Global Biometric Payments Market Analysis – 2018-2027
Biometric recognition is a method of recognizing an individual through their unique characteristics such as fingerprints, iris scan, voice recognition and others. Biometric payment is a technology that utilizes biometric recognition to authenticate any payments or deductions from an individual’s bank account. The global biometric payments market is anticipated to record a CAGR of 49.0% over the forecast period, i.e. 2019-2027. Factors such as rising number of smartphone users around the world and the development in ICT infrastructure, along with the advancements observed in the biometric payment technology are some of the factors promoting the growth of the market. The global biometric payments market is anticipated to grow by 36 times in-between 2018-2027 with an absolute $ opportunity of USD 15587.3 billion. The growth of the market is driven by the growing concern for the increasing cases of cybercrimes and cyber frauds and the need to secure online payment systems in financial organizations.
The global biometric payments market consists of various segments that are segmented by authenticator type, architecture, type of payment and by region. The type of payment segment is further sub-divided into mobile payments, wearable payments, naked payments, IoT payments and others, out of which, mobile payments segment is anticipated to hold the largest market share of around 37% in the year 2027 on the back of increasing adoption of smartphones and tablets for making online transactions, especially during online shopping or for any other financial transactions. Moreover, the ease of convenience availed by the use of mobile phones for performing online transactions has led to the massive growth of transactions taking place via smartphones, which is also anticipated to contribute towards the growth of the segment in the global biometric payments market. Additionally, the mobile payments segment, which held a market value of USD 133.2 billion in the year 2018, is anticipated to grow with the highest CAGR of 52.7% during the forecast period.
Based on region, the global biometric payments market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa. The biometric payments market in North Africa is anticipated to grow with a modest CAGR of 48.8% over the forecast period. Moreover, Asia Pacific is anticipated to achieve the highest market share of around 51% by registering a CAGR of 55.1% during the forecast period.
Some of the key industry leaders in the global biometric payments market are Fujitsu Ltd., Hitachi Ltd., Fulcrum Biometrics, LLC, NXP Semiconductors, Microsoft Corporation, Qualcomm Technologies, Inc., Tencent and Diebold Nixdorf, Incorporated.