Updated 2025 Market Reports Released: Trends, Forecasts to 2034 – Early Purchase Your Competitive Edge Today!

How has the biometric payment market size evolved in recent years?

In recent times, there has been a significant growth in the size of the biometric payment market. The market, which is expected to be worth $42.86 billion in 2024, is predicted to increase to $46.61 billion in 2025, with a compound annual growth rate (CAGR) of 8.7%. Various factors such as enhanced security and prevention of fraud, financial inclusion, the rise in cyber security threats, the convenience it offers to consumers, the rising popularity of wearable biometrics, and government initiatives, are responsible for the growth during the historic period.

What are the predictions for the biometric payment market size in the coming years?

Anticipated robust expansion in the biometric payment market is foreseen in the coming years, with projections estimating a rise to $66.74 billion by 2029 at a compound annual growth rate (CAGR) of 9.4%. This predicted surge during the forecast period can be credited to the increase in e-commerce activities, the popularity of contactless payments, ubiquity of smartphone usage, and improved data privacy. Key trends to watch in the forecast period encompass biometric payment cards, multi-modal biometrics, incessant authentication, voice and speech recognition, along with cross-channel authentication technologies.

Get your biometric payment market report here!

https://www.thebusinessresearchcompany.com/report/biometric-payment-global-market-report

What key factors are fueling the growth of the biometric payment market?

The ongoing surge for secure payment solutions is anticipated to be a key driver of the biometric payment market’s expansion. These secure payments refer to the assortment of methods, technologies, and protocols that secure financial transactions’ integrity, privacy, and financial information safety throughout electronic payment operations. The escalating need for these secure payment methods has prompted the usage of biometric payment methods, which are adept at addressing the evolving security demands while offering a beneficial blend of security and convenience within the contemporary payment ecosystem. For instance, the European Central Bank reported in January 2024 that contactless card payments in the initial half of 2023 recorded a significant increase of 24.3% from 20.9 billion in the first half of 2022, with the combined total value surmounting by 25.9% to €0.5 trillion ($545.27 billion). Consequently, the soaring demand for secure payment services will contribute to the growth of the biometric payment market. Key Driver of Biometric Payment Market: Increasing Use of Smartphones Spurring Biometric Payment Market Growth

How is the global biometric payment market divided into key segments?

The biometric payment market covered in this report is segmented –

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 Ecommerce, Travel And Hospitality, Transportation, Healthcare, Other Applications

Subsegments:

1) By Contact-Based: Fingerprint Recognition, Palm Recognition, Iris Recognition, Facial Recognition

2) By Contactless: Fingerprint Recognition, Facial Recognition, Voice Recognition, Iris Recognition

3) By Hybrid: Multi-Modal Biometric Systems, Biometric Payment Cards, Device-Based Biometric Payments

Get your free sample now – explore exclusive market insights:

https://www.thebusinessresearchcompany.com/sample.aspx?id=12870&type=smp

Who are the key firms paving the way for growth in the biometric payment market?

Major companies operating in the biometric payment market are Apple Inc., Alphabet Inc., Samsung Electronics Co Ltd., Alibaba Group Holding Limited, Fingerprint Cards AB, Tencent b-bldings Limited, Fujitsu Ltd., Visa Inc., Paypal Holdings, NEC Corporation, Mastercard Incorporated, Safran S.A., Thales Group, NXP Semiconductors N.V., ASSA ABLOY Group, Ant Group, Gemalto, PagSeguro Digital Ltd., IDEMIA, Cielo SA, Verifone Systems. Inc., StoneCo Ltd., Linxens Holding SAS, Network International Holdings plc., KONA I Co Ltd., Suprema Inc., Payconiq International SA, Mada Communications Int’l, Precise Biometrics, CardLab Inc.

Which trends are expected to transform the biometric payment market?

Leading corporations within the realm of biometric payments are focusing on the creation of novel biometric checkout schemes to simplify and secure payments for customers. This avant-garde biometric checkout scheme aims to enhance ease of payments and safeguard consumer transactions by facilitating merchant provision of various biometric payment modes, which include identifying individuals through facial patterns and fingerprints at the point of checkout. For example, Mastercard Inc., a US-oriented credit card enterprise, put forth its own Biometric Checkout Program in May 2022. This groundbreaking payment system was created with an end goal of making the act of making payments both simpler and more secure for customers. As part of this, store owners will have the capability to present customers with various biometric payment options, such as identification via face or fingerprint scanning technologies, at the time of checkout. This offers a fresh take on how merchants can process payments. The initiative cleverly merges chip technology with fingerprints for a convenient, yet secure method to ascertain the identity of the card owner during in-store transactions. Additionally, it poses numerous benefits over conventional payment methods, hence it is seeing an increase in acceptance among merchants and consumers alike.

Unlock exclusive market insights – purchase your research report now for a swift delivery!

https://www.thebusinessresearchcompany.com/purchaseoptions.aspx?id=12870

What regions are contributing significantly to the growth of the biometric payment market?

North America was the largest region in the biometric payment market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in biometric payments market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

Browse Through More Similar Reports By The Business Research Company:

Biophotonics Global Market Report 2024

https://www.thebusinessresearchcompany.com/report/biophotonics-global-market-report

Single-Use Bio Reactors Global Market Report 2024

https://www.thebusinessresearchcompany.com/report/singleuse-bioreactors-global-market-report

Bioabsorbable Stents Global Market Report 2024

https://www.thebusinessresearchcompany.com/report/bioabsorbable-stents-global-market-report

About The Business Research Company:

With over 15000+ reports from 27 industries covering 60+ geographies, The Business Research Company has built a reputation for offering comprehensive, data-rich research and insights. Armed with 1,500,000 datasets, the optimistic contribution of in-depth secondary research, and unique insights from industry leaders, you can get the information you need to stay ahead in the game.

Contact us at:

The Business Research Company: https://www.thebusinessresearchcompany.com/

Americas +1 3156230293

Asia +44 2071930708

Europe +44 2071930708

Email us at info@tbrc.info

Follow us on:

LinkedIn: https://in.linkedin.com/company/the-business-research-company

YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ

Global Market Model: https://www.thebusinessresearchcompany.com/global-market-model

Found this article helpful? Share it on: