Biometric Payment Market to Reach USD 34.8 Billion by 2032, Driven by Growing Demand for Enhanced Security and Seamless Transactions | Research by S&S Insider
Biometric payments are experiencing significant growth due to rising concerns over security in digital transactions, a need for seamless, contactless payment solutions, and advancements in biometrics technology that increase reliability and ease of use for consumers.
Pune, Nov. 15, 2024 (GLOBE NEWSWIRE) — Biometric Payment Market Size Analysis:
“The S&S Insider report highlights that the Biometric Payment Market was valued at USD 8.6 billion in 2023 and is anticipated to grow to USD 34.8 billion by 2032, with a CAGR of 16.84% from 2024 to 2032.”
The biometric payment market is rapidly advancing as concerns over digital security and the desire for convenience drive widespread adoption of biometric authentication. These payment systems rely on unique biological markers—such as fingerprints, facial and iris recognition, and voice verification—to enable secure, contactless transactions. Increasingly favored by financial institutions, retailers, and tech companies, biometric payments are gaining momentum due to rising mobile payment use, e-commerce growth, and consumers’ preference for secure, effortless payment solutions. Recent research indicates that approximately 72% of global consumers now prefer biometric authentication over traditional PIN security, underscoring the market’s shift toward biometrics. Top players, including Apple, Mastercard, and Amazon, are advancing biometric payment technologies, often embedding them within mobile devices and digital payment platforms. For example, Apple Pay and Google Pay leverage fingerprint and facial recognition for quick, secure transactions. Mastercard’s “Smile to Pay” system, which uses facial recognition, launched in numerous regions, with over 500 stores in China adopting it in 2023. This rollout reduced transaction times by nearly 30%, highlighting the demand for biometric solutions in high-volume retail.
Key growth drivers for this market include heightened concerns over data security and the demand for fraud prevention in digital payments. Additionally, governments, particularly in Europe, are strengthening security standards with mandates like PSD2, which requires multi-factor authentication for online transactions. Biometric payments meet these regulatory standards while enhancing user experience.
Rising smartphone use in emerging markets is another vital growth factor. Asia-Pacific and Latin America are seeing rapid adoption of biometric-enabled smartphones, driven by affordable devices and expanding internet access. This trend opens doors for banks and retailers to reach previously underserved populations, accelerating biometric payment uptake.
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Major Players Analysis Listed in this Report are:
- Apple Inc. – Apple Pay
- Samsung Electronics – Samsung Pay
- Google LLC – Google Pay
- Amazon.com, Inc. – Amazon One
- Microsoft Corporation – Windows Hello
- NVIDIA Corporation – DeepStream SDK
- Mastercard Incorporated – Mastercard Identity Check
- Visa Inc. – Visa Token Service
- Gemalto (Thales Group) – Thales Gemalto Biometric Authentication
- Fingerprint Cards AB – Fingerprint Sensors
- Idemia – MorphoWave
- HID Global Corporation – HID Mobile Access
- NEC Corporation – NEC’s NeoFace
- SecuGen Corporation – SecuGen Hamster Pro
- Cognitec Systems GmbH – FaceVACS
- Aware, Inc. – BioSP
- MorphoTrust (Idemia) – MorphoTrust Biometric Solutions
- Biometric Signature ID – Biometric Signature Authentication
- Veridium – VeridiumID
- ZKTeco Co., Ltd. – ZKTeco Fingerprint Time Attendance
Biometric Payment Market
| Report Attributes | Details |
| Market Size in 2023 | USD 8.6 Billion |
| Market Size by 2032 | USD 34.8 Billion |
| CAGR | CAGR of 16.84% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Regional Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe [Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]). Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America) |
| Key Growth Drivers | •Government mandates like the EU’s PSD2 require strong customer authentication, fostering biometrics adoption.
•Increased online fraud has created the demand for secure, PIN-free authentication methods. •Biometrics offers faster, more convenient transactions, aligning with modern user expectations |
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Segmentation Analysis
By Technology
In 2023, the contact segment dominated the market and accounted for a significant revenue share of the market. Fingerprint and palm biometric technologies introduced to the front end of a physical sensor require direct touch for this biometric identification or authorization to occur. Such intimate interaction typically provides very high accuracy readings and reduces errors and false rejection rates. Well-known in the market for years, contact-based biometric systems (in particular fingerprint recognition) are a well-established technology adopted by many sectors of activity and therefore provide users with a trusted and reliable medium.
The contactless segment is expected to register the highest CAGR during the forecast period. Contactless Technologies covers anything from mobile devices to large-scale public infrastructure like airports and stadiums. Such flexibility makes them useful for many applications aside from payments. In addition, contactless systems can scale up to handle high throughputs of users with no infrastructure overhead. Such as a facial recognition system, which can verify thousands of users in just seconds making it very useful for large events or public transport.
Biometric Payment Market Segmentation:
By Component
- Hardware
- Software
By Application
- BFSI
- Retail & E-commerce
- Healthcare
- Travel & Hospitality
- Government
- Others (Transportation)
By Biometric Mode
- Fingerprint Recognition
- Facial Recognition
- Iris Recognition
- Voice Recognition
By Technology
- Contact
- Contactless
Regional Landscape
In 2023, North America led the biometric payment market, fueled by continuous innovations in biometric technology, growing consumer demand for secure and convenient payment solutions, and proactive adoption by financial institutions and tech companies.
The Asia-Pacific region is expected to witness the highest growth rate during the forecast period. With countries like China, India, and Japan at the forefront, this region has become one of the world’s fastest-expanding markets for mobile and digital payments, driving the rapid adoption of biometric solutions, particularly fingerprint and facial recognition technologies. The large, youthful, and tech-savvy population in Asia-Pacific eagerly embraces these new biometric authentication methods, valuing the speed, security, and convenience they offer. In China, for instance, popular e-wallets like Alipay and WeChat Pay have seamlessly integrated biometric authentication through facial recognition, making it a standard security feature in both online and offline retail transactions.
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Recent Developments
March 2024: Mastercard partnered with a biometrics technology provider to introduce fingerprint-enabled card payments across several European markets.
April 2024: Amazon expanded its biometric payment option, Amazon One, allowing customers to pay with a palm scan at more retail locations across North America.
Table of Contents – Major Key Points
1. Introduction
2. Executive Summary
3. Research Methodology
4. Market Dynamics Impact Analysis
5. Statistical Insights and Trends Reporting
6. Competitive Landscape
7. Biometric Payment Market Segmentation, by Component
8. Biometric Payment Market Segmentation, by Application
9. Biometric Payment Market Segmentation, by Technology
10. Biometric Payment Market Segmentation, by Biometric Mode
11. Regional Analysis
12. Company Profiles
13. Use Cases and Best Practices
14. Conclusion
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