11-Feb-2020 | Zion Market Research
Zion Market Research has authored “Global Biometric Payments Market – By Component (Hardware, Software) By Technology (Fingerprint biometric, Voice biometric, IRIS biometric, Heart biometric, Face biometric, Others) and By Vertical (Government, Retail, Food & Beverages, BFSI, Automobiles, Others) and Regions: Global Industry Perspective, Comprehensive Analysis, and Forecast, 2019 - 2026”.
Based on our analysis, the global demand for Global Biometric Payments Market in 2019 is approximately USD 5,000 million and is anticipated to reach around USD 19,000 million by 2026. The anticipated CAGR for the Global Biometric Payments Market is around 19% from 2020 to 2026.
This review is based on a report by Zion Market Research, titled “Global Biometric Payments Market – By Component (Hardware, Software) By Technology (Fingerprint biometric, Voice biometric, IRIS biometric, Heart biometric, Face biometric, Others) and By Vertical( Government, Retail, Food & Beverages, BFSI, Automobiles, Others): Global Industry Perspective, Market Size, Statistical Research, Market Intelligence, Comprehensive Analysis, Historical Trends, and Forecasts, 2019–2026” report at https://www.zionmarketresearch.com/report/global-biometric-payments-market-by-component-hardware-software
Biometric authentication is the advanced technology for many years which provides secure facilities and fingerprint sensors. This device is used to recognize the identity of an individual based on their physiological or behavioral characteristics. These can include facial images, fingerprints, voice recognition etc. Biometric sensors are used in almost every places these days like in workplaces, immigration, personal devices like mobile phones, tabs. It is the safest method used in today’s time. Consumers find it easier also as one doesn’t have to remember the passwords or pattern locks every time on their mobile phones and anywhere else.
The increase in consumer familiarity and demand for biometric sensors has increased the use of this market and is a driving factor for the market. Consumers find this easier to use because selfies like facial recognition or fingerprint sensors can be done within seconds just by touching the screen. Previously, the high manufacturing cost or accuracy issues were there but now it’s demand has been rapidly increased among the consumers. One more factor can be the rise in the use of mobile phones because the use of mobile phones is rapidly increasing. So this is one of the major driving factors for this market because almost every mobile phone comes with a fingerprint sensor today.
One of the restraints of this market can be the lack of legal clarity as this is the new technology adopted so there are still legal issues for this market. The growing security issues can be a big opportunity for this market as people are now more concerned about the security as mostly the payments are made digitally. So it can be an opportunity for this market because the cyber-crimes are also increasing day by day and people don’t have trust in using these digital payment methods.
Based on segmentation the market can be classified on the basis of by Component (Hardware, Software), By Technology (Fingerprint biometric, Voice biometric, IRIS biometric, Heart biometric, Face biometric, Others) and by Vertical (Government, Retail, Food & Beverages, BFSI, Automobiles, Others). Based on component segmentation, Software is expected to dominate the target market with a share of around 55%. On the basis of technology, fingerprint sensors are dominating the target market with a share of around 60% as most of the devices or workplaces use fingerprint sensors only.
On the basis of the region, this market is segmented into North America, Asia Pacific, Latin America, Europe and MEA. Among these North America accounts for the largest share of around 45% and is dominating the market in the forecast period because of the highest adoption of biometric systems in the US.
The key players involved in this market are:
This report segments the Global Biometric Payments Market as follows:
Global Biometric Payments Market: By Component Segment Analysis
Global Biometric Payments Market: By Technology Analysis
Global Biometric Payments Market: By Vertical Analysis
Global Biometric Payments Market: Regional Segment Analysis
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