June 17, 2024
Biometric Card Market

Biometric Card Market Poised to Grow

They provide advanced security measures to curb identity frauds and data theft. The rising adoption of contactless payments along with increasing awareness about cybersecurity is augmenting the demand for biometric cards globally.

The global biometric card market size is estimated at US$ 56.31 Mn in 2024 and is projected to grow at a CAGR of 3.3% during the forecast period of 2024 to 2031.

Biometric cards utilize biometric traits of individuals to authenticate transactions and grant access to restricted areas or systems. They combine the security of fingerprint with chip-based smart cards to enable cardholders to complete financial and non-financial transactions securely. The advent of multifactor authentication including contactless technology, PIN, and biometrics has made biometric cards a preferred alternative to traditional payment cards. The ability of biometric cards to strengthen identity proofing and prevent identity theft is fueling their deployment across various industries globally.

Key Takeaways

Key players operating in the biometric card market are Veolia, SUEZ Group, Waste Management, Waste Connections, CLEAN HARBORS INC., Biffa, Covanta Holding Corporation, Stericycle, REMONDIS SE & Co. KG, Republic Services, Inc., Cleanaway, Hawkvale Limited, FCC Environment, Rumpke, DS Smith, Hitachi Transport System, Ltd., Marius Pedersen a.s., Environmental Recovery Corporation of PA, Shell, Montello S.p.A., The Shakti Plastic Industries, Daya Charan Company, Thermowaste Solutions, Banyan Sustainable Waste Management Pvt. Ltd., Premium Recycled Plastics, VITAL WASTE, SAMKI GROUP, and 99P Recycling The rising adoption of digital payment solutions and growing concerns about security breaches is fueling demand for biometric cards across various industries.

Growing digitization and increased spending on identity management solutions present significant opportunities for biometric card vendors. Rapid adoption of contactless payments is driving demand for multifunctional biometric payment cards.

Technological advancements like miniaturization of biometric sensors, integration of multiple modalities, and greater processing power are enabling more versatile and affordable biometric card solutions. Biometric Card Market Size Standards like ISO 7816 are facilitating interoperability between biometric cards and readers.

Market Key Trends

The integration of biometric authentication with near field communication (NFC) technology in biometric cards has enabled secure contactless payments. NFC-enabled biometric cards allow users to tap and pay for transit fare, retail purchases, and banking services securely. Moreover, the adoption of multimodal biometric authentication combining fingerprint, iris, and facial recognition has enhanced security and reduced impersonation risks associated with biometric cards. Ongoing advances in miniaturized biometric sensors, chip technology, and authentication algorithms are expanding the functionality of biometric cards.

Porter’s Analysis

Threat of new entrants: Low, as significant capital requirements and established technology of existing players make market entry difficult.

Bargaining power of buyers: Moderate, as buyers can switch between existing large vendors. However, switching costs are low.

Bargaining power of suppliers: Low, as there are many component/raw material suppliers and intellectual property ownership concentrated among few large firms.

Threat of new substitutes: Low, as biometric technology has significant advantage over traditional authentication methods.

Competitive rivalry: High, as the market is dominated by few large multinational firms who compete intensely on technology and pricing.

Geographical Regions

North America region accounts for the largest share of the global biometric card market in terms of value, owing to stringent regulations regarding digital identity and authentication. The region is expected to dominate the market over the forecast period as well.

Asia Pacific region is expected to grow at the fastest rate during the forecast period from 2024 to 2031. This is attributable to rising adoption of digital identification programs by governments and increased spending on security and infrastructure development in countries such as India and China.

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