Biometric Card Market to Reach US$15.55 Million by 2021, Dominated by Shanghai Fudan Microelectronics Group Co. Ltd
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| Biometric Card Market |
Market Overview:
The global Biometric Card Market is estimated to be valued at US$15.55 million in 2021 and is expected to exhibit a CAGR of 77.3% over the forecast period from 2022 to 2030, as highlighted in a new report published by Coherent Market Insights. Biometric cards are innovative payment cards that use biometric technology, such as fingerprint recognition, to provide secure and convenient transactions. These cards offer various advantages such as improved security, faster authentication process, and reduced fraud incidents. With the increasing need for secure payment solutions and the growing adoption of biometric technology, the demand for biometric cards is anticipated to witness significant growth in the coming years.
Market key trends:
One of the key trends in the biometric card market is the growing adoption of biometric payment cards by leading players. Shanghai Fudan Microelectronics Group Co. Ltd., Zwipe AS, Samsung's System LSI Business, Thales Group, Ethernom Inc., IDEX Biometrics ASA, Visa Inc., Goldpac Fintech, Mastercard Incorporated, Fingerprint Cards AB, ST Microelectronics NV, Seshaasai Business Forms (P) Ltd., and IDEMIA Group are among the key players in the market. These companies are investing heavily in research and development to enhance the security and functionality of biometric cards. They are also collaborating with banks and financial institutions to launch biometric payment cards, offering secure and convenient payment options to customers. The increasing adoption of biometric payment cards by key players is expected to drive market growth and contribute to the dominance of biometric cards in the payment industry.
Segment Analysis:
The biometric card market can be segmented based on technology, application, and end-user. In terms of technology, the market can be divided into fingerprint recognition, facial recognition, iris recognition, and others. Among these, fingerprint recognition is currently dominating the market segment due to its widespread adoption and high level of accuracy. Fingerprint recognition technology is widely used in biometric cards for secure access control, identification, and payment purposes. It has proven to be reliable and convenient for users, driving its dominance in the market segment.
Key Takeaways:
The global Biometric Card Market Scope is expected to witness high growth, exhibiting a CAGR of 77.3% from 2022 to 2030. This growth can be attributed to several factors, including the increasing need for secure payment solutions, growing concerns regarding identity theft and fraud, and the rising adoption of biometric technology in various sectors.
In terms of regional analysis, Asia Pacific is expected to be the fastest-growing and dominating region in the biometric card market. This can be attributed to the high population density, rapid urbanization, and increasing digital transactions in countries like China and India. The region is witnessing significant investment in the development of smart cities and the adoption of advanced technologies, creating opportunities for biometric card manufacturers.
Key players operating in the biometric card market include Shanghai Fudan Microelectronics Group Co. Ltd., Zwipe AS, Samsung's System LSI Business, Thales Group, Ethernom Inc., IDEX Biometrics ASA, Visa Inc., Goldpac Fintech, Mastercard Incorporated, Fingerprint Cards AB, ST Microelectronics NV, Seshaasai Business Forms (P) Ltd., and IDEMIA Group. These companies are focusing on product innovation, strategic collaborations, and mergers to gain a competitive edge in the market. The market is highly fragmented, with several key players vying for market share.
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