Biometric Payments Market Report 2024 (Global Edition)

Global Biometric Payments Market Report 2024 Market Size Split by Type (Contact-Based, Contactless, Hybrid), by Biometric Mode (Fingerprint Recognition, Facial Recognition, Voice Recognition, Iris Sca...

Biometric Payments Market Report Description

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Biometric Payments Market Insights Video

Competitive Landscape of the Biometric Payments Market

The competitive landscape of the biometric payments market has changed drastically and become very dynamic. Major companies include established technology firms, financial institutions, providers of biometric solutions, and payment service providers. New entrants and startups are joining the market and competing by focusing on developing cutting-edge biometric authentication solutions for payments. Such common steps include strategic partnerships, mergers, and acquisitions, which a player would take to strengthen their market position and product offering. Therefore, it is expected that the competition in the Biometric Payments Market will increase with consumer demand for safe and convenient methods of payment, further fueling innovation and technological advancement in the industry.

In March 2024, Fingerprint Cards AB (Fingerprints) announced the first biometric payment card rollout in Turkey, partnering with Thales, a global leader in digital security, and Garanti BBVA and its clients. Fingerprints and Thales have launched their eleventh commercial roll-out of biometric payment cards internationally. (Source: https://www.marketscreener.com/quote/stock/FINGERPRINT-CARDS-AB-27811939/news/Fingerprints-supports-Thales-Biometric-Payment-Card-first-launch-in-Turkiye-with-Garanti-BBVA-46137651/) In November 2023, Mastercard partnered with NEC to deliver biometric checkout to the Asia-Pacific region. The agreement, which integrates NEC's facial recognition and liveness verification technology with Mastercard's payment operations, comes at a time when consumers and businesses are rapidly adopting biometrics. (Source: https://www.pymnts.com/news/biometrics/2023/mastercard-launches-biometric-payments-partnership-with-nec/)

Top Companies Market Share in Biometric Payments Industry: (In no particular order of Rank)

• Apple Inc.
• Google LLC
• Mastercard Incorporated
• Visa Inc
• PayPal Holdings
• Inc
• Fingerprint Cards AB
• Alibaba Group Holding Limited
• Samsung Electronics Co.
• Ltd.
• Tencent Holdings Limited
• Paytm
• Ant Group
• Network International Holdings plc
• PayTabs
• Confidential Data
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• Data Hidden

*List of Second Tier Companies, List of Third Tier/ Start-up Companies (Inquire with sales executive) Request Any Company Profile for Preview Purpose OR Data Validation!

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Regional Analysis of the Biometric Payments Market

Which Region Dominates the Biometric Payments Market in 2024?

According to Cognitive Market Research, North America led the market for biometric payment cards and produced the highest revenue. The existence of multiple market participants has contributed to the regional market's growth. In North America, the rising use of contactless cards as a payment method is expected to create new market opportunities.

Which Region is Expanding at the Fastest CAGR?

Asia-Pacific is expected to make significant gains during the projected period, with the greatest compound annual growth rate (CAGR). Because there are fewer inexpensive options for these devices and customers are becoming more aware of the higher security benefits of biometric payment solutions, the biometric payment market is predicted to develop throughout the forecast period..

The current report Scope analyzes Biometric Payments Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) or any country Edition data then please write us on info@cognitivemarketresearch.com

• North America (United States, Canada, Mexico)
• Europe (United Kingdom, France, Germany, Italy, Russia, Spain, Sweden, Denmark, Netherlands, Switzerland, Belgium)
• Asia-Pacific (China, Japan, Korea, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest of APAC)
• South America (Brazil, Argentina, Colombia, Peru, Chile, Rest of South America)
• Middle East and Africa (Saudi Arabia, Turkey, Nigeria, UAE, Egypt, South Africa, GCC Countries, Rest of MEA)

The above graph is for illustrative purposes only.

North America Biometric Payments Market

According to Cognitive Market Research, the global Biometric Payments market size was estimated at USD 8969.6 Million, out of which North America held the major market share of more than 40% of the global revenue with a market size of USD 3587.84 million in 2024 and will grow at a compound annual growth rate (CAGR) of 16.2% from 2024 to 2031.

• According to Cognitive Market Research, the US had a major share in the Biometric Payments market with a market size of USD 2830.81 million in 2024 and is projected to grow at a CAGR of 16.0% during the forecast period. The U.S. market's technology improvements
• The Canada Biometric Payments market had a market share of USD 430.54 million in 2024 and is projected to grow at a CAGR of 17.0% during the forecast period. Canada’s demand for advanced authentication technologies
• The Mexico Biometric Payments market is projected to witness growth at a CAGR of 16.7% during the forecast period, with a market size of USD 326.49 million in 2024.

