The biometric cards global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Biometric Cards Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The biometric card market size has grown rapidly in recent years. It will grow from $11.09 billion in 2023 to $13.03 billion in 2024 at a compound annual growth rate (CAGR) of 17.5%. The growth in the historic period can be attributed to rising security needs, rising fraud concerns, regulatory compliance, increasing consumer convenience, and an increasing number of smartphone users.
The biometric card market size is expected to see rapid growth in the next few years. It will grow to $24.94 billion in 2028 at a compound annual growth rate (CAGR) of 17.6%. The growth in the forecast period can be attributed to increasing cybersecurity threats, growing contactless payment systems, increasing demand for multifactor authentication, increasing demand for secure and reliable identification solutions, and rising demand for high-security applications. Major trends in the forecast period include the integration of contactless payment technology, the development of efficient biometric enrollment solutions, exploring blockchain technology, advancements in biometric sensors and algorithms, and integration with mobile devices.
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Scope Of Biometric Cards Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Biometric Cards Market Overview
Market Drivers –
The growing contactless payment systems are expected to propel the growth of the biometric card market going forward. A contactless payment system is a secure way for customers to buy items or services with a debit, credit, or smart card that uses radio frequency identification (RFID) technology or near-field communication (NFC). The widespread adoption of smartphones and the use of digital wallets have significantly boosted contactless payments. These biometric cards are particularly appealing in retail environments where reducing transaction time can improve operational efficiency and customer satisfaction. Biometric cards in contactless payments enhance security with fingerprint authentication, reduce fraud, and attract customers and businesses while maintaining the speed of contactless payments. For instance, in January 2024, according to the European Central Bank, a Germany-based central bank of the European Union countries, the number of contactless card payments in the first half of 2023 increased by 24.3% from 20.9 billion in the first half of 2022, with the corresponding total value rising by 25.9% to €0.5 trillion ($545.27 billion). Therefore, the growing contactless payment systems drive the biometric card market.
Market Trends –
Major companies operating in the biometric card market are focused on developing next-generation solutions, such as fingerprint biometric security, to provide a revolutionary payment experience and improve consumer satisfaction. Fingerprint biometric security is the process of identifying and verifying individuals based on their unique fingerprint patterns, providing high security and convenience. For instance, in June 2022, Rocker, a Sweden-based fintech company, launched the Rocker Touch. It is the first biometric payment card technology. The card employs IDEMIA’s F.CODE technology, which combines chip technology and a fingerprint biometric sensor to verify the cardholder’s identification. This allows consumers to authorize payments by placing their finger on the card, eliminating the need to input a PIN. Biometric data is securely saved on the chip and never leaves the card, ensuring user privacy and security.
The biometric cards market covered in this report is segmented –
1) By Type: Contact Biometric Cards, Contactless Biometric Cards
2) By Application: Payments, Access Control, Government Identification Document (ID) And Financial Inclusion, Other Applications
3) By End-User Vertical: Banking, Financial Services, And Insurance (BFSI), Retail, Government, Healthcare, Commercial Entities, Other End-User Verticals
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Regional Insights –
North America was the largest region in the biometric card market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the biometric cards market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the biometric cards market are Samsung Semiconductor, Visa Inc., Mastercard, Thales Group, STMicroelectronics NV, IDEMIA Group, JCB Co. Ltd., KONA I Co. Ltd., FEITIAN Technologies Co. Ltd., Fingerprint Cards AB, Matica Technologies Group SA, Seshaasai Business Forms Private Limited, Precise Biometrics, Zwipe, NEXT Biometrics, Versasec AB, Ethernom, CardLogix Corporation, SmartMetric Inc., IDEX Biometrics
Table of Contents
1. Executive Summary
2. Biometric Cards Market Report Structure
3. Biometric Cards Market Trends And Strategies
4. Biometric Cards Market – Macro Economic Scenario
5. Biometric Cards Market Size And Growth
…..
27. Biometric Cards Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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