Biometric Card Market
The Biometric Card Market is estimated to be valued at US$ 0.57 billion in 2024 and is expected to reach US$ 34.81 billion by 2031, exhibiting a compound annual growth rate (CAGR) of 79.9% from 2024 to 2031.
Introduction:
Biometric cards refer to smart cards that use biometric identification technologies for verification and authentication of an individual. The biometric identification methods used in these cards include fingerprint recognition, facial recognition, iris scanning, and voice recognition. Biometric cards provide a more secure way of identifying individuals as compared to traditional ID cards that use only magnetic strips or barcodes for storage of identification details. The usage of biometric attributes makes it difficult to counterfeit or steal someone's identity. With rising concerns around security and identity theft, the demand for biometric cards is increasing across various applications such as ID cards, payment cards, and access control cards.
Market Dynamics:
The biometric card market growth is driven by the growing need for advanced security in identification systems. Traditional ID methods are susceptible to fraud and identity theft. Biometric cards help eliminate such risks by matching live scan of fingerprints, iris, or facial features with the biometric template stored on the card. The increasing usage of biometric data for applications such as border control, e-passports, driver's licenses, national ID cards is bolstering the demand for biometric cards. However, high manufacturing costs and requirement of specialized readers are some challenges slowing down the large-scale adoption of biometric cards. Ongoing technological advancements in fingerprint sensors, facial recognition systems and miniaturization of electronics are expected to make biometric cards more affordable. Growing demand for contactless payments is also providing new growth opportunities for biometric payment cards.
Key features of the study:
- This report provides an in-depth analysis of the global biometric card market and provides market size (USD Billion) and compound annual growth rate (CAGR%) for the forecast period (2024–2031), considering 2023 as the base year
- It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market
- This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, market trends, regional outlook, and competitive strategies adopted by key players
- It profiles key players in the global biometric card market based on the following parameters – company highlights, products portfolio, key highlights, financial performance, and strategies
- Key companies covered as a part of this study include Bio-idz, BNP Paribas, Ethernom Inc., Fingerprint Cards AB, Goldpac Fintech, IDEMIA Group, IDEX Biometrics ASA, Infineon Technologies AG, Mastercard Incorporated, NXP Semiconductors, Samsung's System LSI Business, Seshaasai Business Forms (P) Ltd, Shanghai Fudan Microelectronics Group Co. Ltd, ST Microelectronics NV, Thales Group, Visa Inc., and Zwipe AS are the major players.
- Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics
- The global biometric card market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts
Detailed Segmentation-
Detailed Segmentation-
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