Europe Biometric Payments Market

According to Cognitive Market Research, the global Biometric Payments market size was estimated at USD 8969.6 Million, out of which Europe held the market share of more than 30% of the global revenue with a market size of USD 2690.88 million in 2024 and will grow at a compound annual growth rate (CAGR) of 16.5% from 2024 to 2031.

• The United Kingdom Biometric Payments market had a market share of USD 452.07 million in 2024 and is projected to grow at a CAGR of 17.3% during the forecast period. In the UK, Bio Biometric Payments sales witness an upswing due to the adoption of biometric technologies
• The France Biometric Payments market is projected to witness growth at a CAGR of 15.7% during the forecast period, with a market size of USD 247.56 million in 2024.
• According to Cognitive Market Research, the German Biometric Payments market size was valued at USD 532.79 million in 2024 and is projected to grow at a CAGR of 16.7% during the forecast period. In Germany, Biometric Payments surged due to the increasing demand for secure and convenient payment methods.
• The Italy Biometric Payments market is projected to witness growth at a CAGR of 15.9% during the forecast period, with a market size of USD 231.42 million in 2024.
• The Russia Biometric Payments market is projected to witness growth at a CAGR of 15.5% during the forecast period, with a market size of USD 417.09 million in 2024.
• The Spain Biometric Payments market is projected to witness growth at a CAGR of 15.6% during the forecast period with a market size of USD 220.65 million in 2024
• The Luxembourg Biometric Payments market is projected to witness growth at a CAGR of 16.6% during the forecast period, with a market size of USD 83.42 million in 2024.
• The Portugal Biometric Payments market is projected to witness growth at a CAGR of 16.3% during the forecast period, with a market size of USD 56.51 million in 2024.
• The Greece Biometric Payments market is projected to witness growth at a CAGR of 16.8% during the forecast period, with a market size of USD 32.29 million in 2024.
• The Rest of Europe's Bio Biometric Payments market is projected to witness growth at a CAGR of 15.2% during the forecast period, with a market size of USD 417.09 million in 2024.

Asia Pacific Biometric Payments Market

According to Cognitive Market Research, the global Biometric Payments market size was estimated at USD 8969.6 Million, out of which Asia Pacific held the market share of around 23% of the global revenue with a market size of USD 2063.01 million in 2024 and will grow at a compound annual growth rate (CAGR) of 20.0% from 2024 to 2031.

• According to Cognitive Market Research, the China Biometric Payments market size was valued at USD 928.35 million in 2024 and is projected to grow at a CAGR of 19.5% during the forecast period. Biometric Payments surged in China due to the increasing adoption of digital payment methods.
• The Japan Biometric Payments market is projected to witness growth at a CAGR of 18.5% during the forecast period, with a market size of USD 284.70 million in 2024.
• The India Biometric Payments market had a market share of USD 247.56 million in 2024 and is projected to grow at a CAGR of 21.8% during the forecast period. India's growing emphasis on security and convenience
• The South Korean Biometric Payments market is projected to witness growth at a CAGR of 19.1% during the forecast period, with a market size of USD 206.30 million in 2024.
• The Australian Biometric Payments market is projected to witness growth at a CAGR of 19.7% during the forecast period, with a market size of USD 107.28 million in 2024.
• The South East Asia Biometric Payments market is projected to witness growth at a CAGR of 21.0% during the forecast period, with a market size of USD 142.35 million in 2024.
• The Rest of Asia Pacific Biometric Payments market is projected to witness growth at a CAGR of 19.8% during the forecast period, with a market size of USD 146.47 million in 2024.

South America Biometric Payments Market

According to Cognitive Market Research, the global Biometric Payments market size was estimated at USD 8969.6 Million, out of which the Latin America held the market share of around 5% of the global revenue with a market size of USD 448.48 million in 2024 and will grow at a compound annual growth rate (CAGR) of 17.4% from 2024 to 2031. .

• According to Cognitive Market Research, the Brazil Biometric Payments market size was valued at USD 191.95 million in 2024 and is projected to grow at a CAGR of 18.0% during the forecast period. Biometric Payments flourished in Brazil due to the country's focus on enhancing payment security.
• Argentina's Biometric Payments market had a market share of USD 75.34 million in 2024 and is projected to grow at a CAGR of 18.3% during the forecast period. The government and financial institutions in Argentina are investing in infrastructure and technology to support the integration of biometric authentication in payment systems.
• Colombia Biometric Payments market is projected to witness growth at a CAGR of 17.2% during the forecast period, with a market size of USD 39.91 million in 2024.
• Peru Biometric Payments market is projected to witness growth at a CAGR of 17.6% during the forecast period, with a market size of USD 36.78 million in 2024.
• Chile Biometric Payments market is projected to witness growth at a CAGR of 17.7% during the forecast period, with a market size of USD 32.29 million in 2024.
• The Rest of Latin America's Bio Biometric Payments market is projected to witness growth at a CAGR of 16.5% during the forecast period, with a market size of USD 72.21 million in 2024.

