Global Biometric Cards Market Size Forecast 2024 - 2033
12 Dec, 2024
What Is The Overview Of The Global Biometric Cards Market?
Biometric cards are advanced smart cards that use biometric technology to verify the cardholder's identity by analyzing unique physiological features such as fingerprints or iris scans. Biometric cards offer a higher level of security, lowering the danger of fraudulent transactions or identity theft.
Biometric Cards Global Market Report 2024 provides data on the global biometric cards market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The biometric cards market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
What Are The Estimated Market Size And Expected Annual Growth Rates For Global Biometric Cards ?
The market size has expanded rapidly, growing from $11.09 billion in 2023 to $13.03 billion in 2024 at a CAGR of 17.5%. Growth in the historic period is attributed to rising security needs, fraud concerns, regulatory compliance, and increasing consumer convenience. The market is expected to grow further, reaching $24.94 billion in 2028 at a CAGR of 17.6%. This growth will be driven by increased cybersecurity threats, demand for multifactor authentication, and rising adoption of high-security applications. Key trends include advancements in biometric sensors and algorithms, mobile integration, and blockchain technology exploration.
What Are The Leading Drivers Of Growth In The Biometric Cards Market?
The increasing adoption of contactless payment systems is expected to drive the growth of the biometric card market. Contactless payments, which allow consumers to make transactions using RFID or NFC technology, are becoming more popular due to the widespread use of smartphones and digital wallets. Biometric cards, which include fingerprint authentication for added security, are particularly appealing in retail settings as they streamline transactions and reduce fraud. For example, the European Central Bank reported a 24.3% increase in the number of contactless card payments in the first half of 2023. Therefore, the rise in contactless payment systems is fueling the growth of the biometric card market.
Get Your Free Sample of the Global Biometric Cards Market ReportHow Are The Segments Defined Within The Global Biometric Cards Market?
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
How Are New Trends Expected To Influence The Growth Of The Biometric Cards Market?
Companies in the biometric card market are revolutionizing payment solutions with next-generation fingerprint biometric security features, enhancing convenience and security for users. These cards verify identity through fingerprint patterns, providing a seamless payment experience. For instance, in June 2022, Rocker, a Swedish fintech company, launched the Rocker Touch, the first biometric payment card leveraging IDEMIA's F.CODE technology. The card integrates a fingerprint sensor with chip technology, allowing users to authorize transactions without a PIN. Biometric data is securely stored on the card, ensuring privacy and security.
Which Region Drives The Highest Growth In The Biometric Cards Market?
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.