The biometric card market size has grown rapidly in recent years, increasing from $11.09 billion in 2023 to $13.03 billion in 2024, with a compound annual growth rate (CAGR) of 17.5%. This historical growth is attributed to rising security needs, concerns over fraud, regulatory compliance, increasing consumer convenience, and a growing number of smartphone users. The market is projected to continue its rapid expansion, reaching $24.94 billion by 2028 at a CAGR of 17.6%. This forecasted growth is driven by increasing cybersecurity threats, the expansion of contactless payment systems, rising demand for multifactor authentication, the need for secure and reliable identification solutions, and growing demand for high-security applications. Notable trends expected during the forecast period include the integration of contactless payment technology, development of efficient biometric enrollment solutions, exploration of blockchain technology, advancements in biometric sensors and algorithms, and integration with mobile devices.
Global Biometric Cards Market Key Driver
The growing contactless payment systems are expected to propel the growth of the biometric card market going forward. A contactless payment system is a secure method allowing customers to make purchases with a debit, credit, or smart card using radio frequency identification (RFID) technology or near-field communication (NFC). The widespread adoption of smartphones and digital wallets has significantly boosted contactless payments. Biometric cards are particularly beneficial in retail settings where reducing transaction time can enhance operational efficiency and customer satisfaction. These cards improve security with fingerprint authentication, reducing fraud, and attracting customers while maintaining the speed of contactless payments. For instance, in January 2024, according to the European Central Bank, a Germany-based central bank of the European Union countries, contactless card payments in the first half of 2023 increased by 24.3% from 20.9 billion in the first half of 2022, with the total value rising by 25.9% to €0.5 trillion ($545.27 billion). Therefore, the growing contactless payment systems drive the biometric card market.
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Global Biometric Cards Market Segments
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
By Geography:The regions covered in the biometric cards market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
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.
Major Biometric Cards Industry Players
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
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Biometric Cards Market Overview
Biometric cards are advanced smart cards that use biometric technology to verify the cardholder's identity by analyzing unique physiological features such as fingerprints or iris scans. Biometric cards offer a higher level of security, lowering the danger of fraudulent transactions or identity theft.
Biometric Cards Global Market Report 2023 provides data on the global biometric cards market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The biometric cards market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
