Biometric Card Market, By Application (Payments, Access Control, Government ID and Financial Inclusion, and Other Applications (IoT-based applications, etc.)), By End User Industry (BFSI, Retail, Government, Healthcare, Commercial Entities, and Other End-user Verticals), By Geography (North America, Latin America, Asia Pacific, Europe, Middle East, and Africa)

Published In : Jun 2024

Code : CMI5443

Pages :156

Formats :

Excel and PDF

Industry : Smart Technologies

Market Concentration and Competitive Landscape

Biometric Card Market Concentration By Players

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Increasing demand for multifactor authentication

As financial fraud and digital criminal activities become more sophisticated, the need for robust authentication solutions goes beyond simple passwords and PINs. Traditional methods are vulnerable to hacking techniques like phishing, keylogging, and brute force attacks. Criminals develop elaborate schemes to trick users into revealing login credentials or circumvent security measures entirely. This has led to significant financial losses and reputational damage for both individuals and organizations.

In response to these evolving security threats, the biometric card market is experiencing a surge in demand for multi-factor authentication (MFA).

For instance, in May 2022, IDEX and Verisoft collaborated to bring biometric card solutions to the market at reduced prices for issuers and personalization bureaus, enhancing their position in the ecosystem. IDEX expressed enthusiasm about partnering with Verisoft to deliver a comprehensive and agile approach to biometric solution standards, ensuring seamless customer payment experiences.

Key Players Insights