06-Jan-2020 | Facts and Factors
Facts and Factors Market Research has published a new report titled “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 Regions - Global & Regional Industry Perspective, Comprehensive Analysis, and Forecast 2021 - 2026”. According to the report, the global biometric payment market was valued at approximately USD 32.4 Billion in 2020 and is expected to reach a value of around USD 63.4 Billion by 2026, at a CAGR of around 9.9% between 2021 and 2026.
Biometric payment is a kind of the point of sale technique that makes use of biometric authentication to recognize the end-user and authorize the fund deduction from the bank account of the end-user or the customer. Moreover, a fingerprint biometric payment is the most commonly used biometric payment method.
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 Regions - Global & Regional Industry Perspective, Comprehensive Analysis, and Forecast 2021 - 2026” Report at https://www.fnfresearch.com/biometric-payment-market-by-component-hardware-and-software
Burgeoning customer demand to drive biometric payment market growth
Consumers have adapted to relatively easier biometric authentication methods like facial recognition and fingerprint recognition through their smartphones. Moreover, fingerprint recognition is the most popular method of biometric payment for customers due to its ease of use. Apart from this, a massive improvement has been witnessed in the sensor quality and its accuracy due to technological innovation. This has enhanced the biometric payment market trends.
In addition to this, rapid innovations in mobile technology have resulted in the introduction of mobiles & smartphones with newly embedded features. Today, most smartphones possess high-quality biometric sensors and this is likely to drive the demand for biometric payment through mobiles & smartphones.
Hardware segment to register highest CAGR over the forecast period
Hardware segment, which accumulated nearly USD 1,880 million in 2018, is predicted to record a growth rate of about 20.6% during the forecast timeline. The growth of the segment can be attributed to the growing use of hardware in the biometric authentication process.
Fingerprint biometric to dominate the technology segment in terms of earnings
Fingerprint biometric is predicted to make notable contributions towards the overall market revenue share during the forecast timeline. Today, a large number of online payments are made through smartphones & iPhones with embedded fingerprint scanners and secured & advanced features. This has expedited the use of fingerprint biometric technology.
Banking, Financial Services and Insurance (BFSI) to lead the vertical segment in terms of value
The banking, Financial Services, and Insurance (BFSI) segment are likely to account for major revenue of the market over the forecast timeframe. It is expected to register the highest growth rate of nearly 21.5% during the forecast timespan. The use of biometric in the payment transactions will help the BFSI in offering seamless services to the customer, thereby enriching the customer experience.
North America to account for the major regional market share during the forecast period
North America, with the highest market share of 47% in 2017, is predicted to garner huge returns during the forecast timeframe. The regional market growth can be credited to the huge adoption of biometric payments in countries like the U.S.
Some of the key players in the biometric payment market include Thales, Safran, NEC, ASSA ABOLY, Fujitsu, Precise Biometrics, NXP Semiconductors, Linxens, ZWIPE, IDEMIA, Cardlab, Gemalto NV, and Kona .
This report segments the biometric payment market as follows:
Global Biometric Payment Market: By Technology Segment Analysis
- Single Factor Authentication
- Fingerprint Recognition
- Iris Recognition
- Palm Recognition
- Face Recognition
- Signature Recognition
- Voice Recognition
- Biometric Smart Card
Global Biometric Payment Market: By Type Segment Analysis
Global Biometric Payment Market: By Deployment Mode Segment Analysis
Global Biometric Payment Market: Regional Segment Analysis
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
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