February 22, 2024
Biometric Card Market
Ict

Biometric Card Market Is Estimated To Witness High Growth Owing To Increasing Adoption of Biometric Authentication

The biometric card market is estimated to be valued at US$ 15.55 million in 2021 and is expected to exhibit a CAGR of 77.3% over the forecast period (2022-2030), as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Biometric cards are advanced payment cards that incorporate a biometric authentication feature, such as fingerprint or iris scanning. These cards provide a secure and convenient method for making transactions, eliminating the need for PINs or signatures. Biometric cards find applications in various sectors, including banking, finance, and healthcare.

Market Dynamics:
The biometric card market is driven by the increasing adoption of biometric authentication in various industries, especially in the financial sector. The need for secure and tamper-proof payment methods has led to a surge in the demand for biometric cards. Additionally, advancements in biometric technologies and innovations in card manufacturing processes are further fueling market growth.

Furthermore, the growing opportunities in the financial sector, especially in emerging economies, are expected to drive market expansion. Biometric cards offer enhanced security features for banking and financial transactions, mitigating the risk of fraud and identity theft.

Segment Analysis: The dominating sub-segment in the biometric card market is the fingerprint biometric card segment. Fingerprint biometric cards are the most widely adopted and preferred type of biometric cards due to their high level of security and convenience. These cards use an individual’s unique fingerprint pattern to authenticate their identity, providing a reliable and accurate method of verification. Fingerprint biometric cards are extensively used in various sectors such as banking and finance, government, healthcare, and corporate organizations. The dominance of fingerprint biometric cards can be attributed to the increasing need for enhanced security measures to combat identity theft and fraud. Additionally, advancements in fingerprint recognition technology have made these cards more efficient and user-friendly, further driving their adoption in the market.

PEST Analysis:
– Political: The political environment has a significant impact on the biometric card market. Government regulations and policies regarding data protection and privacy influence the use and adoption of biometric cards.
– Economic: The economic factor plays a crucial role in the market growth of biometric cards. The increasing disposable income of individuals and the growing need for secure payment methods drive the demand for biometric cards.
– Social: Changing consumer preferences towards convenient and secure payment methods contribute to the growth of biometric cards. Additionally, the increasing awareness about identity theft and fraud among individuals also drives the adoption of biometric cards.
– Technological: Technological advancements in biometric authentication systems, such as improved fingerprint recognition algorithms and hardware, are driving the growth of the biometric card market. These advancements have enhanced the accuracy and efficiency of biometric card systems, making them more reliable.

Key Takeaways:
The global Biometric Card Market Size is expected to witness high growth, exhibiting a CAGR of 77.3% over the forecast period (2022-2030), due to increasing concerns regarding identity theft and fraud. The market size for 2021 was valued at US$ 15.55 million.

In terms of regional analysis, Asia Pacific is the fastest growing and dominating region in the biometric card market. The region is witnessing significant adoption of biometric cards in various sectors, including banking, government, and healthcare, to enhance security measures and protect sensitive information. Factors such as the rapid digitization, increasing smartphone penetration, and government initiatives promoting cashless economies are driving the growth of the biometric card market in the Asia Pacific region.

Key players operating in the biometric card market include 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. These key players are focused on technological advancements and strategic collaborations to strengthen their market presence and gain a competitive edge in the biometric card market.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it