by Biometric cards incorporate fingerprint or facial recognition technology for authentication and authorization. They provide secured identity verification and enable access to bank accounts, government subsidies and other personal information. The growing need for secured identification verification and rising cases of identity thefts have increased the demand of biometric cards in banking and government sectors.
The global Biometric Card Market is estimated to be valued at US$ 48.88 Mn in 2023 and is expected to exhibit a CAGR of 3.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The biometric card market is primarily driven by increasing demand from banking and government sectors. Banking sectors are adopting biometric cards for secured financial transactions and access to bank accounts. Government is also issuing biometric ID cards for National Identity programs, Passports and driver’s licenses to curb identity thefts. Advanced biometric authentication provides secured and frictionless enrollment, verification and identification solutions. Governments across regions are focusing on implementing biometric identity programs for benefit disbursement, healthcare and social security. Increasing investments by key players to develop and integrate advanced biometric technologies such as fingerprint and facial recognition in cards is expected to propel the market growth over the forecast period.
SWOT Analysis
Strength: Biometric card provide high level of security and prevent identity fraud. It also allows for contact-less payments.
Weakness: The infrastructure required to support biometric cards is still developing and the initial costs of deployment are high. Security and privacy concerns also persists around storing biometric data.
Opportunity: Growing demand for secured authentication and identification across various industries like banking, healthcare offers huge untapped market potential. Increasing adoption of digital payments and electronic ID also presents an opportunity.
Threats: Technology alternatives like facial recognition, fingerprint scans on mobile phones pose a threat to biometric cards adoption. Stringent regulations around data privacy and security also introduce challenges.
Key Takeaways
The global biometric card market demand is expected to witness high growth over the forecast period of 2023 to 2030. The market valued at US$ 48.88 Mn in 2023 and projected to grow at a CAGR of 3.3% during the forecast period.
Regional analysis shows that North America currently dominates the biometric card market and is expected to continue its dominance over the forecast period. This is attributed to rising digital identity and payments industry in the US. Meanwhile, Asia Pacific region is anticipated to offer lucrative growth opportunities owing to growing adoption of electronic payments in developing countries like India and China.
Key players operating in the biometric card market are Veolia, SUEZ Group, Waste Management, Waste Connections. These players are focusing on new product development and partnerships to gain competitive edge. For instance, Veolia has partnerships with multiple card manufacturers to develop and integrate biometric payment cards. Waste Management has diversified its service offerings to include waste collection from commercial sectors utilizing biometric authentication.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
