How Has the Biometric Cards Market Evolved Historically and What is its Current Size?
The biometric cards market has seen considerable growth due to a variety of factors.
• The biometric cards market has expanded rapidly in recent years. It will grow from $13.03 billion in 2024 to $15.36 billion in 2025, at a CAGR of 17.9%.
This growth is driven by increased security needs, concerns over fraud, regulatory compliance, enhanced consumer convenience, and the growing number of smartphone users.
What Is The Projected Growth Of The Biometric Cards Template Market?
The biometric cards market is expected to maintain its strong growth trajectory in upcoming years.
• The biometric cards market is anticipated to witness rapid expansion, growing to $29.3 billion by 2029, at a CAGR of 17.5%.
Factors contributing to this growth include increasing cybersecurity threats, the rise of contactless payment systems, greater demand for multifactor authentication, a growing need for secure identification solutions, and the increasing popularity of high-security applications. Key trends involve the integration of contactless payment technology, the creation of more efficient biometric enrollment systems, the exploration of blockchain technology, progress in biometric sensors and algorithms, and the integration of biometric cards with mobile devices.
What Are The Key Drivers Fueling Growth In The Biometric Cards Market?
The growing use of contactless payment systems is expected to boost the biometric card market. Contactless payments, enabled by RFID and NFC technologies, have become more popular due to the widespread use of smartphones and digital wallets. Biometric cards, which use fingerprint authentication, enhance security while maintaining the speed of transactions. In January 2024, the European Central Bank reported a 24.3% increase in the number of contactless card payments in the first half of 2023, reaching €0.5 trillion ($545.27 billion). This growing adoption of contactless payments is driving the biometric card market.
What Are The Principal Market Segments In The Global Biometric Cards Industry?
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
Subsegments:
1) By Contact Biometric Cards: Smart Biometric Cards, Fingerprint Recognition Biometric Cards, Multi-Factor Authentication Biometric Cards
2) By Contactless Biometric Cards: RFID-Based Biometric Cards, NFC-Enabled Biometric Cards, Fingerprint Recognition Contactless Biometric Cards
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How Are Emerging Trends Reshaping The Dynamics Of The Biometric Cards Market?
Companies in the biometric card market are focusing on next-generation solutions like fingerprint biometric security to revolutionize payments and improve consumer satisfaction. In June 2022, Rocker, a Sweden-based fintech company, introduced Rocker Touch, the first biometric payment card. Using IDEMIA's F.CODE technology, this card incorporates a fingerprint biometric sensor for authentication, eliminating the need for a PIN and ensuring security with biometric data securely stored on the chip.
Who Are the Key Players In The Biometric Cards Market?
Major companies operating in the biometric cards market are:
• 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
What Are The Regional Insights Into The Biometric Cards Market?
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. The regions covered in the biometric cards market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
