Biometric cards are gaining popularity owing to their enhanced security features when compared to traditional cards. Biometric cards incorporate biometric technologies such as fingerprint, iris recognition, and facial recognition which authenticate the cardholder's identity. This provides banks and other institutions with multi-factor authentication which makes it difficult for fraudsters to misuse lost or stolen cards.
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 increasing adoption of biometric cards across various end-use industries such as banking, government, and corporate is driving the market growth. Governments across the world are issuing biometric national IDs which use fingerprint, iris, or facial recognition for authentication. For instance, Indian government launched Aadhaar biometric national ID program which has issued biometric IDs to over a billion citizens. Banks are also partnering with biometric card manufacturers to issue contactless and contact biometric payment cards to customers. This is expected to accelerate the biometric card market growth during the forecast period.
Segment Analysis
The global biometric card market is dominated by contact biometric cards segment. Contact biometric cards rely on fingerprint scanning technology integrated into the card surface. They are widely used for government ID cards, employee ID cards, driver's licenses etc due to their affordability as compared to contactless biometric cards.
Key Takeaways
The global biometric card market analysis is expected to witness high growth over the forecast period of 2023 to 2030. The market is projected to rise at a CAGR of 3.3% during the forecast period to reach a size of US$ 48.88 Mn by 2023 from US$ 38.68 Mn in 2019.
Regional analysis
Europe accounts for the largest share in the global biometric card market currently. The early adoption of biometric systems for applications such as e-passports, ID cards etc. along with stringent regulations related to data security have driven growth in the European biometric card market. Asia Pacific region is expected to witness the highest growth rate over the forecast period attributed to growing population, rising disposable incomes and increasing demand for secure identification systems across various applications such as finance, healthcare, government, etc. in emerging countries such as India and China.
Key players
Key players operating in the biometric card market are Gemalto, Cards stid, Giesecke+Devrient Mobile Security GmbH , IDEMIA France SAS, Eastcompeace Technology Co., Ltd., Dynamics Inc, Watchdata, DIHUN Electronic Technology Co., Ltd., Goldpac Group, Keitu. These players are focusing on new product launches, partnerships and agreements to expand their presence and market share in the biometric card market. For instance, Gemalto launched biometric Thales to enable secure access to digital banking services on mobile.
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