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Biometric Payment Card Market to reach $ 15,407.81 billion, Globally, by 2032 at 68.8% CAGR: Allied Market Research

Published

6 months ago

June 5, 2024

Rise in the adoption of contactless payment methods, growth in regulatory support and government initiatives, and surge in cases of data breaches and identity thefts are the major factors that drive the growth of the global biometric payment card market.

PORTLAND, Ore., June 5, 2024 /PRNewswire/ — Allied Market Research published a report, titled, “Biometric Payment Card Market by Card Type (Credit Cards and Debit Cards), Technology (Fingerprint Recognition, Iris Recognition, and Facial Recognition) and End-User (Retail, Transportation, Healthcare, Hospitality, Government, and Others): Global Opportunity Analysis and Industry Forecast, 2023-2032.” According to the report, the global biometric payment card market generated $144.25 billion in 2023 and is estimated to reach $ 15,407.81 billion by 2032, witnessing a CAGR of 68.8% from 2023 to 2032.

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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.

Prime determinants of growth

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.

Report coverage & details:

Report Coverage Advertisement	Details
Forecast Period	2024–2032
Base Year	2023
Market Size in 2023	$144.25 Billion
Market Size in 2032	$ 15,407.81 Billion
CAGR Advertisement	68.8 %
No. of Pages in Report	249
Segments Covered	Card Type, Technology, End User, and Region.
Drivers	Rise in adoption of contactless payment methods Growth in regulatory support and government initiatives
	Surge in cases of data breaches and identity thefts
Opportunities Advertisement	Increase in advanced information and communications technology Robust growth of the e-commerce sector
Restraints	High cost of biometric payment cards Increase in security & privacy concerns among businesses

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The debit cards segment to maintain its leadership status throughout 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.

The fingerprint recognition segment to maintain its leadership status throughout the forecast period.

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.

The retail segment to maintain its lead position during the forecast period.

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.

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North America region to maintain its dominance by 2032.

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.

Leading Market Players: –

Bio-idz
BNP Paribas
Goldpac Fintech
IDEX Biometrics ASA
Infineon Technologies AG
MasterCard
NXP Semiconductors
Thales Group
Visa Inc.
Zwipe

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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Key Benefits for Stakeholders

The study provides an in-depth analysis of the global biometric payment card market forecast along with current & future trends to explain the imminent investment pockets.
Information about key drivers, restraints, & opportunities and their impact analysis on global biometric payment card market trends is provided in the report.
Porter’s five forces analysis illustrates the potency of the buyers and suppliers operating in the industry.
The quantitative analysis of the market from 2023 to 2033 is provided to determine the potential of biometric payment card market outlook.

Biometric Payment Card Market Key Segments:

By End-User

Retail
Transportation
Healthcare
Hospitality
Government
Others

By Card Type

Credit Cards
Debit Cards

By Technology

Fingerprint Recognition
Iris Recognition
Facial Recognition

By Region

North America (U.S., Canada)
Europe (UK, Germany, France, Italy, Spain, Rest of Europe)
Asia-Pacific (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific)
LAMEA (Latin America, Middle East, Africa)

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