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Biometric Payment Market to Reach $37.4 Billion, Globally, by 2033 at 16.3% CAGR: Allied Market Research
[May 14, 2024]

Biometric Payment Market to Reach $37.4 Billion, Globally, by 2033 at 16.3% CAGR: Allied Market Research


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 13, 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.

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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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About Us:

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.

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