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| Report Code: A12966 | Dec 2022 | Pages: 230 | ||
| Tables: 147 | Charts: 61 |
| |
The global fingerprint payment market was valued at $9 billion in 2021, and is projected to reach $36.2 billion by 2031, growing at a CAGR of 15.3% from 2022 to 2031.
The COVID-19 pandemic had a moderate impact on the fingerprint payment market size since many biometric devices such as finger print scanners, vein recognition and others involve touching of surfaces.
The fingerprint payment uses chip technology in conjunction with fingerprint identification to quickly and securely confirm the payer's identity for in-store purchases. It can be used at EMV terminals all around the world. An inbuilt sensor operated by the chip authenticates identity using a fingerprint. Further, fingerprint payment method uses passive and active biometrics to create the best possible experience for the customers, and layers of security for merchants.
Businesses are increasingly using fingerprint payment to function more quickly, cut down on transaction time, and enhance security. In addition, to make sure the business runs securely, they are entailed with complex security authentication features to increases the security of fingerprint payment systems. This factor notably drives the fingerprint payment market growth. However, high acquisition costs and security risks of the payment terminals hinder the growth of the fingerprint payment market. On the contrary, technological advancements in the fingerprint payment such as inclusion of machine learning (ML) and automations is expected to fuel the growth of the fingerprint payment market in upcoming years. Moreover, increase in adoption of wireless handheld POS terminal by restaurants and healthcare industry for streamlining the transactions through biometrics is expected to provide lucrative opportunities for the market to grow in upcoming years.
The report focuses on growth prospects, restraints, and trends of the fingerprint payment market. The study provides Porter’s five forces analysis to understand the impact of various factors, such as bargaining power of suppliers; competitive intensity of competitors; threat of new entrants; threat of substitutes; and bargaining power of buyers on the fingerprint payment market outlook.
The fingerprint payment market is segmented into Component, Type of Fingerprint Scanners and End User.
The fingerprint payment market is segmented on the basis of component, type of fingerprint scanner, end user and region. On the basis of component, it is classified into hardware, software and services. By type of fingerprint scanner, it is categorized into optical fingerprint scanners, capacitive fingerprint scanners, ultrasonic fingerprint scanners, and thermal fingerprint scanners. By end user, it is divided into retail, government, transportation, healthcare, hospitality, government, and others. By region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
By component, the hardware segment acquired major fingerprint payment market size in 2021. This is attributed to factors such as increase in competition in retail businesses, user needs, customers preference for quicker checkout/transaction times and a secure system transmits transactions.
By region, the fingerprint payment market share is being dominated by North America in 2021, and is expected to maintain this trend during the forecast period. Attributed to the growing use of web applications and internet has increased the demand for security and verification on account of the increased threat of cyber-attacks and data pilfering. The most vulnerable data is found to be in government databases, large organizations, and the defense sector, where the need for higher security which act as factors that boost the growth of the fingerprint payment industry in the region.
The report fingerprint payment market analysis includes the profiles of key players operating in the fingerprint payment market such as Apple Inc., Anviz Global Inc., Fingerprint Cards AB, IDEX Biometrics, IDEMIA, Infineon Technologies AG, NEC Corporation, Precise Biometrics, Synaptics Incorporated and Thales. These players have adopted various strategies to increase their market penetration and strengthen their position in the fingerprint payment market. Â Â
Country Specific Statistics & Information
Developing countries such as India and South Korea are increasingly targeted by the key players to develop and launch the fingerprint payment features into the existing range of products. For instance, in August 2022, Samsung Electronics and MasterCard have signed MoU as a part of which the two companies will be launching payment cards with built-in fingerprint sensors. Hence, the two companies will be launching payment experiences while reducing physical contact with payments terminal.
Furthermore, according to an article published in October 2022, merchants across the U.S. will soon be able to accept biometric payments authenticated by a customer’s fingerprint using a point-of-sale (POS) solution launched by payment processing provider Green Payments. The solution will allow users to link different payment options stored in a digital wallet including credit cards, bank accounts and cryptocurrencies to individual fingers and then make in-store purchases at the POS by tapping the relevant finger on a biometric sensor.
