Biometric Payment Market Size and Forecast 2024-2033|Apple Inc., Alphabet Inc., Samsung Electronics Co Ltd., Alibaba Group Holding Limited, Fingerprint Cards AB

Man withdrawing money from ATM contactless

Overview and Scope

Biometric payment refers to a secure and convenient payment method that utilizes an individual’s unique physiological or behavioral characteristics, known as biometrics, to verify their identity and authorize financial transactions. It is used for a variety of financial transactions and authentication purposes. They provide a secure and convenient way to confirm a person’s identity and authorize payments.

Sizing and Forecast

The biometric payment market size has grown strongly in recent years. It will grow from $39.38 billion in 2023 to $42.86 billion in 2024 at a compound annual growth rate (CAGR) of 8.8%. The growth in the historic period can be attributed to security and fraud prevention, financial inclusion, rising cybersecurity threats, consumer convenience, increasing popularity of biometric wearables, government initiatives

The biometric payment market size is expected to see strong growth in the next few years. It will grow to $60.45 billion in 2028 at a compound annual growth rate (CAGR) of 9.0%. The growth in the forecast period can be attributed to growing e-commerce, growing contactless payments, widespread use of smartphones, enhanced data privacy. Major trends in the forecast period include biometric payment cards, multi-modal biometrics, continuous authentication, voice and speech recognition, cross-channel authentication technologies.

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Segmentation & Regional Insights

The biometric payment market covered in this report is segmented –

1) By Type: Contact-Based; Contactless; Hybrid

2) By Component: Hardware; Software; Services

3) By Technology: Single Factor Authentication; Fingerprint Recognition; Iris Recognition; Palm Recognition; Face Recognition; Signature Recognition; Voice Recognition; Biometric Smart Card; Multimodal

4) By Mode Of Payment: Smartphone And Tablet; Biometric And Smart Cards; Other Modes

5) By Application: Banking, Financial Services And Insurance (BFSI); Retail And Ecommerce; Travel And Hospitality; Transportation; Healthcare; Other Applications

North America was the largest region in the biometric payment market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in biometric payments market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

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Major Driver Impacting Market Growth

The increasing demand for secure payment solutions is expected to propel the growth of the biometric payment market going forward. Secure payment solutions refer to methods, technologies, and processes designed to ensure financial transactions’ safety, integrity, confidentiality, and sensitive payment information during electronic payment processes. The increasing demand for secure payment solutions has driven the adoption of biometric payment methods, which meet evolving security needs while providing a valuable balance between security and user convenience in the modern payment ecosystem. For instance, in March 2021, according to Finaria, a UK-based finance and investment company, global digital payments will hit $6.6 trillion, and mobile POS payments are expected to contribute 37%, or almost $2.5 trillion, to the value of digital payments in 2021. Furthermore, this value is anticipated to increase by 90% to $4.6 trillion by 2025. Therefore, the increasing demand for secure payment solutions will drive the growth of the biometric payment market.

Key Industry Players

Major players in the biometric payment market are Apple Inc., Alphabet Inc., Samsung Electronics Co Ltd., Alibaba Group Holding Limited, Fingerprint Cards AB, Tencent b-bldings Limited, Fujitsu Ltd., Visa Inc., Paypal Holdings, NEC Corporation, Mastercard Incorporated, Safran S.A., Thales Group, NXP Semiconductors N.V., ASSA ABLOY Group, Ant Group, Gemalto, PagSeguro Digital Ltd., IDEMIA, Cielo SA, Verifone Systems. Inc., StoneCo Ltd., Linxens Holding SAS, Network International Holdings plc., KONA I Co Ltd., Suprema Inc., Payconiq International SA, Mada Communications Int’l , Precise Biometrics, CardLab Inc.

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