Biometric Payment Market By Type (Contact-Based, Contactless, Hybrid), By Biometric Mode (Fingerprint Recognition, Facial Recognition, Voice Recognition, Iris Scans, Others), By Application (BFSI, Retail and E-commerce, Healthcare, Transportation, Government, Others): Global Opportunity Analysis and Industry Forecast, 2024-2033
Biometric payment is a point-of-sale (POS) technology that uses biometric authentication based on physical characteristics to identify the user and authorize the deduction of funds from a bank account. In the U.S., the use of biometrics has gained popularity in grocery stores, gas stations, and convenience stores and as a form of one-click payment for online retailers, such as Amazon.
The growth of the biometric payment market is influenced by the advancements in technology and the increasing demand for secure and convenient payment methods. Technological progress in biometric authentication methods such as fingerprint recognition, iris scanning, and facial recognition is a key driver propelling the biometric payment market growth. Furthermore, the escalating threat of cybersecurity is a significant driver behind the growth of the biometric payment market. As hackers employ sophisticated methods to trick and bypass biometric technology, the need for enhanced security measures becomes paramount. Biometric payment systems offer a higher level of security by leveraging technologies such as fingerprint recognition, iris recognition, facial recognition, and voice recognition, making them more resilient to cyber threats. Moreover, the rising need for secure and convenient payment solutions due to vulnerabilities in traditional authentication methods is boosting the adoption of biometric payment systems globally. For instance, in March 2024, Fingerprint Cards AB (Fingerprints) 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. However, privacy and data security concerns, as well as operational challenges related to privacy, security, and ROI restrain the growth of the biometric payment market. These factors hinder the widespread adoption of biometric payment solutions and influence decision-making processes within the market. On the contrary, the rising use cases and formats of authentication devices and government initiatives promoting financial inclusion present avenues for growth and innovation within the biometric payment industry, offering the potential for expansion and development.
The biometric payment market is segmented into type, biometric mode, application, and region. On the basis of type, the market is divided into contact-based, contactless, and hybrid. On the basis of biometric mode, the market is categorized into fingerprint recognition, facial recognition, voice recognition, iris scans, and others. As per application, the market is differentiated into BFSI, retail and e-commerce, healthcare, transportation, government, and others. Region wise, it is analyzed across North America (the U.S., and Canada), Europe (the UK, Germany, France, Italy, Spain, and rest of Europe), Asia-Pacific (China, Japan, India, Australia, South Korea, and rest of Asia-Pacific), Latin America (Brazil, Argentina, and rest of Latin America), and Middle East and Africa (GCC Countries, South Africa, and rest of Middle East and Africa).
The key players operating in the global biometric payment market include Fujitsu, NEC Corporation, Mastercard, Visa Inc., IDEMIA, Fingerprint Cards AB, Alibaba Group Holding Limited, VeriFone, Inc., Thales Group, and Google LLC. These players have adopted various strategies to increase their market penetration and strengthen their position in the biometric payment industry.
Key Benefits for StakeholdersThe study provides in-depth analysis of the biometric payment market along with current trends and future estimations to illustrate the imminent investment pockets.
Information about key drivers, restrains, & opportunities and their impact analysis on the biometric payment market size are provided in the report.
The Porter’s five forces analysis illustrates the potency of buyers and suppliers operating in the industry.
The quantitative analysis of the biometric payment market from 2024 to 2033 is provided to determine the market potential.
Key Market SegmentsBy TypeContact-Based
Contactless
Hybrid
By Biometric ModeFingerprint Recognition
Facial Recognition
Voice Recognition
Iris Scans
Others
By ApplicationBFSI
Retail and E-commerce
Healthcare
Transportation
Government
Others
By RegionNorth America
U.S.
Canada
Europe
UK
Germany
France
Italy
Spain
Rest of Europe
Asia-Pacific
China
Japan
India
Australia
South Korea
Rest of Asia-Pacific
Latin America
Brazil
Argentina
Rest of Latin America
Middle East and Africa
Gcc Countries
South Africa
Rest of Middle East And Africa
Key Market Players
Fujitsu
NEC Corporation
Mastercard
Visa Inc.
IDEMIA
Fingerprint Cards AB
VeriFone, Inc.
Google LLC
Alibaba Group Holding Limited
Thales Group
Please Note: It will take 7-10 business days to complete the report upon order confirmation.