Biometric Card Market Size, Valuable Growth Factors, Regional Outlook, Business Strategies and Future Demand 2030

Biometric cards store biometric templates of fingerprints, iris scans or facial images instead of magnetic stripes. They are used for secure access to buildings, computer networks and applications as well as contactless payment at points-of-sale.

Market Dynamics:

The biometric card market is projected to witness significant growth owing to growing demand for contactless payment applications and increased need for security. The cards offer higher security than traditional cards as they rely on unique biometric identifiers rather than passwords or PINs. Additionally, continued technological advancements have made biometric cards more affordable and convenient to use. For example, next generation biometric cards can store up to three fingerprint templates and work with EMV chip technology, improving compatibility with existing payment terminals. The rising working population and rapid urbanization in emerging markets have also augmented the demand for secure authentication technologies.

The global biometric card market size was valued at USD 15.55 million in 2021 and is anticipated to witness a compound annual growth rate (CAGR) of 77.3% from 2022 to 2030.

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Major Market Drivers for Biometric Card Market

Increasing Concerns Regarding Identity Theft and Fraud

With the rise in digitization and online transactions, identity theft and fraud has become a major concern globally. Biometric cards offer highly secure authentication by verifying biometric traits of individuals which are unique such as fingerprints, face, iris, etc. This eliminates the risk of cards being stolen or cloned for unauthorized access. The growing awareness regarding identity theft and increased spending on security systems will continue to drive the demand for biometric cards in the coming years.

Requirement for Secure and Convenient Form of Authentication

Passwords and PIN codes are no longer considered enough to validate identity and authorize access. Biometric cards provide a convenient and secure alternative for verification without the need to remember passwords. They offer contactless and frictionless authentication through unique biometric traits. This enhances user experience and reduces transaction time. With rise in e-commerce and m-commerce, requirement for secure yet seamless payment systems will propel the biometric card market.

Top Key Players:

Shanghai Fudan Microelectronics Group Co. Ltd., Zwipe AS, Samsung's System LSI Business, Thales Group, Ethernom Inc., IDEX Biometrics ASA, Visa Inc., Goldpac Fintech, Mastercard Incorporated, Fingerprint Cards AB, ST Microelectronics NV, Seshaasai Business Forms (P) Ltd., and IDEMIA Group

Detailed Segmentation:

Global Biometric Card Market, By Application
Payments
Access Control
Government ID and Financial Inclusion
Other Applications (IoT-based applications, etc.)

Global Biometric Card Market, By End-User Vertical
BFSI
Retail
Government
Healthcare
Commercial Entities
Other End-user Verticals

Regional Analysis:

⁃ North America: United States, Canada, and Mexico

⁃ South & Central America: Argentina, Chile, Brazil and Others

⁃ Middle East & Africa: Saudi Arabia, UAE, Israel, Turkey, Egypt, South Africa & Rest of MEA.

⁃ Europe: UK, France, Italy, Germany, Spain, BeNeLux, Russia, NORDIC Nations and Rest of Europe.

⁃ Asia-Pacific: India, China, Japan, South Korea, Indonesia, Thailand, Singapore, Australia and Rest of APAC.

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Major Market Restrain for Biometric Card Market

Higher Cost of Implementation

Biometric cards require biometric sensors, matching algorithms and secure encryption methods embedded in the card microchips which makes the production cost higher than conventional cards. The additional cost of biometric reader devices and upgrading existing POS infrastructure also adds to the overall implementation cost. High initial investment deters many organizations, especially in developing regions, to adopt biometric card solutions which acts as a major restraint for the market.

Major Market Opportunity for Biometric Card Market

Growing Demand from Government IDs and Passports

Deployment of biometric data in IDs and travel documents offers tamper-proof authentication of identity. It prevents identity fraud, illegal access to benefits and security breaches. Many governments are replacing conventional IDs with digitized versions having fingerprints, iris or facial biometrics stored and verified contactlessly. This presents a major revenue opportunity for biometric card manufacturers to partner with governments globally and drive volumes. Standardization efforts are further expected to reduce costs and encourage wide adoption.

Major Market Trend for Biometric Card Market

Integration of Multimodal Biometrics

While individual biometric traits present security risks, combining and matching multiple traits provides highly secure authentication. Vendors are focusing on integrating multimodal biometrics like fingerprints, finger-vein and facial recognition in cards to eliminate chances of forgery. Cloud based remote biometric verification is also a trend gaining popularity. Analytics of behavioral and physiological biometrics further improves accuracy. Such continuous technology advancements are expected to enhance security capabilities of biometric cards and drive their adoption across industries over the forecast period.

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Key Questions Addressed in the Market Report:

What is the expected size, share, and CAGR of the Biometric Card Market over the forecast period?
What are the key trends expected to influence the Biometric Card Market between 2023 and 2030?
What is the expected demand for various types of products/services in the Biometric Card Market?
What long-term impact will strategic advancements have on the Biometric Card Market?
Who are the key players and stakeholders in the Biometric Card Market?
What are the different segments and sub-segments considered in the Biometric Card Market research study?

Strategic Points Covered in Table of Content of Global Biometric Card Market:

Chapter 1 : Introduction, market driving forces, and product The study and research objectives are to investigate the Biometric Card market.

Chapter 2: Exclusive Summary - Biometric Card Market Fundamentals.

Chapter 3: The Changing Impact on Market Dynamics- Drivers, Trends, and the Challenges and Opportunities of Process Spectroscopy

Chapter 4: Biometric Card Market Factor Analysis, Porter's Five Forces Analysis, Supply/Value Chain, SWOT Analysis, Market Entropy, and Patent/Trademark Analysis are all presented .

Chapter 5: 2017-2022 Forecast by Type, End User, and Region/Country

Chapter 6: Evaluating the key players in the Biometric Card market, including the Competitive Landscape, Peer Group Analysis, BCG Matrix, and Company Profile.

Chapter 7: To evaluate the market by segments, countries, and manufacturers/companies, as well as revenue share and sales by major countries in these regions (2023-2030).

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This release was published on openPR.