The global Biometric Card Market is estimated to be valued at US$ 15.55 million in 2021 and is expected to exhibit a CAGR of 77.3% over the forecast period 2022 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Biometric cards are payment cards that utilize biometric authentication methods, such as fingerprint or iris scanning, to verify the cardholder's identity. These cards provide enhanced security and convenience compared to traditional payment methods, as they eliminate the need for PINs or signatures. Biometric cards are increasingly being adopted by banks, financial institutions, and other industries to prevent fraud and enhance customer experience. The rising incidences of identity theft and data breaches have propelled the demand for secure payment solutions, driving the growth of the biometric card market.
Market Key Trends:
One key trend in the biometric card market is the integration of biometric technology in contactless payment cards. Contactless payment methods have gained significant popularity in recent years, as they offer fast and convenient transactions. The integration of biometric authentication in contactless payment cards provides an additional layer of security, ensuring that only the authorized cardholder can make the transaction. This trend is driven by the increasing need for secure and convenient payment solutions, as well as advancements in biometric technology.
Furthermore, the market is witnessing collaborations and partnerships between key players to enhance their product offerings and expand their market presence. For example, Zwipe AS, a leading biometric technology company, collaborated with Mastercard to develop a fingerprint-activated payment card. Such collaborations are expected to drive innovation and propel the market growth.
In conclusion, the global biometric card market is expected to witness high growth in the coming years, driven by the increasing demand for secure and convenient payment solutions. The integration of biometric technology in contactless payment cards and strategic
PEST Analysis:
Political: The political landscape has a significant impact on the biometric card market. Governments across the world are increasingly adopting biometric technology for identification and authentication purposes, which is driving the demand for biometric cards. However, political instability and changes in regulations can pose challenges for market growth.
Economic: The biometric card market is expected to witness high growth in the coming years due to various economic factors. The increasing adoption of digital payment methods and the need for secure transactions are driving the demand for biometric cards. Additionally, the growing population and rising disposable income in emerging economies are also contributing to market growth.
Social: Social factors play a crucial role in shaping the demand for biometric cards. The increasing concern for cybersecurity and identity theft has created a need for more secure identification methods, which has led to a higher demand for biometric cards. Moreover, the growing acceptance of biometric technology among consumers and the convenience it offers are further driving market growth.
Technological: Technological advancements are key drivers of the biometric card market. The development of more accurate and reliable biometric sensors and the integration of biometric technology with other devices such as smartphones and wearables have expanded the market potential. Additionally, the increasing use of artificial intelligence and machine learning in biometric systems has enhanced the overall performance and usability of biometric cards.
Key Takeaways:
The global Biometric Card Market Scope is expected to witness high growth, exhibiting a CAGR of 77.3% over the forecast period of 2022 to 2030. This growth is primarily driven by the increasing adoption of biometric technology for secure identification and authentication purposes.
In terms of regional analysis, Asia Pacific is expected to be the fastest-growing and dominating region in the biometric card market. The region's large population, rapid urbanization, and government initiatives promoting digital payments are fueling the demand for biometric cards. Moreover, the increasing number of smartphone users and the growing e-commerce sector are further boosting market growth in the region.
Key players operating in the biometric card market include Shanghai Fudan Microelectronics Group Co. Ltd., Zwipe AS, Samsung's System LSI Business, Thales Group, Ethernom Inc., IDEX Biometrics ASA, Visa Inc., Goldpac Fintech, Mastercard Incorporated, Fingerprint Cards AB, ST Microelectronics NV, Seshaasai Business Forms (P) Ltd., and IDEMIA Group. These companies are actively investing in research and development activities to enhance their product offerings and gain a competitive edge in the market.
Read more @ https://www.insightprobing.com/biometric-card-market-is-estimated-to-witness-high-growth-scope-and-demand/
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