Biometric Payment Market: Future Innovation Strategies, Profit Analysis, Forecast by 2031

Posted on 2021-02-26 by Future Market Insights, Inc in Internet & Online // 0 Comments

Biometric Payment Market: Introduction

Continuous demand for enhanced security and identification system during payment processes or transaction has led to the increasing adoption of biometric payment systems. As a whole, the biometric payment security and identification system comprises of three major components i.e. hardware, software, and services. Thus, the overall increasing adoption of biometric systems for various applications such as entry systems, payment processes etc., in conjunction with the advantages, such as seamless and an enhanced end-user experience etc. associated with the same, is attributing to the increasing adoption of biometric payment systems.

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Biometric payment systems are a point-of-sale (POS) technology which makes use of biometric authentication for enabling a transaction or payment process. Advancements in biometric technology has led to the introduction of advanced biometric authentication technologies such as palm recognition, eye recognition etc., as well, in addition to fingerprint biometric authentication technology. However, due to the ease of convenience and comparatively lower price associated with fingerprint identification systems, biometric payments enabled by fingerprint authentication technology are most widely adopted in the market. Progression of technology has even led to the introduction of multi-modal biometric payment terminal system, a solution which enables identification via multiple identification modes such as fingerprint, iris, palm, etc., all from one biometric payment terminal.

Biometric payments market has witnessed considerable traction in the past four years, in terms of value. Furthermore, biometric payments market is expected to exhibit double digit growth rate, during the forecast period, owing to the ease of operation associated with it.

Biometric Payment Market: Market Dynamics

Increasing penetration of internet, adoption of smart devices, number of mobile transactions and digitalization witnessed across the globe, especially in developed and developing countries such as the U.S., the U.K., India, China, Germany, Japan etc. has led to a transition into the mode of payment as well. Thus, the transition and affinity towards the adoption of online payments or digital payments is correspondingly increasing the adoption of digital payment methods such as biometric payments. Besides this, the enhanced security offered by biometric payment terminals is also a factor impelling the demand of the same. This, as a result, acts as a major driver for the global biometric payments market. Increasing application of biometric payment terminals in BFSI industry vertical is the major area of application of the same and is, thus, contributing the maximum in the global biometric payments market.

However, further advancements in technology has resulted into the introduction of cashier less stores, which is expected to pose a considerable challenge to the growth and adoption of biometric payment systems.

Besides this, high cost associated with the biometric payment terminal system and lack of awareness amongst various under developed countries are restraining the growth of biometric payments market, in terms of value.

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Biometric Payment Market: Segmentation

Global biometric payment market can be segmented on the basis of mode of payment, industry vertical, and region.

Segmentation for Biometric Payment market by mode of payment:

On the basis of mode of payment, the biometric payment market can be segmented as:

Smartphone/Tablet
Biometric/Smart Cards
Others

Segmentation for Biometric Payment market by Industry Vertical:

On the basis of industry vertical, the biometric payment market can be segmented as:

BFSI
Hospitality
Industrial
Retail
Others

Biometric Payment Market: Key Players

Some of the key players in the biometric payment market are NXP Semiconductors, Precise Biometrics, ZWIPE, Linxens, CardLab, IDEMIA, Kona I, Gemalto NV, and various others.

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