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Biometric Payment Market Analysis 2024 -2033: Forecasted Market Size, Top Segments, And Largest Region | Apple Inc., Alphabet Inc., Samsung Electronics Co Ltd., Alibaba Group Holding Limited
Biometric Payment Market Growth
The Business Research Company offers in-depth market insights through Biometric Payment Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The biometric payment market size has grown strongly in recent years. It will grow from $39.38 billion in 2023 to $42.86 billion in 2024 at a compound annual growth rate (CAGR) of 8.8%. The growth in the historic period can be attributed to security and fraud prevention, financial inclusion, rising cybersecurity threats, consumer convenience, increasing popularity of biometric wearables, government initiatives, .
The biometric payment market size is expected to see strong growth in the next few years. It will grow to $60.45 billion in 2028 at a compound annual growth rate (CAGR) of 9.0%. The growth in the forecast period can be attributed to growing e-commerce, growing contactless payments, widespread use of smartphones, enhanced data privacy. Major trends in the forecast period include biometric payment cards, multi-modal biometrics, continuous authentication, voice and speech recognition, cross-channel authentication technologies.
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Market Segmentation:
The main types of biometric payment are contact-based, contactless, and hybrid. Contact-based payments refer to payment transactions in which physical contact is required between a payment card and the recipient. It includes components such as hardware, software, and services integrated with various technologies, including single-factor authentication, fingerprint recognition, iris recognition, palm recognition, face recognition, signature recognition, voice recognition, biometric smart cards, and multimodal payment modes. The payments are made through smartphones and tablets, biometric and smart cards, and others, and is used in a variety of applications, such as banking, financial services, and insurance (BFSI), retail and e-commerce, travel and hospitality, transportation, healthcare, and others.
Biometric Payment Global Market Report 2023 provides data on the global biometric payment market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors' revenues, profiles and market shares. The biometric payment market report identifies opportunities and strategies based on market trends and leading competitors' approaches.
Major Driver - Rising Demand For Secure Payment Solutions Fuels Growth In The Biometric Payment Market
The increasing demand for secure payment solutions is expected to propel the growth of the biometric payment market going forward. Secure payment solutions refer to methods, technologies, and processes designed to ensure financial transactions' safety, integrity, confidentiality, and sensitive payment information during electronic payment processes. The increasing demand for secure payment solutions has driven the adoption of biometric payment methods, which meet evolving security needs while providing a valuable balance between security and user convenience in the modern payment ecosystem. For instance, in March 2021, according to Finaria, a UK-based finance and investment company, global digital payments will hit $6.6 trillion, and mobile POS payments are expected to contribute 37%, or almost $2.5 trillion, to the value of digital payments in 2021. Furthermore, this value is anticipated to increase by 90% to $4.6 trillion by 2025. Therefore, the increasing demand for secure payment solutions will drive the growth of the biometric payment market.
Competitive Landscape:
Major players 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.
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Top Trend - Innovative Biometric Checkout Programs Transforming Payment Convenience And Security In The Market
Major companies operating in the biometric payments market are developing new innovative biometric checkout program, to make payments more convenient and secure for consumers. The new biometric checkout program is designed to enhance payment convenience and security for consumers by enabling merchants to offer biometric payment options, including facial recognition and fingerprint scanning, during checkout. For instance, in May 2022, Mastercard Inc., a US-based credit card company, launched its Biometric Checkout Program, an innovative payment system designed to make payments more convenient and secure for consumers. They will allow merchants to offer biometric payment options, such as facial recognition and fingerprint scanning technologies, at checkout and promises a new way for merchants to accept payments. The solution combines chip technology with fingerprints to conveniently and safely verify the cardholder's identity for in-store purchases. Moreover, it offers several advantages over traditional payment methods, and it is becoming increasingly accepted by merchants and consumers.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Biometric Payment Market Characteristics
3. Biometric Payment Market Trends And Strategies
4. Biometric Payment Market - Macro Economic Scenario
5. Biometric Payment Market Size And Growth
…..
27. Biometric Payment Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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