Global Biometric Payment Market Analysis: Size, Share, Growth, Trends, and Forecast for 2022-2031

Wilmington, United States, 2024-Mar-26 — /EPR Network/ —  The Biometric Payment Market has witnessed remarkable growth over the past decade, with a valuation of US$ 107.4 Mn in 2021, expected to surge to US$ 8.8 Bn by 2031, marking a staggering CAGR of 56.2%. This unprecedented growth is primarily attributed to the widespread adoption of smartphones and the internet, driving the popularity of biometric payments globally. In particular, the BFSI sector has embraced digital transformation, bolstering online banking and virtual transactions, thus propelling the biometric payment industry forward. Regulatory directives like the Strong Customer Authentication (SCA) mandate by the European Union have also contributed to the rise in biometric payment card usage, further stimulating market progress.

Industry Overview: Biometric authentication, leveraging unique physical and behavioral characteristics, has emerged as a cornerstone of secure identification and access control. The introduction of biometric payment cards has streamlined the authentication process at POS terminals, replacing traditional methods and enhancing the checkout experience. Fingerprint scanning and facial recognition stand out as the most widely used biometric methods globally, revolutionizing payment authentication.

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Emerging Trends: Continuous authentication and behavioral biometrics are emerging as pivotal strategies for strengthening security in mobile apps and mitigating vulnerability to cybercrimes. By constantly analyzing user behaviors and combining various biometric data points, continuous authentication offers real-time protection against fraudulent activities, enhancing overall cybersecurity measures.

Regions Covered

• North America
• Europe
• Asia Pacific
• Middle East & Africa
• South America

Companies Profiled

• Thales Group
• Safran
• NEC Corporation
• Fujitsu Ltd
• Precise Biometrics
• NXP Semiconductors N.V
• Linxens
• ZWIPE
• IDEMIA
• CardLab
• Kona I
• Fingerprint Cards AB

Market Dynamics: The surge in mobile and internet penetration, coupled with the increasing adoption of biometric authentication in digital banking, is driving market growth. Biometric technology not only reduces authentication time but also enhances security, mitigating risks associated with fraudulent activities such as phishing and identity fraud.

Opportunities and Challenges: While the market presents immense opportunities for growth, challenges such as data privacy concerns and interoperability issues remain significant hurdles. Addressing these challenges will be crucial for stakeholders seeking to capitalize on the expanding biometric payment market.

Future Outlook: North America is anticipated to dominate the global biometric payment market, driven by the presence of key players and advancements in digital payment systems. However, Asia Pacific is also poised for substantial growth, fueled by rapid advancements in technology and digital infrastructure.

Consumer Behaviour: Consumers are increasingly gravitating towards biometric payment solutions due to their convenience and enhanced security features. The ability to verify payments and conduct transactions seamlessly without compromising security is driving widespread adoption among consumers worldwide.

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