Biometric Payments Market Size, Share, Analysis, Trends, Growth, 2032

Biometric Payments Market Insights

According to Zion Market Research, the global Biometric Payments Market was worth USD 8.92 Billion in 2023. The market is forecast to reach USD 43.52 Billion by 2032, growing at a compound annual growth rate (CAGR) of 17.2% during the forecast period 2024-2032. The report offers a comprehensive analysis of the market, highlighting the factors that will determine growth, potential challenges, and opportunities that could emerge in the Biometric Payments industry over the next decade.

Request Free Sample

This professional and specialized report study examines the technical and business perspective of the Global Biometric Payments Market industry. The report provides a historical analysis of the industry as well as the projected trends expected to be witnessed in the Global Biometric Payments Market. The report study analyzes the market statistics at the global as well as the regional levels to gain an in-depth perspective of the overall Global Biometric Payments Market. The historical insights are provided from 2018 to 2022 and projected trends are provided from 2024 to 2032. The quantitative data is provided in terms of both volume (Units) and value (USD Million) for 2024 – 2032. The qualitative data is reinforced by analyzing and providing numerous market dynamics (directly or indirectly affecting the industry) such as growth drivers, restraints, challenges, and opportunities.

Biometric Payments Market: Overview

Biometric payments refer to a payment method that uses an individual's unique biological characteristics, such as fingerprints, facial recognition, iris scans, or voice recognition, to authenticate and authorize transactions. This innovative technology enhances security and convenience in financial transactions, allowing users to make purchases or access financial services without the need for traditional methods like passwords, PINs, or physical cards. Biometric payment systems work by capturing and analyzing biometric data through specialized sensors or cameras, which is then compared to stored data for verification. The growing adoption of biometric payments is driven by the increasing demand for secure and efficient payment solutions, as well as the rise of mobile and digital wallets that integrate biometric authentication features. With advancements in biometric technology and increasing consumer confidence in its security, biometric payments are becoming an essential part of the evolving landscape of digital transactions, offering a seamless and user-friendly payment experience.

Request Free Sample

Key Insights from Primary Research

• As per our primary respondents, the Global Biometric Payments Market is set to grow annually at a rate of around 19%
• It was established through primary research that the Global Biometric Payments Market was valued at around USD 8.92 Billion in 2023
• The “Software” category, on the basis of component segmentation, was the leading revenue-generating category accounting for around 55% share, in 2019
• On the basis of technology segmentation, the “Fingerprint sensors” category held the leading share at more than 60%, in 2019
• On the basis of vertical segmentation, the “BFSI” category held the leading share at more than 40%, in 2019
• Based on the region, North America is expected to account for the revenue share of around 45%, in 2019 in the target market

Key Recommendations from Analysts

• As per our analysts, Global Biometric Payments Market is growing at high CAGR and various end-use industries are aware of this potential market and applications of biometric payment market.
• Growing at a CAGR around 19%, Global Biometric Payments Market provides numerous opportunities for all of the involved stakeholders across the entire value chain.
• Our analysts have identified Software, Fingerprint sensors, and BFSI is dominating segments for Global Biometric Payments Market in terms of component, technology and vertical segmentation respectively.
• This market is growing at a very faster rate because of the increase in number of cyber-crimes and security issues.

We have included various industry analysis models in our report and extensively demonstrated the key business strategies and competitive landscape of the Global Biometric Payments Market in our study.

Our study also includes an analysis of Porter’s Five Forces framework for understanding the competitive strategies adopted by various stakeholders involved in the entire value chain of the Global Biometric Payments Market. It also encompasses PESTLE analysis and SWOT analysis.

The report also offers an in-depth analysis of the market shares of each industry player and gives an outline of the market position of key players in the global biometric payments market. Moreover, the study offers wide coverage of key strategic advances witnessed in the market such as new product launches, acquisitions & mergers, collaborations & joint ventures, funding & VC activities, agreements, partnerships, R&D activities, and regional expansion of key players of the Global Biometric Payments Market.

The research study provides a critical assessment of the Global Biometric Payments Market industry by logically segmenting the market on the basis of Component, Technology, Vertical, and regions. Based on the past, present, and future trends, all the segments were analyzed from the bottom up, and the market sizes have been estimated from 2024 to 2032. The regional segmentation of the Global Biometric Payments Market industry includes the holistic bifurcation of all the five major continents including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.

The demand for the consumer for biometric sensors is increasing day by day because of the increasing number of cybercrimes and thereafter the security issues are increasing. Also, fingerprint sensors or facial recognition are easier ways as they just take seconds to open something. Also, the increase in the use of mobile phones is driving the biometric payments market. But the legal issues can be of the restraints of this market which can be overcome by time.

Biometric Payments Market: Segmentation

The Global Biometric Payments Market industry is segmented based on Component, Technology, and Vertical. 

On the basis of component segmentation, the market is classified into hardware and software.

In terms of technology, the market is bifurcated into Fingerprint biometric, Voice biometric, IRIS biometric, Heart biometric, Face biometric

Others. Lastly, in terms of vertical, it is classified as Government, Retail, Food & Beverages, BFSI, Automobiles, Others.

Biometric Payments Market: Report Scope

Biometric Payments Market: Competitive Space

Some of the essential players operating in the Global Biometric Payments Market, but not restricted to include

• Fingerprint Cards
• Precise Biometrics
• Aware Inc
• iProov
• Nymi
• Cognitec
• Gemalto
• Zwipe
• IDEX
• HID Global
• FingoPay
• and others.

The taxonomy of the Global Biometric Payments Market industry by its scope and segmentation is as follows:

Global Biometric Payments Market: By Component Segmentation Analysis

• Hardware
• Software

Global Biometric Payments Market: By Technology Segmentation Analysis

• Fingerprint biometric
• Voice biometric
• IRIS biometric
• Heart biometric
• Face biometric
• Others

Global Biometric Payments Market: By Vertical Segmentation Analysis

• Government
• Retail
• Food & Beverages
• BFSI
• Automobiles
• Others

Global Biometric Payments Market: Regional Segmentation Analysis

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa

KEY BUSINESS POINTERS ADDRESSED & FOREMOST REASONS TO PROCURE THE REPORT:

• Statistical Analysis of the Past, Current, and Future Trends of the Industry with Validated Market Sizes Data
• Direct and Indirect Rationales Impacting the Industry
• In-depth and Micro Analysis of Viable Segments and Sub-segments
• Companies and Vendors Market Share, Competitive Landscape, and Player Positioning Analysis
• Demand Side (Consumption) and Supply Side (Production) Perspective and Analysis wherever applicable
• Key Buyers and End-Users Analysis
• Value Chain and Manufacturing Cost Structure Analysis wherever relevant
• Key Marketing Strategies as well as Key Sales Channels adopted in the market
• Investment Opportunity Analysis & Patents Analysis wherever feasible
• Technological Road Map & Technical Analysis
• Robust Research Methodology comprising dynamic mix (65%~35%) of Extensive Primary Research (primary interviews, ad-hoc surveys, questionnaires) and Protracted Secondary Research (proprietary in-house database, paid external databases, publically available validated sources)