The increasing concerns about identity theft, fraud, and
unauthorized access are driving the demand for secure
authentication methods, which is projected to drive the global
biometric cards market's growth during the forecast period. The
North America region is predicted
to witness prominent growth by 2032.
Wilmington, Del., May 21, 2024 /PRNewswire/ -- Allied Market
Research has recently published a report, titled,
"Biometric Cards Market Size, Share,
Competitive Landscape and Trend Analysis Report by Application, by
End User : Global Opportunity Analysis and Industry Forecast,
2023-2032." According to the report, the global biometric
cards market generated $12.6 billion
in 2022, and is anticipated to generate $89
billion by 2032, rising at a CAGR of 22.4% from 2023 to
2032.
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- 123 – Tables
- 51 – Charts
- 320 – Pages
Prime Determinants of Growth
The increasing concerns about identity theft, fraud, & data
breaches along with the rising demand for secure & efficient
identification methods and increasing regulations around data
security & privacy are the factors expected to drive the growth
of the global biometric cards market in the forecast period from
2023 to 2032. However, privacy & security concerns and the high
production costs associated with biometric cards may restrict
market growth in the coming future. Contrarily, industry
collaboration, advancements in biometric technology, and regulatory
requirements are expected to offer remunerative opportunities for
the biometric cards market expansion during the forecast
period.
Report Coverage & Details:
Report
Coverage
|
Details
|
Forecast
Period
|
2023–2032
|
Base Year
|
2022
|
Market Size in
2022
|
$12.6
billion
|
Market Size in
2032
|
$89 billion
|
CAGR
|
22.4 %
|
No. of Pages in
Report
|
320
|
Segments
covered
|
Application, End User,
and Region
|
Drivers
|
Increasing demand for
secure and efficient identification solutions
Growing concerns about
identity theft, fraud, and data breaches
|
Opportunities
|
Advancements in
biometric authentication technology
Integration of
biometric authentication with IoT
|
Restraints
|
High production
costs
|
Application: Access Control Sub-segment to Flourish Immensely by
2032
The access control sub-segment accounted for the largest global
biometric cards market share of 42.6% in 2022 and is expected to
hold major share during the forecast period. The rising security
threats in finance, government, and corporate sectors fuel the
demand for advanced access control measures. In addition, stringent
regulations in industries like finance and healthcare push
organizations to adopt biometric systems to meet compliance
standards. Moreover, the convenience offered by biometric cards
accelerates adoption in environments requiring swift and secure
access, like offices, airports, and hospitals.
End User: Retail Sub-segment to be the Most Dominant During
the Forecast Period
The retail sub-segment held the largest market share of 34.6% in
2022 and is predicted to grow at the highest CAGR of 23.1% during
the forecast period. This dominant growth can be attributed to the
increased concerns about fraud and identity theft among retailers,
prompting the adoption of more secure payment methods. Besides, the
added security layer provided by biometric authentication,
utilizing unique biological traits for verification, and the
convenience & speed offered to consumers during transactions
are leading to enhanced customer satisfaction and potentially
increased sales for retailers.
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Region: North America Market to Hold Major Share by
2032
The North America biometric
cards industry accounted for the largest share of 38.8% in
2022 and is predicted to continue to hold major share by 2032. This
is mainly due to the technological advancements in biometric
authentication, such as heightened accuracy and security features.
Besides, governmental initiatives aimed at bolstering security,
like e-passports and national ID programs, catalyze the integration
of biometric technology. Moreover, consumer familiarity and
acceptance of biometrics with devices like smartphones, contribute
to the growing preference for biometric cards due to their
convenience and security.
Leading Players in the Biometric Cards Market:
- SmartMetric Inc.
- HID Global
- IDEMIA
- Samsung
- Fingerprint Cards AB
- CardLogix Corporation
- AUSTRIACARD HOLDINGS AG
- IDEX Biometrics ASA
- Zwipe
- Thales
The report provides a detailed analysis of the key players of
the global biometric cards market. These players are employing
various strategies including launching new products, entering
collaborations, expanding operations, forming joint ventures, and
signing agreements, all aimed at boosting their market share and
securing their competitive position across different regions. The
report is valuable in highlighting business performance, operating
segments, product portfolio, and strategic moves of market players
to showcase the competitive scenario.
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Key Benefits For Stakeholders:
- Biometric cards industry report provides a quantitative
analysis of the market segments, current trends, estimations, and
dynamics of the biometric cards market analysis from 2022 to 2032
to identify the prevailing biometric cards market
opportunities.
- The market research is offered along with information related
to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers
and suppliers to enable stakeholders make profit-oriented business
decisions and strengthen their supplier-buyer network.
- In-depth analysis of the biometric cards market segmentation
assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their
revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides
a clear understanding of the present position of the market
players.
- The report includes the analysis of the regional as well as
global biometric cards market trends, key players, market
segments, application areas, and market growth strategies.
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Tables, and Figures) @
https://www.alliedmarketresearch.com/biometric-cards-market
Electronic Components Market Key Segments:
By End User
- BFSI
- Retail
- Government
- Healthcare
- Others
By Application
- Payments
- Access Control
- Others
By
Region
- North America (U.S.,
Canada, Mexico)
- Europe (Germany, UK, France, Spain, Italy,
Rest of Europe)
- Asia-Pacific
(China, Japan, India,
South Korea, Australia, Rest of Asia-Pacific)
- LAMEA (Brazil,
United Arab Emirates, Saudi Arabia, South
Africa, Rest of LAMEA)
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