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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