The increasing use of smartphones equipped with biometric
sensors, the escalating threat of cybersecurity, and the increasing
demand for secure and convenient payment methods are expanding the
market reach of biometric payment.
PORTLAND, Ore., May 14, 2024 /PRNewswire/ -- Allied Market
Research published a report, titled, "Biometric Payment
Market by Type (Contact-Based, Contactless, Hybrid),
Biometric Mode (Fingerprint Recognition, Facial Recognition, Voice
Recognition, Iris Scans, Others), and Application (BFSI, Retail and
E-commerce, Healthcare, Transportation, Government, Others): Global
Opportunity Analysis and Industry Forecast, 2024-2033".
According to the report, the "biometric payment market" was valued
at $8.4 billion in 2023, and is
estimated to reach $37.4
billion by 2033, growing at a CAGR of 16.3% from 2024 to
2033.
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158 – Tables
55 – Charts
436 – Pages
Prime determinants of growth
The growth of the biometric payment market is driven by the
increasing demand for secure and convenient payment methods which
is a major driver propelling the adoption of biometric payment
systems. Furthermore, the growing penetration of smartphones
equipped with biometric sensors and the rise of wearable biometric
devices are further driving market growth as consumers seek
seamless and hassle-free payment experiences. Moreover,
opportunities are emerging in the market such as the rising use
cases and formats of authentication devices and government
initiatives promoting financial inclusion. These opportunities
present avenues for growth and innovation within the biometric
payment sector, offering potential for expansion and
development.
Report coverage & details:
Report
Coverage
|
Details
|
Forecast
Period
|
2024–2033
|
Base Year
|
2023
|
Market Size in
2023
|
$8.4 billion
|
Market Size in
2033
|
$37.4
billion
|
CAGR
(2024-2033)
|
16.3 %
|
Segments
Covered
|
Type, Biometric Mode,
Application, and Region.
|
Drivers
|
Increase in smartphone
usage
Rise in cybersecurity
threats
Increase in demand for
secure and convenient payment methods
|
Opportunities
|
Rising use cases and
formats of biometric authentication devices
|
Restraints
|
Privacy and data
security concerns
Operational challenges
related to privacy, security, and ROI
|
The contact-based segment to maintain its leadership status
throughout the forecast period
By type, the contact-based segment held the highest market share
in 2023, accounting for around half of the global biometric payment
market revenue, and is estimated to maintain its leadership status
throughout the forecast period. This is attributed to the fact that
contact-based biometric payment systems offer enhanced security,
reduce the risk of fraud, and provide a seamless user experience,
which is driving their growth in the market. However, the
contactless segment is projected to manifest the highest CAGR of
18.2% from 2024 to 2033. This is attributed to the fact that the
growing number of people using the contactless payment method,
which increases security and shortens transaction processing time,
is a significant factor driving the biometric payment market.
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The fingerprint recognition segment to maintain its
leadership status throughout the forecast period
By biometric mode, the fingerprint recognition segment held the
highest market share in 2023, accounting for nearly two-fifths of
the global biometric payment market revenue. This is attributed to
the fact that as part of biometric payment systems, fingerprint
authentication is widely adopted due to its reliability, security,
and ease of use. This technology utilizes unique biological traits
that are difficult to replicate, making it a preferred choice for
secure transactions in an era where identity theft and fraud are on
the rise. However, the iris scans segment is projected to manifest
the highest CAGR of 20.2% from 2024 to 2033. This is
attributed to the high scalability, non-invasiveness, and stability
offered by iris recognition technology. In addition, the accuracy
and reliability of iris recognition, its high-security features,
and its applications in various sectors such as healthcare,
consumer electronics, automotive, and government contribute to the
growth of this segment within the biometric payment market.
The retail and e-commerce segment to maintain its leadership
status throughout the forecast period
By application, the retail and e-commerce segment held the
highest market share in 2023, accounting for more than one-third of
the global biometric payment market revenue, and is estimated to
maintain its leadership status throughout the forecast period. This
is attributed to the increasing adoption of contactless payment
methods, the rise of e-commerce and digital payments, advancements
in biometric technology for enhanced security, regulatory
compliance, and the need to provide a better customer experience
through secure and convenient payment solutions. However, the
healthcare segment is projected to manifest the highest CAGR of
20.1% from 2024 to 2033. This is attributed to the fact that the
healthcare industry has unique requirements and challenges when it
comes to implementing secure payment solutions, making biometric
payment systems an attractive option for enhancing security and
streamlining transactions within the healthcare sector.
North America to maintain
its dominance by 2033
By region, North America held
the highest market share in terms of revenue in 2023, accounting
for more than one-third of the biometric payment market revenue and
is estimated to maintain its leadership status throughout the
forecast period. This is attributed to the heightened emphasis on
security and fraud prevention which is driving the adoption of
biometric payment systems as a more secure alternative to
traditional methods. The escalating threat of cybersecurity has
also played a significant role in propelling the demand for
advanced authentication technologies such as biometrics, enhancing
transaction security, and reducing the risk of fraud. However,
Asia-Pacific is expected to
witness the fastest CAGR of 19.7% from 2024 to 2033. This is
attributed to the increasing prevalence of digitalization efforts
and the rapid adoption of advanced technologies. The region's
expanding middle class, coupled with a growing emphasis on secure
payment solutions, has further fueled the demand for biometric
payment systems.
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Leading Market Players: -
- Fujitsu
- NEC Corporation
- Mastercard
- Visa Inc.
- IDEMIA
- Fingerprint Cards AB
- Alibaba Group Holding Limited
- VeriFone, Inc.
- Thales Group
- Google LLC
The report provides a detailed analysis of these key players in
the global biometric payment market. These players have adopted
different strategies such as new product launches, collaborations,
expansion, joint ventures, agreements, and others to increase their
market share and maintain dominant shares in different regions. The
report is valuable in highlighting business performance, operating
segments, product portfolio, and strategic moves of market players
to showcase the competitive scenario.
Key Benefits for Stakeholders
- This report provides a quantitative analysis of the market
segments, current trends, estimations, and dynamics of the
biometric payment market analysis from 2024 to 2033 to identify the
prevailing market opportunity.
- The market research is offered along with information related
to key drivers, restraints, and opportunities.
- The Porter's five forces analysis highlights the potency of
buyers and suppliers to enable stakeholders to make profit-oriented
business decisions and strengthen their supplier-buyer network on
the biometric payment market outlook.
- In-depth analysis of the biometric payment market segmentation
assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their
revenue contribution to the market.
- Market player positioning facilitates benchmarking and provides
a clear understanding of the present position of the market
players.
- The report includes the analysis of the regional as well as
biometric payment market trends, key players, market segments,
application areas, and market growth strategies.
𝐁𝐮𝐲 𝐂𝐨𝐦𝐩𝐥𝐞𝐭𝐞 𝐑𝐞𝐩𝐨𝐫𝐭 𝐚𝐭 𝐃𝐢𝐬𝐜𝐨𝐮𝐧𝐭𝐞𝐝 𝐏𝐫𝐢𝐜𝐞 @
https://bit.ly/3qVsCBd
Biometric Banking Market Report Highlights
By Component
- Hardware
- Software
- Service
By Type
- Fingerprint
- Facial Recognition
- Hand Geometry
- Iris Recognition
- Others
By End User
- Retail
- Government
- Transportation
- Healthcare
- Hospitality
- Others
By Region
- North America (U.S.,
Canada)
- Europe (UK,
Germany, France, Italy, Spain,
Rest of Europe)
- Asia-Pacific
(China, Japan, India,
Australia, South Korea, Rest of Asia-Pacific)
- LAMEA (Latin America,
Middle East, Africa)
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