions along with improved safety incentives against spoofing and forgery-related intrusion attempts, the hybrid segment is anticipated to have the largest market share in 2021. Depending on the deployment model, the global biometrics payment industry can be divided into hardware and software. In 2021, the hardware category dominated the global market.
North America is predicted to have the largest biometric payment market throughout the projection period because there are many biometric payment solution providers and widespread use of them in the region. In terms of revenue, the biometric payment markets in the Asia Pacific and Europe are predicted to come in second and third place, respectively, to North America. However, due to the country's increasing digitization, internet usage, adoption of smart devices and smart technologies, and shifting consumer transactional behavior, the China biometric payment market is anticipated to develop at the greatest rate throughout the forecast period. Additionally, the biometric payment market in Latin America is anticipated to rise at a significant rate throughout the forecast period.
Market Size in 2021
USD 32,814.20 Million
Projected Market Size in 2028
USD 56,564.84 Million
CAGR Growth Rate
Key Market Players
Hales, Safran, NEC, ASSA ABOLY, Fujitsu, Precise Biometrics, and Others
By Technology, Type, Deployment Mode, and Region
Major Regions Covered
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa
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The report contains qualitative and quantitative research on the global biometric payment market, as well as detailed insights and development strategies employed by the leading competitors. The report also provides an in-depth analysis of the market's main competitors, as well as information on their competitiveness. The research also identifies and analyses important business strategies used by these main market players, such as mergers and acquisitions (M&A), affiliations, collaborations, and contracts.
Key players functioning in the biometric payment market include hales, Safran, NEC, ASSA ABOLY, Fujitsu, and Precise Biometrics
- Swedish challenger to debut biometric payment from Idemia and Index;
- Zwipe collaborates with Qatar FinTech Hub for a biometric payment system
The Global Biometric Payment Market is segmented as follows:
By Technology Segment Analysis
- Single Factor Authentication
- Fingerprint Recognition
- Iris Recognition
- Palm Recognition
- Face Recognition
- Signature Recognition
- Voice Recognition
- Biometric Smart Card
By Type Segment Analysis
By Deployment Mode Segment Analysis
By Regional Segment Analysis
- North America
- The UK
- Nordic Countries
- Benelux Union
- The Netherlands
- Rest of Europe
- Asia Pacific
- South Korea
- Southeast Asia
- Rest of Southeast Asia
- Rest of Asia Pacific
- The Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Rest of Latin America
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