Biometric Payment Cards Market Report - (Growth and Size by 2031)
The biometric payment cards market size is expected to grow at a CAGR of 62.7% from 2023 to 2031. The biometric payment card market includes growth prospects owing to the current biometric payment card market trends and their foreseeable impact during the forecast period. The biometric payment card market is growing due to the increasing penetration of the internet adoption of smart devices and increasing government initiatives to promote digital payments. Advancements in biometric technology provide lucrative opportunities for the biometric payment card market growth.
Biometric Payment Cards Market Analysis
Biometric payment cards are regular credit or debit cards but with an added layer of security. Biometric payment cards allow users to use fingerprints instead of using a PIN or signature to authorize transactions. This makes it harder for unauthorized users to access your funds, reducing the risk of fraud. Businesses can benefit from biometric payment cards because they offer increased security and convenience for customers. With fewer fraudulent transactions, businesses can save money on chargeback fees and build trust with their customers.
Biometric Payment Cards Market Industry Overview
- The biometric payment card market is growing steadily, with increasing demand for secure and convenient payment methods.
- These cards use fingerprint or other biometric authentication to verify transactions, providing an extra layer of security compared to traditional cards.
- Major players in the industry include card manufacturers, biometric technology providers, and financial institutions.
- As consumer awareness and acceptance of biometric technology grows, the market is expected to expand further in the coming years.
Biometric Payment Cards Market Driver
Increasing Government Initiatives To Promote Digital Payments To Drive The Biometric Payment Cards Market Growth
- Government initiatives to promote digital payments are fuelling the growth of the biometric payment card market. With more countries pushing for cashless economies, the demand for secure and convenient payment solutions is rising.
- Governments worldwide are implementing various policies and incentives to encourage the adoption of digital payment methods, including biometric payment cards. These initiatives aim to reduce cash usage, combat financial crimes, and promote financial inclusion. For instance, the Indian government's demonetization efforts and the introduction of the Aadhaar-based biometric authentication system have boosted the adoption of digital payments, including biometric cards.
- Similarly, in countries like the UK and Singapore, government-backed campaigns and regulatory measures are driving the adoption of biometric payment cards among consumers and businesses. As a result, major players in the market are ramping up their production capacities and investing in research and development to meet the growing demand for biometric payment solutions.
Biometric Payment Cards Market Report Segmentation Analysis
- Based on card type, the biometric payment card market is segmented into credit cards and debit cards. The debit cards segment is expected to hold a substantial biometric payment card market share in 2023.
- The credit card segment is expected to grow with the highest CAGR over the forecast period.
Biometric Payment Cards Market Share Analysis By Geography
The scope of the biometric payment cards market is primarily divided into five regions - North America, Europe, Asia Pacific, Middle East & Africa, and South America. North America is experiencing rapid growth and is anticipated to hold a significant biometric payment cards market share. More people are opting for secure and convenient payment methods, leading to increased demand for biometric cards in the region. Moreover, consumers in North America are becoming increasingly concerned about cybersecurity and identity theft, leading them to seek out more secure payment options like biometric cards. Additionally, the widespread adoption of contactless payment technology has paved the way for biometric cards, as they offer an added layer of security without sacrificing convenience.
Biometric Payment Cards Market Report Scope
The "Biometric Payment Cards Market Analysis" was carried out based on card type, end users and geography. On the basis of card type, the market is segmented into credit cards and debit cards. Based on end users, the market is segmented into retail, transportation, healthcare, hospitality, government, and others. Based on geography, the market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South America.
Biometric Payment Cards Market News and Recent Developments
Companies adopt inorganic and organic strategies such as mergers and acquisitions in the biometric payment card market. A few recent key market developments are listed below:
- In March 2024, Fingerprint Cards AB announced the first biometric payment card rollout in Türkiye, supporting Thales, a worldwide leader in digital security, and Garanti BBVA and its customers. The launch marks Fingerprints’ and Thales’ eleventh commercial rollout globally for biometric payment cards.
[Source: Fingerprint Cards AB, Press Release]
- In October 2023, Idex Biometrics announced that they had been selected by South Korean payment card maker Kona I to provide the Pay platform for recycled PVC and metal cards for bank clients around the world. Kona I cards are certified by Visa, Mastercard, JCB, and American Express.
[Source: Idex Biometrics, Press Release]
Biometric Payment Cards Market Report Coverage & Deliverables
The biometric payment card market forecast is estimated based on various secondary and primary research findings, such as key company publications, association data, and databases. The market report "Biometric Payment Cards Market Size and Forecast (2021–2031)" provides a detailed analysis of the market covering below areas-
- Market size & forecast at global, regional, and country levels for all the key market segments covered under the scope.
- Market dynamics such as drivers, restraints, and key opportunities.
- Key future trends.
- Detailed PEST & SWOT analysis
- Global and regional market analysis covering key market trends, key players, regulations, and recent market developments.
- Industry landscape and competition analysis covering market concentration, heat map analysis, key players, and recent developments.
- Detailed company profiles.
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Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
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to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
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to country scope.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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