The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

 

 

The biometric payment market has experienced robust growth, witnessing an ascent from $39.38 billion in 2023 to an estimated $42.86 billion in 2024, reflecting a notable compound annual growth rate (CAGR) of 8.8%. The historic growth can be attributed to multiple factors such as security and fraud prevention, financial inclusion, rising cybersecurity threats, consumer convenience, the increasing popularity of biometric wearables, and government initiatives.

 

 

Anticipating the Future: 2028 Projections

Looking ahead, the biometric payment market is poised for continued expansion, with projections indicating a growth to $60.45 billion in 2028 at a CAGR of 9.0%. This growth in the forecast period is underpinned by the surge in e-commerce, the proliferation of contactless payments, widespread use of smartphones, and an increased emphasis on enhanced data privacy. Key trends in this period encompass the emergence of biometric payment cards, multi-modal biometrics, continuous authentication, voice and speech recognition, and cross-channel authentication technologies.

 

 

Rising Demand For Secure Payment Solutions Fuels Growth In The Biometric Payment Market

Secure Payment Solutions in Focus

The escalating demand for secure payment solutions emerges as a catalyst propelling the growth of the biometric payment market. Secure payment solutions, designed to ensure the safety, integrity, and confidentiality of financial transactions, have paved the way for the adoption of biometric payment methods. This adoption addresses evolving security needs while striking a delicate balance between security and user convenience in the modern payment ecosystem.

 

 

Market Dynamics: A Glimpse into Digital Payments

In March 2021, global digital payments were projected to reach $6.6 trillion, with mobile POS payments contributing 37%, approximately $2.5 trillion, to the digital payments landscape. This value is anticipated to witness a 90% increase, reaching $4.6 trillion by 2025. Such staggering figures underscore the pivotal role biometric payment methods play in the evolving landscape of secure and convenient financial transactions.

 

 

Key Players in the Biometric Payment Market

Major players contributing to the growth of the biometric payment market include industry giants such as Apple Inc., Alphabet Inc., Samsung Electronics Co Ltd., Alibaba Group Holding Limited, and others. Their innovations and strategic contributions are shaping the landscape of secure payment solutions.

 

 

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Innovative Biometric Checkout Programs Transforming Payment Convenience And Security In The Market

Biometric Checkout Programs: A Paradigm Shift

Major companies operating in the biometric payment market are pioneering innovative biometric checkout programs, aiming to enhance payment convenience and security for consumers. These programs enable merchants to offer biometric payment options, including facial recognition and fingerprint scanning, during the checkout process.

Mastercard’s Biometric Checkout Program

In May 2022, Mastercard Inc. launched its Biometric Checkout Program, presenting an innovative payment system designed to make payments more convenient and secure. This program allows merchants to offer biometric payment options, such as facial recognition and fingerprint scanning technologies, at checkout. The solution seamlessly integrates chip technology with fingerprints to verify the cardholder’s identity for in-store purchases, offering enhanced security and convenience.

 

 

Sentry Card Technologies And X-Core Technologies Merge To Expand Global Security And Authentication Solutions

Strategic Merger for Global Impact

In August 2023, Sentry Card Technologies Inc. merged with X-Core Technologies, positioning Sentry Enterprise to provide unparalleled security and authentication solutions on a global scale. This strategic move aims to introduce innovative solutions within the identity, payment, access control, and crypto markets.

 

 

Segmentation: Navigating the Biometric Payment Landscape

1) By Type:

• Contact-Based
• Contactless
• Hybrid

2) By Component:

• Hardware
• Software
• Services

3) By Technology:

• Single Factor Authentication
• Fingerprint Recognition
• Iris Recognition
• Palm Recognition
• Face Recognition
• Signature Recognition
• Voice Recognition
• Biometric Smart Card
• Multimodal

4) By Mode Of Payment:

• Smartphone And Tablet
• Biometric And Smart Cards
• Other Modes

5) By Application:

• Banking, Financial Services And Insurance (BFSI)
• Retail And E-commerce
• Travel And Hospitality
• Transportation
• Healthcare
• Other Applications

 

 

Regional Dynamics: North America Leads, Asia-Pacific on the Rise

Closing the chapter on regional influence, North America emerges as the largest region in the biometric payment market in 2023. However, the spotlight shifts towards Asia-Pacific, expected to be the fastest-growing region in the forecast period. The global biometric payment landscape is poised for dynamic shifts, driven by technological advancements and the ever-evolving demands for secure, convenient, and innovative payment solutions.

 

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The Biometric Payment Global Market Report 2023 provides an overviewof the biometric payment market for the time series: historic years (2010 -2021) and ten years forecast (2023 – 2032).The biometric payment market forecast analyzesbiometric paymentmarket size, biometric payment market share,leading competitor and their market positions.

 

 

Explore Similar Reports FromThe Business Research Company:

Digital Payment Global Market Report 2023

Mobile Payment Technologies Global Market Report 2023

Value Based Care Payment Global Market Report 2023

 

 

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