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

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.

Allied Market Research Logo

Request Research Report Sample & TOC: https://www.alliedmarketresearch.com/request-sample/A192413

(We are providing report as per your research requirement, including the Latest Industry Insight’s Evolution, Potential and COVID-19 Impact Analysis)

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

Details

Forecast Period

2024–2032

Base Year

2023

Market Size in 2023

$144.25 Billion

Market Size in 2032

$ 15,407.81 Billion

CAGR

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

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

Buy This Report (249 Pages PDF with Insights, Charts, Tables, and Figures) @  https://bit.ly/3X8L1YG 

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.

Get Customized Reports with your Requirements: https://www.alliedmarketresearch.com/request-for-customization/A192413

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.

Inquiry before Buying: https://www.alliedmarketresearch.com/purchase-enquiry/A192413

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)

Trending Reports in BFSI Industry (Book Now with 10% Discount + Covid-19 scenario):

Starter Credit Cards Market Size, Share, Competitive Landscape and Trend Analysis Report by Type, by Annual Fee, by Provider: Global Opportunity Analysis and Industry Forecast, 2023-2032

Charge Card Market Size, Share, Competitive Landscape and Trend Analysis Report by Type, by Issuer, by End User: Global Opportunity Analysis and Industry Forecast, 2023-2032

Prepaid Card Market Size, Share, Competitive Landscape and Trend Analysis Report by Offering, by Card Type, by End User: Global Opportunity Analysis and Industry Forecast, 2023-2032

Dual Interface Payment Card Market Size, Share, Competitive Landscape and Trend Analysis Report by Type, by End User: Global Opportunity Analysis and Industry Forecast, 2023-2032

Digital Business Card Market Size, Share, Competitive Landscape and Trend Analysis Report by Platform, by User Type: Global Opportunity Analysis and Industry Forecast, 2023-2032

About Us:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports Insights” 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.

Contact:

David Correa

1209 Orange Street,

Corporation Trust Center,

Wilmington, New Castle,

Delaware 19801 USA.

Int’l: +1-503-894-6022

Toll Free: +1-800-792-5285

UK: +44-845-528-1300

India (Pune): +91-20-66346060

Fax: +1-800-792-5285

help@alliedmarketresearch.com

Logo: https://mma.prnewswire.com/media/636519/Allied_Market_Research_Logo.jpg

 

Cision View original content:https://www.prnewswire.co.uk/news-releases/biometric-payment-card-market-to-reach–15-407-81-billion-globally-by-2032-at-68-8-cagr-allied-market-research-302164584.html

Disclaimer: The above press release comes to you under an arrangement with PR Newswire. TheNewsThisWeek.co.uk takes no editorial responsibility for the same.