Market Overview:
The global biometric payments market is expected to grow at a CAGR of over 20% during the forecast period from 2018 to 2030. The increasing demand for secured and convenient payment methods is driving the growth of the global biometric payments market. In addition, the increasing adoption of smartphones and other mobile devices is also contributing to the growth of this market. The global biometric payments market can be segmented on the basis of type, application, and region. On the basis of type,the global biometric payments market can be divided into voice recognition, face recognition, fingerprint recognition, palmprint recognition,, iris recognition,, and others. The face recognition segment is expected to account for a major share in terms of revenue in 2018 owing to its growing popularity among consumers for secure authentication purposes. wearable device payments,.voice-activated device Payments,.and others.
Product Definition:
Biometric payments are a type of payment that uses unique physical characteristics, such as fingerprints or retina scans, to identify the person making the payment. This technology is used to verify the identity of the person making the payment and to prevent fraud.
Voice:
Voice is the most common biometric authentication technique. It uses sound waves to identify unique human voices. The voice can be used for verification even if the person using the device changes his/her voice. This makes it more secure as compared to other biometrics such as fingerprint and iris which can be counterfeited with special effects and devices that change pitch, volume, and tone of a sound respectively.
Face:
The face and it's usage in biometric payments market is expected to grow at a high CAGR owing to the increasing use of biometrics for security purposes. The market growth can be attributed to factors such as growing penetration of smartphones, rising demand for mobile banking services, and government initiatives towards digitalization. Additionally, technological advancements such as the development of face recognition software coupled with cameras and other sensors used in facial recognition systems are also anticipated to drive the growth over the forecast period.
Application Insights:
The mobile application segment accounted for the largest revenue share in 2016 and is anticipated to continue its dominance over the forecast period. The rising use of biometric payment solutions on account of convenience and ease of use is expected to be a major factor driving the market growth. Moreover, increasing penetration of smartphones coupled with growing demand for cloud-based services will further propel industry growth over the coming years.
The wearable device segment is anticipated to register a significant CAGR during the forecast period owing to increased product adoption by financial institutions, retail stores and e-commerce companies as an alternative payment method to reduce frauds caused through physical cash transactions. Furthermore, rapid development in technology resulting in introduction of smart wearables that can recognize hand gestures and facial expressions will drive its demand further.
Regional Analysis:
The Asia Pacific region is anticipated to witness significant growth over the forecast period owing to increasing government initiatives and investments in the field of biometric payments. The market in China, Japan, and India is expected to witness a surge over the next eight years. The growing adoption of smartphones coupled with rising demand for mobile payment solutions has been driving regional growth. Moreover, favorable government regulations are also expected to drive regional market growth during the forecast period. For instance, according to an article published by Market Oracle; In April 2017, India’s central bank governor Raghuram Rajan made a strong case for digital currency based on benefits such as reducing transaction costs and enhancing financial inclusion (the process of making banking services available beyond high-income groups).
Growth Factors:
- Increasing demand for biometric authentication in the banking and financial sector to prevent identity theft and fraud.
- Proliferation of smartphones with fingerprint sensors is expected to drive the market growth for biometric payments.
- The increasing use of biometrics in government projects and defense sectors is also expected to fuel the market growth over the forecast period.
- Growing awareness about convenience and security offered by biometric payments is anticipated to boost its adoption among consumers worldwide
Scope Of The Report
Report Attributes
Report Details
Report Title
Biometric Payments Market Research Report
By Type
Voice, Face, Fingerprint, Palmprint, Iris, Others
By Application
Mobile, Wearable Device, Voice-Activated Device, Others
By Companies
Fingerprint Cards, Precise Biometrics, Aware, iProov, Nymi, Cognitec, Gemalto, Zwipe, IDEX, HID Global, FingoPay, IDEMIA
Regions Covered
North America, Europe, APAC, Latin America, MEA
Base Year
2021
Historical Year
2019 to 2020 (Data from 2010 can be provided as per availability)
Forecast Year
2030
Number of Pages
235
Number of Tables & Figures
165
Customization Available
Yes, the report can be customized as per your need.
Global Biometric Payments Market Report Segments:
The global Biometric Payments market is segmented on the basis of:
Types
Voice, Face, Fingerprint, Palmprint, Iris, Others
The product segment provides information about the market share of each product and the respective CAGR during the forecast period. It lays out information about the product pricing parameters, trends, and profits that provides in-depth insights of the market. Furthermore, it discusses latest product developments & innovation in the market.
