$36.2 Billion Fingerprint Payment Market Expected with Companies Offerings By End-User Segments 2031

There is rising adoption of fingerprint payments in organizations and government offices for security and authentication in payments as it provides increased levels of assurance to providers.

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Allied Market Research published a report, titled, "Fingerprint Payment Market by Component (Hardware, Software, Services), by Type of Fingerprint Scanners (Optical Fingerprint Scanner, Capacitive Fingerprint Scanner, Ultrasonic Fingerprint Scanner, Thermal Fingerprint Scanner), by End User (Retail, Government, Transportation, Healthcare, Hospitality, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031". According to the report, the global fingerprint payment industry generated $9.0 billion in 2021 and is anticipated to generate $36.2 billion by 2031, witnessing a CAGR of 15.3% from 2022 to 2031.

Prime determinants of growth

Businesses are increasingly using fingerprint payments to function more quickly, cut down on transaction time, and enhance security. In addition, to make sure a business runs securely, fingerprint payment systems are entailed with complex security authentication features. This factor notably drives the global fingerprint payment market growth. Technological advancements in fingerprint payment such as the inclusion of machine learning (ML) and automation boost the market growth even more. However, high acquisition costs and security risks of the payment terminals restrict the market growth. Moreover, the increase in the adoption of wireless handheld POS terminals by restaurants and the healthcare industry for streamlining transactions through biometrics is expected to provide new opportunities in the coming years.

Covid-19 Scenario

The outbreak of the Covid-19 pandemic had a negative impact on the global fingerprint payment market since many biometric devices such as fingerprint scanners, vein recognition, and others involve touching surfaces.
However, key market players focused on investments in R&D activities and adopted strategies such as collaborations & partnerships to stay competitive in the market.
For instance, in May 2022, Fingerprint Cards collaborated with Transcorp and Mswipe to bring contactless biometric payment cards to India and published its financial results for 2021 and future outlook that anticipates success with diversification and the biometric payment card market.
Similarly, in September 2022, World-leading biometrics company Fingerprint Cards AB (Fingerprints) and leading financial and banking solution provider Technical Equipment & Supplies Company (Tesco) collaborated to promote and support the adoption of contactless biometric payment cards in the Middle East.
The hardware segment to maintain its leadership status throughout the forecast period

Based on components, the hardware segment held the highest market share in 2021, accounting for nearly three-fifths of the global fingerprint payment market, and is estimated to maintain its leadership status throughout the forecast period, owing to an increase in competition in retail businesses and user needs, and customers' preference for quicker checkout/transaction times. However, the software segment is projected to manifest the highest CAGR of 19.2% from 2022 to 2031, due to an increase in the adoption of biometric software for various applications such as entry systems, and payment processes, in conjunction with the advantages, such as seamless and an enhanced end-user experience.

The capacitive segment to maintain its leadership status throughout the forecast period

Based on types of fingerprint scanners, the capacitive segment held the highest market share in 2021, accounting for nearly half of the global fingerprint payment market, and is estimated to maintain its leadership status throughout the forecast period. This is attributed to the increasing adoption of capacitive fingerprint scanners for various applications such as mobile phone payments, and biometric POS terminal payments in conjunction with the advantages, such as seamless and enhanced end-user experience. However, the ultrasonic segment is projected to manifest the highest CAGR of 18.3% from 2022 to 2031, owing to its enhanced security.

The retail segment to maintain its lead position during the forecast period

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Based on end users, the retail segment accounted for the largest share in 2021, contributing to nearly two-fifths of the global fingerprint payment market, and is projected to maintain its lead position during the forecast period. This is due to an increase in competition in retail businesses and user needs, customers' preference for quicker checkout/transaction times, and a secure system that transmits transactions. However, the transportation segment is expected to portray the largest CAGR of 20.7% from 2022 to 2031. The fingerprint payment seeks to put in place an easy payment platform that eliminates the commuters' need to make payments using smart cards or phones, which is one of the factors for the development of the market in the transportation sector.

North America to maintain its dominance by 2031

Based on region, North America held the highest market share in terms of revenue in 2021, accounting for more than one-third of the global fingerprint payment market. This is because both digitalization and contactless transactions are strongly backed by the regional government. However, the market in the Asia-Pacific region is likely to dominate the market during the forecast period and witness the fastest CAGR of 18.4% from 2022 to 2031, owing to a surge in digitalization, penetration of the internet, adoption of smart devices and smart technologies and changing consumer transactional behavior in the region.

Leading Market Players: -

• Anviz Global Inc.,
• Apple Inc.,
• Fingerprint Cards AB,
• IDEMIA,
• IDEX Biometrics,
• Infineon Technologies AG
• NEC Corporation,
• Precise Biometrics,
• Synaptics Incorporated
• Thales,

Key benefits for stakeholders

• An in-depth analysis of the fingerprint payment market segmentation assists in determining the prevailing fingerprint payment market opportunity.
• Major countries in each region are mapped according to their revenue contribution to the global market.
• Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
• Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier-buyer network.
• The market research is offered along with information related to key drivers, restraints, and opportunities of the fingerprint payment market overview.
• The report includes an analysis of the regional as well as global fingerprint payment market trends, key players, market segments, application areas, and market growth strategies.
• This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the fingerprint payment market forecast from 2021 to 2031 to identify the prevailing market opportunities.

Fingerprint Payment Market Report Highlights

• Component
• Hardware
• Services
• Software

Type of Fingerprint Scanners
• Capacitive Fingerprint Scanner
• Optical Fingerprint Scanner
• Thermal Fingerprint Scanner
• Ultrasonic Fingerprint Scanner

End User
• Government
• Healthcare
• Hospitality
• Others
• Retail
• Transportation

By Region
• Asia-Pacific (China, Japan, India, Australia, South Korea, Rest of Asia-Pacific)
• Europe (UK, Germany, France, Italy, Spain, Rest of Europe)
• LAMEA (Latin America, Middle East, Africa)
• North America (U.S., Canada)

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Key Market Players: Synaptics Incorporated, Apple Inc., Thales, NEC Corporation, Precise Biometrics, IDEMIA, Anviz Global Inc., Fingerprint Cards AB, IDEX Biometrics, Infineon Technologies AG

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