The increasing concerns about identity theft,
fraud, and unauthorized access are driving the demand
for secure authentication methods, which is projected to drive the
global biometric cards market's growth during the forecast period.
The North America region is
predicted to witness prominent growth by 2032.
Wilmington, Del., May 21, 2024
/PRNewswire/ -- Allied Market Research has recently published a
report, titled, "Biometric Cards Market Size,
Share, Competitive Landscape and Trend Analysis Report by
Application, by End User : Global Opportunity Analysis and Industry
Forecast, 2023-2032." According to the report, the global
biometric cards market generated $12.6
billion in 2022, and is anticipated to generate $89 billion by 2032, rising at a CAGR of 22.4%
from 2023 to 2032.
Download Research Report Sample & TOC:
https://www.alliedmarketresearch.com/request-sample/A129959
(We are providing report as per your research requirement,
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- 123 – Tables
- 51 – Charts
- 320 – Pages
Prime Determinants of Growth
The increasing concerns about identity theft,
fraud, & data breaches along with the rising
demand for secure & efficient identification methods and
increasing regulations around data security & privacy are the
factors expected to drive the growth of the global biometric cards
market in the forecast period from 2023 to 2032. However, privacy
& security concerns and the high production costs associated
with biometric cards may restrict market growth in the coming
future. Contrarily, industry collaboration, advancements in
biometric technology, and regulatory requirements are expected to
offer remunerative opportunities for the biometric cards market
expansion during the forecast period.
Report Coverage & Details:
Report
Coverage
|
Details
|
Forecast
Period
|
2023–2032
|
Base Year
|
2022
|
Market Size in
2022
|
$12.6
billion
|
Market Size in
2032
|
$89 billion
|
CAGR
|
22.4 %
|
No. of Pages in
Report
|
320
|
Segments
covered
|
Application, End User,
and Region
|
Drivers
|
Increasing demand for
secure and efficient identification solutions
Growing concerns about
identity theft, fraud, and data breaches
|
Opportunities
|
Advancements in
biometric authentication technology
Integration of
biometric authentication with IoT
|
Restraints
|
High production
costs
|
Application: Access Control Sub-segment to Flourish Immensely by
2032
The access control sub-segment accounted for the largest global
biometric cards market share of 42.6% in 2022 and is expected to
hold major share during the forecast period. The rising security
threats in finance, government, and corporate sectors fuel the
demand for advanced access control measures. In addition, stringent
regulations in industries like finance and healthcare push
organizations to adopt biometric systems to meet compliance
standards. Moreover, the convenience offered by biometric cards
accelerates adoption in environments requiring swift and secure
access, like offices, airports, and hospitals.
End User: Retail Sub-segment to be the Most Dominant During
the Forecast Period
The retail sub-segment held the largest market share of 34.6% in
2022 and is predicted to grow at the highest CAGR of 23.1% during
the forecast period. This dominant growth can be attributed to the
increased concerns about fraud and identity theft
among retailers, prompting the adoption of more secure payment
methods. Besides, the added security layer provided by biometric
authentication, utilizing unique biological traits for
verification, and the convenience & speed offered to consumers
during transactions are leading to enhanced customer satisfaction
and potentially increased sales for retailers.
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Region: North America Market to Hold Major Share by
2032
The North America biometric
cards industry accounted for the largest share of 38.8% in
2022 and is predicted to continue to hold major share by 2032. This
is mainly due to the technological advancements in biometric
authentication, such as heightened accuracy and security features.
Besides, governmental initiatives aimed at bolstering security,
like e-passports and national ID programs, catalyze the integration
of biometric technology. Moreover, consumer familiarity and
acceptance of biometrics with devices like smartphones, contribute
to the growing preference for biometric cards due to their
convenience and security.
Leading Players in the Biometric Cards Market:
- SmartMetric Inc.
- HID Global
- IDEMIA
- Samsung
- Fingerprint Cards AB
- CardLogix Corporation
- AUSTRIACARD HOLDINGS AG
- IDEX Biometrics ASA
- Zwipe
- Thales
The report provides a detailed analysis of the key players of
the global biometric cards market. These players are employing
various strategies including launching new products, entering
collaborations, expanding operations, forming joint ventures, and
signing agreements, all aimed at boosting their market share and
securing their competitive position across 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.
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Key Benefits For Stakeholders:
- Biometric cards industry report provides a quantitative
analysis of the market segments, current trends, estimations, and
dynamics of the biometric cards market analysis from 2022 to 2032
to identify the prevailing biometric cards market
opportunities.
- The market research is offered along with information related
to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers
and suppliers to enable stakeholders make profit-oriented business
decisions and strengthen their supplier-buyer network.
- In-depth analysis of the biometric cards market segmentation
assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their
revenue contribution to the global 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
global biometric cards market trends, key players, market
segments, application areas, and market growth strategies.
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Tables, and Figures) @
https://www.alliedmarketresearch.com/biometric-cards-market
Electronic Components Market Key Segments:
By End User
- BFSI
- Retail
- Government
- Healthcare
- Others
By Application
- Payments
- Access Control
- Others
By
Region
- North America (U.S.,
Canada, Mexico)
- Europe (Germany, UK, France, Spain, Italy,
Rest of Europe)
- Asia-Pacific
(China, Japan, India,
South Korea, Australia, Rest of Asia-Pacific)
- LAMEA (Brazil,
United Arab Emirates, Saudi Arabia, South
Africa, Rest of LAMEA)
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