Increasing Adoption of Payment Security to Drive Growth of Biometric Card Market
Biometric Card Market |
Market Overview:
Biometric cards combine payment cards technology with
biometric authentication to verify the cardholder's identity using fingerprint,
iris or facial recognition. These cards provide secure and convenient payment
options as they can verify identity with just a touch or glance. They eliminate
the need to remember and enter pins while making payments. Biometric cards are
being adopted across industries like banking, government, travel &
immigration and healthcare to enable secure and frictionless transactions. They
authenticate the cardholder during transactions as well as activate and unlock
the card for use. This ensures only the correct and authorized user can access
card features and make payments. The added layer of biometric authentication
makes transactions secure and reduces the risk of card frauds and identity
thefts.
Market key trends:
The Biometric
Card Market Demand is expected to witness significant growth during the
forecast period due to rising demand for payment security and the need to
combat frauds. One of the key trends spurring market growth is the growing
adoption of biometric authentication across industries as it provides quick and
secure identity verification. Major banks and payment companies are actively
working on biometric payment card programs to replace traditional plastic
cards. Growing usage of contactless payments is another trend boosting demand
for biometric cards that support near field communication (NFC). Several
emerging economies are also implementing national digital ID programs based on
biometric authentication via cards which will propel market revenue. Continued
innovations to develop small, low-cost and frictionless fingerprint, face and
voice biometrics are expanding the application scope of biometric verification.
Porter's Analysis
Threat of new entrants: The threat of new entrants in the biometric card
market is low due to high capital requirements and the established presence of
key players in the market.
Bargaining power of buyers: The bargaining power of buyers is high due to the
presence of several options available for securing transactions. However,
biometric cards offer enhanced security and convenience in transactions.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as
key materials and components used in biometric cards require specialized
engineering knowledge. However, the presence of multiple established suppliers
limits monopoly pricing.
Threat of new substitutes: The threat of substitutes is moderate as other
contactless payment methods like smartphones offer alternatives. However,
biometric cards offer offline authentication without additional hardware
requirements.
Competitive rivalry: Competition in the biometric card market is expected to
intensify owing to technological innovations in card security features.
Key Takeaways
The global Biometric Card Market is expected to witness high growth,
exhibiting a CAGR of 77% over the
forecast period, due to increasing demand for contactless and secure payment
solutions.
Regional analysis: The Asia Pacific region dominates the biometric card market
and is expected to maintain its lead over the forecast period backed by rapid
adoption of digital payment technologies in countries like India and China.
Countries in Europe and North America are also adopting biometric cards backed
by stringent regulations for advanced authentication and data security.
Key players: Key players operating in the Biometric Card market are Shanghai
Fudan Microelectronics Group Co. Ltd., Zwipe AS, Samsung’s System LSI Business,
Thales Group, Ethernom Inc., IDEX Biometrics ASA, Visa Inc., Goldpac Fintech,
Mastercard Incorporated, Fingerprint Cards AB, ST Microelectronics NV,
Seshaasai Business Forms (P) Ltd., and IDEMIA Group. Fingerprint Cards AB is a
leading provider of biometric card solutions. ST Microelectronics NV provides
secure elements and processing platforms for biometric cards.
Read
More:
https://www.dailyprbulletin.com/biometric-cards-are-fueling-the-growth-of-biometric-card-market/
Comments
Post a Comment