New York, NY, October 21, 2021 (GLOBE NEWSWIRE) – Facts and Factors has released a new research report titled “Biometric Payments Market By Technology (One-Factor Authentication, Fingerprint Recognition, Iris Recognition, Palm Recognition, Facial Recognition, Signature Recognition, Speech Recognition, Biometric and Multimodal Smart Card), By Type (With contact, contactless and hybrid), by Deployment mode (hardware and software) and by regions – Global and regional industrial outlook, full analysis and forecast 2021 – 2026“ in its research database
âAccording to the report, the biometric payment market was valued at around $ 32.4 Billions in 2020 and is expected to reach a value of around 63.4 billion USD by 2026, at a CAGR of around 9.9% between 2021 and 2026. “
Global Biometric Payments Market: Overview
Biometric payments are the systematic reference to initiating a payment method based on the calibration of body measurements and other calculations based on user characteristics. Biometric authentication is often integrated into the IT industry as a means of identification and access control within its ecosystem before a payment method can be initiated. Users often need to sign up for the service and register their chosen form of biometrics with their bank’s onboarding process for this advanced payment format to work.
Biometric payment is a kind of point of sale technique that uses biometric authentication to recognize the end user and authorize the withdrawal of funds from the end user or customer bank account. In addition, biometric fingerprint payment is the most commonly used biometric payment method.
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- [185+ Pages Report] with a list of tables and figures
- Analysis of the pre and post COVID-19 commercial impact
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- Regional analysis using tables and graphs
- Easy to understand graphical data
- Key segments, industry drivers, challenges and opportunities in the global and regional market
- Research methodology
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Major players in the industry market
- ASSA ABOLY
- Precise biometrics
- NXP semiconductors
- Gemalto SA
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Key questions answered in this report:
- What is the projected size and share of the biometric payments market?
- What are the major driving factors driving the growth of the Biometric Payment market?
- Who are the main players in the Biometric Payment Market?
- How many segments are analyzed in the biometric payments market?
- Can I get a Free Sample Custom Biometric Payment Market Report?
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Global Biometric Payments Market: Growth Factors
The significant growth of the global biometric payments market increases the biometrics use case scenarios in the consumer electronics industry, coupled with increasing formats of authentication and identification devices to never name a few. In addition, the growing need for surveillance and security measures coupled with an increased threat from external threats such as terrorist attacks is expected to testify to the footprint of the global biometric payments market during the forecast period. In addition, an increased rate of adoption of biometric applications and devices, coupled with factors relating to fast, convenient and secure solutions, will drive the growth of global biometric payment during the forecast period.
Increased threats resulting from international terrorism, organized crime and illegal migration are expected to boost the global biometric payments market during the forecast period. Easy installation solutions coupled with low labor intensive will fuel the growth of the global biometric payments market during the forecast span. Growing concerns among consumers while making electronic payments on secure servers coupled with ease of convenience will further increase the consumer base for the global biometric payments market over the forecast. However, higher installation and deployment cost is expected to reduce the market value of the market to some extent.
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Global Biometric Payments Market: Scope of the Report
|Market size 2020 value||$ 32.4 Billion|
|Market forecast for 2026||$ 63.4 billion|
|Expected CAGR growth||CAGR 9.9% from 2021-2026|
|Year of reference||2020|
|Best market players||Thales, Safran, NEC, ASSA ABOLY, Fujitsu, Precise Biometrics, NXP Semiconductors, Linxens and others|
|Covered segments||Technology, types, mode of deployment and region|
|Geographical areas covered||North America, Europe, Asia-Pacific, Latin America, Middle East and Africa|
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Global Biometric Payments Market: Segmentation
The global biometric payment market can be segmented into technology, type, deployment model, and regions.
The global biometric payments market can be divided into one-factor authentication, fingerprint recognition, iris recognition, palm recognition, facial recognition, signature recognition, voice recognition, biometric and multimodal smart card on the basis of technology. The segment related to Single Factor Authentication is expected to gain the largest market share in the advent of forecast due to increasing convenience, cost effective metrics and fast response time in terms of functionality, to name a few. The global biometric payments market is categorized into contact, contactless, and hybrid types. The hybrid segment is expected to occupy the largest market share during the advent of forecasts due to the increasing adoption of efficient and reliable biometric solutions coupled with increased security incentives against identity theft and attempts. intrusion linked to counterfeiting. The global biometric payments market may be fragmented in hardware and software based on the deployment model. Software category is expected to experience the largest market share in the advent of forecast due to increased adoption of cloud-based services coupled with AI-related adoption metrics in the biometric device industry to name a few.
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Global Biometric Payment Market: Regional Analysis
Asia-Pacific is expected to experience the largest market share on the advent of the forecast due to the rapid economic growth of emerging economies such as China, India, Japan and South Korea coupled with the progress growing technologies, to name a few. Additionally, growing consumer awareness of the increased security gains achieved through biometric payment solutions, coupled with reduced pricing options for these devices, will increase the biometric payments market footprint in the region over the period of time. forecast. The increased deployment of biometric payment devices in airports, banks, ATMs and other public places, along with supportive government initiatives undertaken to increase the impact of biometric payment devices will further stimulate the growth of the biometric payment market in the region. The emergence of reliable suppliers in the region coupled with increased penetration of international players in the region will lead to a considerable market share during the forecast period.
Browse the entirety âBiometric Payments Market by Technology (One-Factor Authentication, Fingerprint Recognition, Iris Recognition, Palm Recognition, Facial Recognition, Signature Recognition, Speech Recognition, Biometric and Multimodal Smart Card), by Type ( with contact, contactless and hybrid), By mode of deployment (hardware and software) and by regions – Global and regional industrial outlook, full analysis and forecast 2021 – 2026 “ Report to https://www.fnfresearch.com/biometric-payment-market-by-component-hardware-and-software
Global Biometric Payments Market: Analysis by Technology Segment
- One-factor authentication
- Fingerprint recognition
- Iris recognition
- Palm recognition
- Face recognition
- Signature recognition
- Speech Recognition
- Biometric smart card
Global Biometric Payments Market: Segment Analysis by Type
- Without contact
Global Biometric Payments Market: Analysis by Deployment Mode Segment
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