Information Technology
Biometric Payment Card Market to reach $ 15,407.81 billion, Globally, by 2032 at 68.8% CAGR: Allied Market Research
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142 – Tables
49 – Charts
249 – Pages
The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscapes, and competitive scenarios.
The rise in the adoption of contactless payment methods, growth in regulatory support and government initiatives, and a surge in cases of data breaches and identity thefts boost the development of the global biometric payment card market. However, the high cost of biometric payment cards and the increase in security & privacy concerns among businesses hamper the biometric payment card market growth. On the contrary, the increase in advanced information and communications technology and the robust growth of the e-commerce sector are expected to offer remunerative opportunities for expansion of the biometric payment card market during the forecast period.
By card type, the debit cards segment held the highest market share in 2023, accounting for about two-thirds of the biometric payment card market revenue, and is estimated to maintain its leadership status throughout the forecast period, owing to increase in the role of government and financial institutions in promoting cashless transactions and debit card usage. However, the credit cards segment is projected to witness the highest CAGR of 67.6% from 2024 to 2032, due to factors such as broader acceptability at shops and better product offerings in a competitive landscape in the coming years.
By technology, the fingerprint recognition segment held the highest market share in 2023, accounting for more than two-thirds of the biometric payment card market revenue, and is estimated to maintain its leadership status throughout the forecast period, owing to surge in the penetration of user identification devices, along with growth in usage of new technologies in payment mechanisms. However, the facial recognition segment is projected to manifest the highest CAGR of 69.8% from 2024 to 2032, owing to increasing preference for contactless payments, along with the growing advancements in facial recognition algorithms and hardware.
By end-user, the retail segment accounted for the largest share in 2023, contributing to nearly one-fourth of the biometric payment card market revenue, owing to the growing complexity of retail supply chain networks over time due to the presence of a large number of suppliers & logistics providers, channels, products, and value-added offerings. However, the hospitality segment is expected to portray the largest CAGR of 70.2% from 2024 to 2032, owing to the emergence of contactless payment technology to enhance the guest experience, operational efficiency, and security in payment methods.
By region, North America held the highest market share in terms of revenue in 2023, accounting for nearly one-third of the biometric payment card market revenue , owing to an increase in the adoption and usage of contactless cards as a payment method, along with the presence of a large number of firms operating in the market. The Asia-Pacific region is expected to witness the fastest CAGR of 69.8% from 2024 to 2032, owing to increasing requirements for enhanced security in the payment industry and the shifting inclination of consumers towards contactless payment modes acting as growth catalysts for the overall market.
The report provides a detailed analysis of these key players in the biometric payment card 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 countries. 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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