Biometric Card Market Size
Biometric Card Market to surpass USD 116.4 billion by 2031 from USD 11.4 billion in 2021 at a CAGR of 26.1% in the coming years, i.e., 2021-2031.
Global Biometric Cards are a type of identification that recognizes and analyses a person's physical and behavioral characteristics. Fingerprints, retina and iris scanning, speech recognition, facial patterns, and bodily movement, including gait, are all examples of this. This card is a sort of identification card that employs biometric analysis to identify a person. They come in a variety of shapes and sizes, but the most common and popular are those with an internal memory processor or those that use a memory chip. Direct physical contact with a scanner, where you swipe your card, or a remote, electromagnetic interface connects the cards.
Market Highlights
The global Biometric Card Market is expected to register a notable CAGR of 26.1% by 2031
Global Biometric Card Market to surpass USD 116.4 billion by 2031 from USD 11.4 billion in 2021 at a CAGR of 26.1% in the coming years, i.e., 2021-2031. The market is primarily driven by factors such as rising contactless payment systems in both established and emerging nations, increased usage convenience, and rapid technological improvements. Furthermore, the market will increase at a substantial rate during the forecast period due to the rising use of smartphones for shopping in developed regions, the growing requirement for secure data transactions, and the increasing use of biometric cards for payment applications.
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Global Biometric Card Market: Segments
Payment segment to grow with the highest CAGR during 2021-31
Based on Application, the Global Biometric Card Market is fragmented into Payments, Access Control, Government ID and Financial Inclusion, and Other Applications. Over the projection period, the payments section is expected to develop faster. In the financial services industry, biometric technology is gaining traction as a secure and convenient alternative to passwords and PINs. This technology is rapidly growing as it holds the ability to make consumers' life easier to manage by giving them more options for confirming their identity.
BFSI segment is anticipated to lead the market with the highest CAGR during 2021-31
By End-user, the Global Biometric Card Market is divided into BFSI, Retail, Government, Healthcare, Commercial Entities, and Others. Even before the COVID-19 epidemic, the financial services business was changing at a rapid rate. Changing client expectations, more competition from new entrants, technological developments, and developing legislation all contributed to this expansion.
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Market Dynamics
Drivers
Speedy proliferation of the internet and increasing use of digital payments
The rapid rise of the internet and the availability of mobile devices has increased mobile payments. Over the next few years, this way of payment is expected to develop significantly. Individuals are increasingly opting for digital payments over cash payments. This, in turn, has aided in the expansion of the global biometric card market.
Growing use of fingerprint sensor technology in smartphones
One of the major drivers for the growth of fingerprint sensors is the increase the penetration of smartphones with fingerprint sensors.
Restraint
The high cost associated with implementing
Global Biometric Card Market is being hampered by strong competition from non-card biometric technologies, as well as substantially higher installation costs.
Global Biometric Card Market:
Key Players
- Card Tech
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
- Fingerprints
- Gemalto
- ABCorp
- IDEMIA
- IDEX Biometrics
- KONA I
- Jinco Universal
- Korea Smart ID
- Linxens
- Card Tech
- MoriX Co
Global Biometric Card Market: Regions
Global Biometric Card Market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Even in the face of increased smartphone use, biometric payment cards are the way of the future in the region, and there is a solid market for payment cards in the fast-paced Asia-Pacific region. Various market vendors are currently integrating biometric technology and will have a truly disruptive offering that will allow the region's banking customer base to be significantly expanded and integrated with various end-users.
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Impact of COVID-19 on Global Biometric Card Market
The financial services industry was changing at a breakneck speed couple of years prior. Changed client expectations, increased competition from new entrants, technological developments, and changing legislation all contributed to this growth.
Global Biometric Card Market is further segmented by region into:
- North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United States and Canada
- Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Mexico, Brazil, and Rest of Latin America
- Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United Kingdom, France, Germany, Italy, Spain, Russia, and Rest of Europe
- Asia Pacific Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – India, China, South Korea, Japan, South East Asia, Australia, and Rest of Asia Pacific
- Middle East and Africa Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – GCC, Turkey, South Africa, and Rest of Middle East and Africa
Global Biometric Card Market report also contains an analysis on:
Global Biometric Card Market Segments:
- By Application
- Payments
- Access Control
- Government ID and Financial Inclusion
- Other Applications
- By End-User
- BFSI
- Retail
- Government
- Healthcare
- Commercial Entities
- Others
- Global Biometric Card Market Dynamics
- Global Biometric Card Market Size
- Supply & Demand
- Current Trends/Issues/Challenges
- Competition & Companies Involved in the Market
- Value Chain of the Market
- Market Drivers and Restraints
Global Biometric Card Market Report Scope and Segmentation
|
Report Attribute |
Details |
|
Market size value in 2021 |
USD 11.4 billion |
|
Revenue forecast in 2031 |
USD 116.4 billion |
|
Growth Rate |
CAGR of 26.1% from 2021 to 2031 |
|
Base year for estimation |
2020 |
|
Quantitative units |
Revenue in USD million and CAGR from 2021 to 2031 |
|
Report coverage |
Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
|
Segments covered |
Application, End-User, and Region |
|
Regional scope |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA) |
|
Key companies profiled |
Card Tech, Fingerprints, Gemalto, ABCorp, IDEMIA, IDEX Biometrics, KONA I, Jinco Universal, Korea Smart ID, Linxens, Card Tech, and MoriX Co. |
Frequently Asked Questions (FAQ):
The Global Biometric Card Market size was estimated at USD 11.4 billion in 2021 and is expected to reach USD 116.4 billion in 2031.
Global Biometric Smart Cards are used as identification documents and in physical access control deployments, often employed in multi-factor security systems in facilities where security is of critical importance.
The payments segment accounted for the largest Global Biometric Card Market share.
Key players in the Global Biometric Card Market include Card Tech, Fingerprints, Gemalto, ABCorp, IDEMIA, IDEX Biometrics, KONA I, Jinco Universal, Korea Smart ID, Linxens, Card Tech, and MoriX Co.
Growing demand from Financial Inclusion-Based Initiatives in Emerging Countries is expected to drive the growth of the Global Biometric Card Market.
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