Applications
Mobile, Wearable Device, Voice-Activated Device, Others
The application segment fragments various applications of the product and provides information on the market share and growth rate of each application segment. It discusses the potential future applications of the products and driving and restraining factors of each application segment.
Some of the companies that are profiled in this report are:
- Fingerprint Cards
- Precise Biometrics
- Aware
- iProov
- Nymi
- Cognitec
- Gemalto
- Zwipe
- IDEX
- HID Global
- FingoPay
- IDEMIA
Highlights of The Biometric Payments Market Report:
- The market structure and projections for the coming years.
- Drivers, restraints, opportunities, and current trends of market.
- Historical data and forecast.
- Estimations for the forecast period 2030.
- Developments and trends in the market.
- By Type:
- Voice
- Face
- Fingerprint
- Palmprint
- Iris
- Others
- By Application:
- Mobile
- Wearable Device
- Voice-Activated Device
- Others
- Market scenario by region, sub-region, and country.
- Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
- Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
- Government Policies, Macro & Micro economic factors are also included in the report.
We have studied the Biometric Payments Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2030.
Regional Analysis
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
Note: A country of choice can be added in the report at no extra cost. If more than one country needs to be added, the research quote will vary accordingly.
The geographical analysis part of the report provides information about the product sales in terms of volume and revenue in regions. It lays out potential opportunities for the new entrants, emerging players, and major players in the region. The regional analysis is done after considering the socio-economic factors and government regulations of the countries in the regions.
How you may use our products:
- Correctly Positioning New Products
- Market Entry Strategies
- Business Expansion Strategies
- Consumer Insights
- Understanding Competition Scenario
- Product & Brand Management
- Channel & Customer Management
- Identifying Appropriate Advertising Appeals
8 Reasons to Buy This Report
- Includes a Chapter on the Impact of COVID-19 Pandemic On the Market
- Report Prepared After Conducting Interviews with Industry Experts & Top Designates of the Companies in the Market
- Implemented Robust Methodology to Prepare the Report
- Includes Graphs, Statistics, Flowcharts, and Infographics to Save Time
- Industry Growth Insights Provides 24/5 Assistance Regarding the Doubts in the Report
- Provides Information About the Top-winning Strategies Implemented by Industry Players.
- In-depth Insights On the Market Drivers, Restraints, Opportunities, and Threats
- Customization of the Report Available
Frequently Asked Questions?
Biometric payments are a new way to pay for goods and services using your fingerprint, face or other unique physical characteristics. Biometric payments use technology to securely identify you and authorize transactions. They're becoming more common as companies try to improve security and reduce the number of card frauds.
Some of the key players operating in the biometric payments market are Fingerprint Cards, Precise Biometrics, Aware, iProov, Nymi, Cognitec, Gemalto, Zwipe, IDEX, HID Global, FingoPay, IDEMIA.
The biometric payments market is expected to grow at a compound annual growth rate of 20%.