Middle East and Africa Biometric Payments Market

According to Cognitive Market Research, the global Biometric Payments market size was estimated at USD 8969.6 Million, out of which the Middle East and Africa held the major market share of around 2% of the global revenue with a market size of USD 179.39 million in 2024 and will grow at a compound annual growth rate (CAGR) of 17.7% from 2024 to 2031..

• The GCC Countries Biometric Payments market is projected to witness growth at a CAGR of 18.5% during the forecast period, with a market size of USD 76.78 million in 2024. Biometric Payments sales flourish due to the increased usage of mobile banking and e-commerce
• The Egypt Biometric Payments market is projected to witness growth at a CAGR of 18.0% during the forecast period, with a market size of USD 18.84 million in 2024.
• The South Africa Biometric Payments market is projected to witness growth at a CAGR of 18.7% during the forecast period, with a market size of USD 28.34 million in 2024. Biometric Payments sales flourished in South Africa due to advancing technological innovations.
• The Turkey Biometric Payments market is projected to witness growth at a CAGR of 17.2% during the forecast period, with a market size of USD 15.43 million in 2024.
• The Nigeria Biometric Payments market is projected to witness growth at a CAGR of 16.8% during the forecast period, with a market size of USD 18.84 million in 2024.
• The Rest of the MEA Biometric Payments market is projected to witness growth at a CAGR of 16.7% during the forecast period, with a market size of USD 21.17 million in 2024.

Biometric Payments Market Analysis

Biometric Payments Market Type Segment Analysis

According to Cognitive Market Research, in 2023, the contact-based category dominated the biometric payment market. Contact-based biometric payment systems are growing in popularity because they provide improved security, lower the chance of fraud, and provide a smooth user experience.

The contactless segment is predicted to expand the fastest during the projection period. This is due to the growing number of people adopting contactless payment methods, which improve security and reduce transaction processing time, which is a crucial driver driving biometric payment market growth

The above Chart is for representative purposes and does not depict actual sale statistics. Access/Request the quantitative data to understand the trends and dominating segment of Biometric Payments Industry. Request a Free Sample PDF!

Biometric Payments Market Biometric Mode Segment Analysis

According to Cognitive Market Research, in 2023, the fingerprint recognition sector gained a significant amount of market share. This is because, as part of biometric payment systems, fingerprint authentication is frequently used due to its dependability, security, and ease of use. This technology makes use of unique biological features that are difficult to copy, making it a popular choice for safe transactions in an era of increasing identity theft and fraud. Fingerprint recognition is becoming increasingly popular among customers due to its simplicity and security, particularly with the growing usage of smartphones that integrate biometric authentication for payment systems, simplifying transactions and improving user experience.

The iris scans category is predicted to increase the fastest during the forecast period. This is due to the high scalability, non-invasiveness, and stability provided by iris recognition technology. Furthermore, the precision and dependability of iris recognition, as well as its high-security features and applications in a variety of industries like healthcare, consumer electronics, automotive, and government, all contribute to the growth of this category within the biometric payment market.

The above Graph is for representation purposes only. This chart does not depict actual Market share.

Biometric Payments Mode of Payment Segment Analysis

Biometric Payments Market Mode of Payment Segment Analysis

According to Cognitive Market Research, Biometric/Smart Cards are the dominant category. These cards use biometric authentication methods, such as fingerprint or iris scanning, to authenticate the user's identity, improving payment security and ease. Biometric smart cards are becoming more popular on the market due to their improved security features and ease of use.

Smartphones and tablets are the fastest-growing section of the Biometric Payments Market. With the increased adoption of mobile devices and the incorporation of biometric technology, such as fingerprint sensors and facial recognition in smartphones and tablets, this category is expanding rapidly

• Smartphone/Tablet
• Biometric/Smart Cards
• Others

Biometric Payments End Use Segment Analysis

Biometric Payments Market End-use Segment Analysis

According to Cognitive Market Research, In 2023, the retail and e-commerce segments will have a sizable market share. This is due to the growing popularity of contactless payment methods, the rise of e-commerce and digital payments, advances in biometric technology for increased security regulatory compliance, and the need to provide a better customer experience through secure and convenient payment solutions.

The healthcare segment is predicted to be the fastest-growing in the biometric payment market throughout the forecast period. This is due to the healthcare industry's unique requirements and obstacles in deploying secure payment solutions, making biometric payment systems an appealing alternative for improving security and expediting transactions within the healthcare sector.

• BFSI
• Retail and E-commerce
• Healthcare
• Transportation
• Government
• Others

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Vinayak Bali

Senior Research Analyst at Cognitive Market Research

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