Fingerprint Payment Market to Reach $36.2 Billion, Globally, by 2031 at 15.3% CAGR: Allied Market Research
Technological advancements in the fingerprint payment such as inclusion of machine learning (ML) and automations drive the global fingerprint payment market growth.
PORTLAND, Ore., Jan. 12, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Fingerprint Payment Market by Component (Hardware, Software, Services), by Type of Fingerprint Scanners (Optical Fingerprint Scanner, Capacitive Fingerprint Scanner, Ultrasonic Fingerprint Scanner, Thermal Fingerprint Scanner), by End User (Retail, Government, Transportation, Healthcare, Hospitality, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031". According to the report, the global fingerprint payment industry generated $9.0 billion in 2021, and is anticipated to generate $36.2 billion by 2031, witnessing a CAGR of 15.3% from 2022 to 2031.
Download Free Sample Report: https://www.alliedmarketresearch.com/request-sample/13331
Prime determinants of growth
Businesses are increasingly using fingerprint payments to function more quickly, cut down on transaction time, and enhance security. In addition, to make sure a business runs securely, the fingerprint payment systems are entailed with complex security authentication features. This factor notably drives the global fingerprint payment market growth. Technological advancements in the fingerprint payment such as inclusion of machine learning (ML) and automation boost the market growth even more. However, high acquisition costs and security risks of the payment terminals restrict the market growth. Moreover, increase in adoption of wireless handheld POS terminal by restaurants and healthcare industry for streamlining the transactions through biometrics is expected to provide new opportunities in the coming years.
The hardware segment to maintain its leadership status throughout the forecast period
Based on component, the hardware segment held the highest market share in 2021, accounting for nearly three-fifths of the global fingerprint payment market, and is estimated to maintain its leadership status throughout the forecast period, owing to increase in competition in retail businesses and user needs, and customers' preference for quicker checkout/transaction times. However, the software segment is projected to manifest the highest CAGR of 19.2% from 2022 to 2031, due to increase in the adoption of biometric software for various applications such as entry systems, and payment processes, in conjunction with the advantages, such as seamless and an enhanced end-user experience.
The capacitive segment to maintain its leadership status throughout the forecast period
Based on types of fingerprint scanners, the capacitive segment held the highest market share in 2021, accounting for nearly half of the global fingerprint payment market, and is estimated to maintain its leadership status throughout the forecast period. This is attributed to the increasing adoption of capacitive fingerprint scanner for various applications such as mobile phone payments, and biometric POS terminal payment in conjunction with the advantages, such as seamless and an enhanced end-user experience. However, the ultrasonic segment is projected to manifest the highest CAGR of 18.3% from 2022 to 2031, owing to its enhanced security.
The retail segment to maintain its lead position during the forecast period
Based on end user, the retail segment accounted for the largest share in 2021, contributing to nearly two-fifths of the global fingerprint payment market, and is projected to maintain its lead position during the forecast period. This is due to increase in competition in retail businesses and user needs, customers' preference for quicker checkout/transaction times and a secure system transmits transactions. However, the transportation segment is expected to portray the largest CAGR of 20.7% from 2022 to 2031. The fingerprint payment seeks to put in place an easy payment platform that eliminates the commuters' need for making payments using smart cards or phones, which is one of the factors for the development of the market in the transportation sector.
North America to maintain its dominance by 2031
Based on region, North America held the highest market share in terms of revenue in 2021, accounting for more than one-third of the global fingerprint payment market. This is because both digitalization and contactless transactions are strongly backed by the regional government. However, the market in the Asia-Pacific region is likely to dominate the market during the forecast period and witness the fastest CAGR of 18.4% from 2022 to 2031, owing to surge in digitalization, penetration of internet, adoption of smart devices and smart technologies and changing consumer transactional behavior in the region.
Interested to Procure the Data? Inquire Here (Get Full Insights in PDF - 230 Pages): https://www.alliedmarketresearch.com/purchase-enquiry/13331
Leading Market Players: -
Key benefits for stakeholders
Fingerprint Payment Market Report Highlights
Type of Fingerprint Scanners
Key Market Players: Synaptics Incorporated, Apple Inc., Thales, NEC Corporation, Precise Biometrics, IDEMIA, Anviz Global Inc., Fingerprint Cards AB, IDEX Biometrics, Infineon Technologies AG
Buy this Research Report at Discounted Price @ https://bit.ly/3izcQrc https://bit.ly/3ZsYppt
Trending Reports in BFSI Industry (Book Now with 10% Discount + COVID-19 Scenario):
Bitcoin Payments Market by Keys (Private Keys, Public Keys), by Component (Hardware, Software, Services), by Application (E-commerce, Retail, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031
Payment Security Market By Component (Solution and Service), Platform (Web-based and POS-based), Enterprise size (Large Enterprises and Small & Medium Enterprises) and Industry Vertical (BFSI, Government & Utilities, IT & Telecom, Healthcare, Retail & E-Commerce, Media & Entertainment, Travel & Hospitality and Others): Global Opportunity Analysis and Industry Forecast, 2021-2030
Payment Processing Solutions Market By Component (Solution and Services), Deployment Mode (On-premise and Cloud), Payment Method (Cards, eWallet, Automated Clearing House (ACH), and Others), and Industry Vertical (BFSI, Government & Utilities, IT & Telecom, Healthcare, Retail & E-commerce, Media & Entertainment, Travel & Hospitality, and Others): Global Opportunity Analysis and Industry Forecast, 2021-2030
Credit Card Payments Market By Card Type (General Purpose Credit Cards and Specialty & Other Credit Cards), Application (Food & Groceries, Health & Pharmacy, Restaurants & Bars, Consumer Electronics, Media & Entertainment, Travel & Tourism and Others), and Provider (Visa, MasterCard, and Others): Global Opportunity Analysis and Industry Forecast, 2021-2028
Payment Card Market by Type (Credit Card, Debit Card, ATM Cards, Charge Card, Stored Value Card, Fleet Card, Gift Card, and Others), and Technology (Embossing, Magnetic Stripe, Smart Card, Payment Cloud, Proximity Card, Re-Programmable Magnetic Stripe Card, and Others): Global Opportunity Analysis and Industry Forecast, 2019-2026
Cash Payment Market by Application (Electricity Bill Payments, Hotel Bill Payments, Shopping, Travel Bookings, and Others) and End User (Business and Personal): Global Opportunity Analysis and Industry Forecast, 2021-2031
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
View original content:https://www.prnewswire.com/news-releases/fingerprint-payment-market-to-reach-36-2-billion-globally-by-2031-at-15-3-cagr-allied-market-research-301720372.html
SOURCE Allied Market Research