Research Nester has released a report titled “Biometric Payments Market – Global Demand Analysis & Opportunity Outlook 2027” which delivers detailed overview of the global biometric payments market in terms of market segmentation by authentication type, by architecture, by type of payment and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
The global biometric payments market is segmented by authentication type into voice, face, palm-vein, finger-vein, behavioral, palmprint and iris, out of which, finger-vein segment, which held a market share of around 46% in the year 2018 is anticipated to hold the largest market share by registering a CAGR of 51.4% over the forecast period 2019-2027. Additionally, the voice segment is anticipated to gain significant market share and attain a CAGR of 49.6% over the forecast period.
The global biometric payments market is also segmented by architecture into cloud-based and device-based, out of which, device-based segment is anticipated to hold the largest market share in 2027 and attain a CAGR of 46.8% during the forecast period. Further the segment is also anticipated to attain an absolute $ opportunity of USD 9228.2 billion by growing at a growth rate of 32 times during the assessment period.
The global biometric payments market, which was valued at USD 442.9 billion in the year 2018, is anticipated to achieve a CAGR of 49.0% during the forecast period. Growing advancements in biometric payment technology around the world, along with the rising number of users of smart devices and the growing internet penetration are some of the factors anticipated to promote the growth of the global biometric online payments market. In the statistics by the GSM Association, in the year 2017, North America led the highest share of 80% of smartphone penetration rate around the world, followed by Europe, Latin America and others. Additionally, this rate is anticipated to reach 91% by 2025. The global biometric payments market is further anticipated to reach USD 16030.2 billion by the end of 2027 along with Y-o-Y growth rate of 49% in 2027 as compared to the previous year.
Regionally, the global biometric payments market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Among these regions, Asia Pacific held the largest market share in the year 2018, especially with nations such as China, India, Japan and others, and is expected to expand with a growth rate of 44x over the forecast period. China led the highest share of the market with around 35% in the year 2018 owing to the increase in the implementation of facial recognition biometric payment systems in financial organizations.
Growing Security Concerns for Cybercrimes and Cyber Frauds
The concern for the number of cybercrimes and cyber frauds around the world is increasing at a massive pace. As such, several security measures are being taken by organizations around the globe to tackle these issues and minimize the threat of loss of data, information as well as economic values. Technological advancements in the banking industry, backed by the growing ICT infrastructure, has led to the development and implementation of biometric payments technology. The rising concern for securing banking payment systems and the need to protect these systems from online frauds and crimes are some of the factors anticipated to drive the growth of the global biometric payments market.
However, concerns regarding the impact on sales of biometric systems owing to the lack of proper technological infrastructure in several nations, coupled with technical issues such as facial and voice recognition faced in the biometric systems and fear of security uncertainties are some of the factors anticipated to limit the growth of the global biometric payments market.
This report also provides the existing competitive scenario of some of the key players of the global biometric payments market, which includes company profiling of Fujitsu Ltd. (TYO: 6702), Hitachi Ltd. (TYO: 6501), Fulcrum Biometrics, LLC, NXP Semiconductors (NASDAQ: NXPI), Microsoft Corporation (NASDAQ: MSFT), Qualcomm Technologies, Inc. (NASDAQ: QCOM), Tencent (HKG: 0700) and Diebold Nixdorf, Incorporated (NYSE: DBD). The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global biometric payments market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.