The COVID-19 pandemic had a moderate impact on the fingerprint payment market size since many biometric devices such as finger print scanners, vein recognition and others involve touching of surfaces. Furthermore, people started wearing face masks during the pandemic which was challenging for fingerprint payment devices to recognize the person.
Key Developments/ Strategies
Key benefits for stakeholders
Fingerprint Payment Market Report Highlights
| Aspects | Details |
|---|---|
| Market Size By 2031 | USD 36.2 billion |
| Growth Rate | CAGR of 15.3% |
| Forecast period | 2021 - 2031 |
| Report Pages | 230 |
| By Component |
|
| By Type of Fingerprint Scanners |
|
| By End User |
|
| By Region |
|
| Key Market Players | Infineon Technologies AG, IDEMIA, NEC Corporation, Synaptics Incorporated, Apple Inc., IDEX Biometrics, Anviz Global Inc., Fingerprint Cards AB, Precise Biometrics, Thales |
There have been a lot of advancements in the field of biometrics over the past few years. Fingerprint payment is observed by many as the most effective and safe method of individual identification. Furthermore, it is described as the automatic techniques of recognizing or confirming the identity of a living person in particular centered on a physiological or behavioral trait. In addition, biometrics is a quickly developing technology that is extensively used in a lot of fields including forensics. It can be used for criminal identification and prison security and has the potential to be employed in a huge array of civilian relevance projects.
Biometrics can be exercised to check illegal access to ATMs, cellular phones, smart cards, desktop PCs, workstations, and computer networks. It can also play a huge role to make business safe from scammers and cyber-attacks. In addition, fingerprint payment is very useful during banking transactions carried out by telephone and Internet or electronic banking. In automobiles, fingerprint payment can replace keys with keyless entry devices. Moreover, fingerprint payment is capable of ensuring fast and reliable protected access to information. Currently, techniques such as password verification have a lot of issues causing people to write them down and forget them at times which leads to stealing and hacking. Therefore, these factors are playing a major role in the growth of biometrics technology market.
Facial recognition technology is increasingly being used In the U.S., companies such as Delta Airlines use it for passenger check-in. Airports are planning to use the technology; officials at Miami International plan to have face recognition for all international flights by 2021. Apple has it on its iPhones, while in Portland, Oregon, it's used to unlock the doors for customers at another store. Furthermore, facial recognition technology is employed in countries such as China, Singapore, the United Arab Emirates and Japan. Moreover, according to BBC, China reportedly uses 200 million surveillance cameras, one camera for every seven of its citizens.
By 2021, about 400 million new cameras are expected to be installed in the country. The cameras are intended primarily for security and traffic control purposes. China also uses this technology in schools. In July 2021, the South China Morning Post reported that the country is working on the world's most powerful facial recognition system – one able to identify any of its 1.3 billion citizens within three seconds.
Therefore, with such advancements, the fingerprint payment market is subjected to grow at a rapid speed in the upcoming years. Some of the key players profiled in the report include IBM Corporation, Amazon Web Services Inc., Microsoft, SAP SE, Goldman Sachs, Oracle, Bitpay, Cegeka, Bitfury Group Limited, and Intel Corporation. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.
A. The fingerprint payment market is estimated to grow at a CAGR of 15.3% from 2022 to 2031.
A. The fingerprint payment market is projected to reach $36.19 billion by 2031.
A. Enhanced security in payment services, surge in penetration of internet and increasing adoption of contactless payment majorly contribute toward the growth of the market.
A. The key players profiled in the report include Apple Inc., Anviz Global Inc., Fingerprint Cards AB, IDEX Biometrics, IDEMIA, Infineon Technologies AG, NEC Corporation, Precise Biometrics, Synaptics Incorporated and Thales.
A. The key growth strategies of fingerprint payment market players include product portfolio expansion, mergers & acquisitions, agreements, geographical expansion, and collaborations.
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