Biometric Payment Market Size Is Expected To Grow At A Rate Of 9% Through 2024-2028 As Per The Business Research Company’s Biometric Payment Global Market Report 2024
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LONDON, Jan. 09, 2024 (GLOBE NEWSWIRE) — As per The Business Research Company’s biometric payment global market report 2024, the biometric payment market has witnessed robust growth in recent years, with the market size soaring from $39.38 billion in 2023 to a projected $42.86 billion in 2024. This expansion reflects an impressive Compound Annual Growth Rate (CAGR) of 8.8%. The historic growth can be attributed to several factors, including heightened emphasis on security and fraud prevention, financial inclusion, the escalating threat of cybersecurity, consumer convenience, the popularity of biometric wearables, and government initiatives.
Projected Momentum
The biometric payment market is expected to maintain its robust trajectory, showcasing strong growth in the coming years. Forecasts indicate a biometric payment market size of $60.45 billion by 2028, with a CAGR of 9.0%. The anticipated growth is fueled by the escalating prominence of e-commerce, the widespread adoption of contactless payments, the ubiquity of smartphones, and a heightened focus on enhanced data privacy.
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Emerging Trends
As we look into the future, major trends in the biometric payment market include the introduction of biometric payment cards, the adoption of multi-modal biometrics, continuous authentication methods, advancements in voice and speech recognition, and the integration of cross-channel authentication technologies.
Industry Leaders
Major players in the biometric payment market include industry giants such as Apple Inc., Alphabet Inc., Samsung Electronics Co Ltd., and Alibaba Group Holding Limited. Other key contributors include Fingerprint Cards AB, Tencent b-bldings Limited, Fujitsu Ltd., Visa Inc., Paypal Holdings, NEC Corporation, and Mastercard Incorporated. Safran S.A., Thales Group, NXP Semiconductors N.V., and ASSA ABLOY Group also play pivotal roles in shaping the market.
Technological Innovations
Companies at the forefront of the biometric payments market are actively driving innovation through the development of new, sophisticated biometric checkout programs. These programs aim to make payments more convenient and secure for consumers. For instance, in May 2022, Mastercard Inc. introduced its Biometric Checkout Program, offering merchants the ability to integrate biometric payment options, such as facial recognition and fingerprint scanning, during checkout. This pioneering solution, combining chip technology with fingerprints, enhances payment security and convenience, marking a significant leap forward in the evolution of payment methods.
Regional Dynamics
North America claimed the title of the largest region in the biometric payment market in 2023, with Asia-Pacific projected to be the fastest-growing region in the forecast period.
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Market Segmentation
The biometric payment market, detailed in this report, is segmented based on:
- Type: Contact-Based, Contactless, Hybrid
- Component: Hardware, Software, Services
- Technology: Single Factor Authentication, Fingerprint Recognition, Iris Recognition, Palm Recognition, Face Recognition, Signature Recognition, Voice Recognition, Biometric Smart Card, Multimodal
- Mode Of Payment: Smartphone And Tablet, Biometric And Smart Cards, Other Modes
- Application: Banking, Financial Services And Insurance (BFSI), Retail And Ecommerce, Travel And Hospitality, Transportation, Healthcare, Other Applications
In conclusion, the Biometric Payment Global Market Report 2023 paints a compelling picture of sustained growth and technological advancement. Industry players can capitalize on this comprehensive report to navigate evolving trends, identify emerging opportunities, and strategically position themselves for success in this dynamic market.
Biometric Payment Global Market Report 2024 by The Business Research Company provides insights on the biometric payment market size, biometric payment market segments, biometric payment market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 7,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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