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Biometric Cards Market Landscape 2025: Forecast Data and Growth Strategy Insights
Biometric Cards
What Is the Expected CAGR for the Biometric Cards Market Through 2025?
The sector for biometric cards has witnessed swift expansion in recent times. The market size is predicted to surge from $13.03 billion in 2024 to $15.36 billion in 2025, registering a compound annual growth rate (CAGR) of 17.9%. Factors such as heightened security requirements, growing apprehensions about fraud, compliance with regulations, improved convenience for consumers, and a rise in the number of smartphone users have brought about growth in the historical timeframe.
What's the Projected Size of the Global Biometric Cards Market by 2029?
Anticipated for quick expansion in the coming years, the biometric cards market is forecasted to soar to a value of $29.3 billion in 2029, experiencing a compound annual growth rate (CAGR) of 17.5%. The predicted growth within the forecast window can be traced back to various factors such as escalating cybersecurity threats, the surge in contactless payment systems, the increasing necessity for multifactor authentication and a high demand for secure, dependable identification solutions and high-security applications. Major expected trends within this growth period involve the incorporation of contactless payment technology, the production of effectual biometric enrollment solutions, the exploration of blockchain technology, advances in biometric sensors and algorithms, and combining with mobile device functionalities.
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Top Growth Drivers in the Biometric Cards Industry: What's Accelerating the Market?
The expansion of contactless payment systems is predicted to drive the development of the biometric card market in the future. Contactless payment systems, which are a safe method for consumers to purchase goods or services using a debit, credit, or smart card that utilizes radio frequency identification (RFID) technology or near-field communication (NFC), have seen their popularity surge with the widespread use of smartphones and digital wallets. Retail environments find these biometric cards highly beneficial since they can decrease transaction time, enhancing operational efficiency and customer satisfaction. Biometric cards heighten security in contactless payments by employing fingerprint verification, reducing the risk of fraud, and appealing to both consumers and businesses, all while preserving the swiftness of contactless payments. For example, the European Central Bank reported in January 2024 that the volume of contactless card payments in the first half of 2023 witnessed a 24.3% hike from 20.9 billion in the first half of 2022, with the corresponding total value escalating by 25.9% to €0.5 trillion ($545.27 billion). As a result, the burgeoning contactless payment systems are fueling the growth of the biometric card market.
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What Trends Will Shape the Biometric Cards Market Through 2029 and Beyond?
Prominent organizations in the biometric card sector are directing their efforts towards the creation of advanced solutions like fingerprint biometric security. The objective is to revolutionize the payment experience and augment customer contentment. By using unique fingerprint patterns to identify and authenticate individuals, this process provides enhanced security and convenience. For instance, Rocker, a fintech firm from Sweden, introduced the Rocker Touch in June 2022, marking the debut of biometric payment card technology. The card utilizes IDEMIA's F.CODE technology, integrating chip technology with a fingerprint biometric sensor to authenticate the cardholder's identity. This innovative system enables users to authorize payments just by touching the card, thus eliminating the need for entering a PIN. The biometric information is securely stored on the chip and is never removed from the card, ensuring user privacy and security.
What Are the Main Segments in the Biometric Cards Market?
The biometric cards market covered in this report is segmented -
1) By Type: Contact Biometric Cards, Contactless Biometric Cards
2) By Application: Payments, Access Control, Government Identification Document (ID) And Financial Inclusion, Other Applications
3) By End-User Vertical: Banking, Financial Services, And Insurance (BFSI), Retail, Government, Healthcare, Commercial Entities, Other End-User Verticals
Subsegments:
1) By Contact Biometric Cards: Smart Biometric Cards, Fingerprint Recognition Biometric Cards, Multi-Factor Authentication Biometric Cards
2) By Contactless Biometric Cards: RFID-Based Biometric Cards, NFC-Enabled Biometric Cards, Fingerprint Recognition Contactless Biometric Cards
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Which Top Companies are Driving Growth in the Biometric Cards Market?
Major companies operating in the biometric cards market are Samsung Semiconductor, Visa Inc., Mastercard, Thales Group, STMicroelectronics NV, IDEMIA Group, JCB Co. Ltd., KONA I Co. Ltd., FEITIAN Technologies Co. Ltd., Fingerprint Cards AB, Matica Technologies Group SA, Seshaasai Business Forms Private Limited, Precise Biometrics, Zwipe, NEXT Biometrics, Versasec AB, Ethernom, CardLogix Corporation, SmartMetric Inc., IDEX Biometrics
Which Regions Will Dominate the Biometric Cards Market Through 2029?
North America was the largest region in the biometric card market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the biometric cards market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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