Chapter 1 Executive Summary
Chapter 2 Assumptions and Acronyms Used
Chapter 3 Research Methodology
Chapter 4 Biometric Payments Market Overview
4.1 Introduction
4.1.1 Market Taxonomy
4.1.2 Market Definition
4.1.3 Macro-Economic Factors Impacting the Market Growth
4.2 Biometric Payments Market Dynamics
4.2.1 Market Drivers
4.2.2 Market Restraints
4.2.3 Market Opportunity
4.3 Biometric Payments Market - Supply Chain Analysis
4.3.1 List of Key Suppliers
4.3.2 List of Key Distributors
4.3.3 List of Key Consumers
4.4 Key Forces Shaping the Biometric Payments Market
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of Substitution
4.4.4 Threat of New Entrants
4.4.5 Competitive Rivalry
4.5 Global Biometric Payments Market Size & Forecast, 2018-2028
4.5.1 Biometric Payments Market Size and Y-o-Y Growth
4.5.2 Biometric Payments Market Absolute $ Opportunity
Chapter 5 Global Biometric Payments Market Analysis and Forecast by Type
5.1 Introduction
5.1.1 Key Market Trends & Growth Opportunities by Type
5.1.2 Basis Point Share (BPS) Analysis by Type
5.1.3 Absolute $ Opportunity Assessment by Type
5.2 Biometric Payments Market Size Forecast by Type
5.2.1 Voice
5.2.2 Face
5.2.3 Fingerprint
5.2.4 Palmprint
5.2.5 Iris
5.2.6 Others
5.3 Market Attractiveness Analysis by Type
Chapter 6 Global Biometric Payments Market Analysis and Forecast by Applications
6.1 Introduction
6.1.1 Key Market Trends & Growth Opportunities by Applications
6.1.2 Basis Point Share (BPS) Analysis by Applications
6.1.3 Absolute $ Opportunity Assessment by Applications
6.2 Biometric Payments Market Size Forecast by Applications
6.2.1 Mobile
6.2.2 Wearable Device
6.2.3 Voice-Activated Device
6.2.4 Others
6.3 Market Attractiveness Analysis by Applications
Chapter 7 Global Biometric Payments Market Analysis and Forecast by Region
7.1 Introduction
7.1.1 Key Market Trends & Growth Opportunities by Region
7.1.2 Basis Point Share (BPS) Analysis by Region
7.1.3 Absolute $ Opportunity Assessment by Region
7.2 Biometric Payments Market Size Forecast by Region
7.2.1 North America
7.2.2 Europe
7.2.3 Asia Pacific
7.2.4 Latin America
7.2.5 Middle East & Africa (MEA)
7.3 Market Attractiveness Analysis by Region
Chapter 8 Coronavirus Disease (COVID-19) Impact
8.1 Introduction
8.2 Current & Future Impact Analysis
8.3 Economic Impact Analysis
8.4 Government Policies
8.5 Investment Scenario
Chapter 9 North America Biometric Payments Analysis and Forecast
9.1 Introduction
9.2 North America Biometric Payments Market Size Forecast by Country
9.2.1 U.S.
9.2.2 Canada
9.3 Basis Point Share (BPS) Analysis by Country
9.4 Absolute $ Opportunity Assessment by Country
9.5 Market Attractiveness Analysis by Country
9.6 North America Biometric Payments Market Size Forecast by Type
9.6.1 Voice
9.6.2 Face
9.6.3 Fingerprint
9.6.4 Palmprint
9.6.5 Iris
9.6.6 Others
9.7 Basis Point Share (BPS) Analysis by Type
9.8 Absolute $ Opportunity Assessment by Type
9.9 Market Attractiveness Analysis by Type
9.10 North America Biometric Payments Market Size Forecast by Applications
9.10.1 Mobile
9.10.2 Wearable Device
9.10.3 Voice-Activated Device
9.10.4 Others
9.11 Basis Point Share (BPS) Analysis by Applications
9.12 Absolute $ Opportunity Assessment by Applications
9.13 Market Attractiveness Analysis by Applications
Chapter 10 Europe Biometric Payments Analysis and Forecast
10.1 Introduction
10.2 Europe Biometric Payments Market Size Forecast by Country
10.2.1 Germany
10.2.2 France
10.2.3 Italy
10.2.4 U.K.
10.2.5 Spain
10.2.6 Russia
10.2.7 Rest of Europe
10.3 Basis Point Share (BPS) Analysis by Country
10.4 Absolute $ Opportunity Assessment by Country
10.5 Market Attractiveness Analysis by Country
10.6 Europe Biometric Payments Market Size Forecast by Type
10.6.1 Voice
10.6.2 Face
10.6.3 Fingerprint
10.6.4 Palmprint
10.6.5 Iris
10.6.6 Others
10.7 Basis Point Share (BPS) Analysis by Type
10.8 Absolute $ Opportunity Assessment by Type
10.9 Market Attractiveness Analysis by Type
10.10 Europe Biometric Payments Market Size Forecast by Applications
10.10.1 Mobile
10.10.2 Wearable Device
10.10.3 Voice-Activated Device
10.10.4 Others
10.11 Basis Point Share (BPS) Analysis by Applications
10.12 Absolute $ Opportunity Assessment by Applications
10.13 Market Attractiveness Analysis by Applications
Chapter 11 Asia Pacific Biometric Payments Analysis and Forecast
11.1 Introduction
11.2 Asia Pacific Biometric Payments Market Size Forecast by Country
11.2.1 China
11.2.2 Japan
11.2.3 South Korea
11.2.4 India
11.2.5 Australia
11.2.6 South East Asia (SEA)
11.2.7 Rest of Asia Pacific (APAC)
11.3 Basis Point Share (BPS) Analysis by Country
11.4 Absolute $ Opportunity Assessment by Country
11.5 Market Attractiveness Analysis by Country
11.6 Asia Pacific Biometric Payments Market Size Forecast by Type
11.6.1 Voice
11.6.2 Face
11.6.3 Fingerprint
11.6.4 Palmprint
11.6.5 Iris
11.6.6 Others
11.7 Basis Point Share (BPS) Analysis by Type
11.8 Absolute $ Opportunity Assessment by Type
11.9 Market Attractiveness Analysis by Type
11.10 Asia Pacific Biometric Payments Market Size Forecast by Applications
11.10.1 Mobile
11.10.2 Wearable Device
11.10.3 Voice-Activated Device
11.10.4 Others
11.11 Basis Point Share (BPS) Analysis by Applications
11.12 Absolute $ Opportunity Assessment by Applications
11.13 Market Attractiveness Analysis by Applications
Chapter 12 Latin America Biometric Payments Analysis and Forecast
12.1 Introduction
12.2 Latin America Biometric Payments Market Size Forecast by Country
12.2.1 Brazil
12.2.2 Mexico
12.2.3 Rest of Latin America (LATAM)
12.3 Basis Point Share (BPS) Analysis by Country
12.4 Absolute $ Opportunity Assessment by Country
12.5 Market Attractiveness Analysis by Country
12.6 Latin America Biometric Payments Market Size Forecast by Type
12.6.1 Voice
12.6.2 Face
12.6.3 Fingerprint
12.6.4 Palmprint
12.6.5 Iris
12.6.6 Others
12.7 Basis Point Share (BPS) Analysis by Type
12.8 Absolute $ Opportunity Assessment by Type
12.9 Market Attractiveness Analysis by Type
12.10 Latin America Biometric Payments Market Size Forecast by Applications
12.10.1 Mobile
12.10.2 Wearable Device
12.10.3 Voice-Activated Device
12.10.4 Others
12.11 Basis Point Share (BPS) Analysis by Applications
12.12 Absolute $ Opportunity Assessment by Applications
12.13 Market Attractiveness Analysis by Applications
Chapter 13 Middle East & Africa (MEA) Biometric Payments Analysis and Forecast
13.1 Introduction
13.2 Middle East & Africa (MEA) Biometric Payments Market Size Forecast by Country
13.2.1 Saudi Arabia
13.2.2 South Africa
13.2.3 UAE
13.2.4 Rest of Middle East & Africa (MEA)
13.3 Basis Point Share (BPS) Analysis by Country
13.4 Absolute $ Opportunity Assessment by Country
13.5 Market Attractiveness Analysis by Country
13.6 Middle East & Africa (MEA) Biometric Payments Market Size Forecast by Type
13.6.1 Voice
13.6.2 Face
13.6.3 Fingerprint
13.6.4 Palmprint
13.6.5 Iris
13.6.6 Others
13.7 Basis Point Share (BPS) Analysis by Type
13.8 Absolute $ Opportunity Assessment by Type
13.9 Market Attractiveness Analysis by Type
13.10 Middle East & Africa (MEA) Biometric Payments Market Size Forecast by Applications
13.10.1 Mobile
13.10.2 Wearable Device
13.10.3 Voice-Activated Device
13.10.4 Others
13.11 Basis Point Share (BPS) Analysis by Applications
13.12 Absolute $ Opportunity Assessment by Applications
13.13 Market Attractiveness Analysis by Applications
Chapter 14 Competition Landscape
14.1 Biometric Payments Market: Competitive Dashboard
14.2 Global Biometric Payments Market: Market Share Analysis, 2019
14.3 Company Profiles (Details – Overview, Financials, Developments, Strategy)
14.3.1 Fingerprint Cards
14.3.2 Precise Biometrics
14.3.3 Aware
14.3.4 iProov
14.3.5 Nymi
14.3.6 Cognitec
14.3.7 Gemalto
14.3.8 Zwipe
14.3.9 IDEX
14.3.10 HID Global
14.3.11 FingoPay
14.3.12 IDEMIA
