Biometric Cards Market Expected to Reach $89 Billion by 2032

According to a new report published by Allied Market Research, titled, “Biometric Cards Market," The biometric cards market insights was valued at $12.6 billion in 2022, and is estimated to reach $89 billion by 2032, growing at a CAGR of 22.4% from 2023 to 2032.

Biometric cards are identification cards that incorporate biometric technology, typically in the form of a fingerprint, iris scan, or facial recognition data, to verify the identity of the cardholder. Biometric ID cards store biometric information securely on an embedded chip or magnetic stripe, allowing for reliable authentication when the cardholder interacts with various systems or services. Biometric cards are used in a variety of applications, including access control, financial transactions, border security, and government services, offering enhanced security and convenience compared to traditional identification methods.

Biometric payment cards offer a convenient way for consumers to make transactions without the need to remember PINs or carry physical cards. With a simple finger print reader, thumbprint device or other biometric authentication, users can quickly and securely complete transactions, enhancing the overall payment experience. Moreover, security concerns are paramount in the realm of digital transactions. Biometric authentication adds an extra layer of security by ensuring that only authorized users can access the card and make payments. This reduces the risk of fraud and unauthorized transactions, providing consumers with peace of mind.

Regulatory initiatives, such as PSD2 (Payment Services Directive 2) in Europe, emphasize the importance of strong customer authentication (SCA) to enhance the security of electronic payments. The convergence of consumer demand for convenience and security, advancements in biometric technology, regulatory requirements, and industry collaboration is driving the rapid growth of the biometric cards market value.

Integrating biometric technology into existing card infrastructure can be complex and costly. Many organizations hesitate to invest in new systems or undergo the process of integration due to these challenges. The implementation of biometric technology often involves substantial upfront costs, including hardware acquisition, software development, and integration expenses. Organizations may find it daunting to allocate resources for such investments, especially if they already have functional non-biometric systems in place. Biometric data, such as fingerprints or iris scans, raises privacy and security concerns.

Organizations must comply with stringent regulations to safeguard this sensitive information, adding another layer of complexity to the integration process. Implementing biometric technology across large-scale operations or within diverse organizational structures can pose scalability challenges. Ensuring consistent performance and reliability across different locations and user groups requires careful planning and testing.

Biometric cards industry can play a crucial role in the healthcare industry by securely storing patient information and ensuring accurate identification. They can be used for patient identification, access control to medical records, and authentication for prescription medications. Implementing biometric card systems in healthcare can help prevent medical identity theft, improve patient safety, and enhance the overall quality of care. Biometric cards ensure accurate patient identification, reducing errors in medical records and preventing mistaken identity cases. This accuracy is crucial for providing the right treatment to the right patient, particularly in emergency situations. Biometric authentication can be integrated into the process of dispensing prescription medications.

This ensures that only the intended recipient can access their medication, reducing the risk of medication errors and prescription drug abuse. Biometric cards can facilitate secure authentication for telemedicine appointments and remote patient monitoring systems. Patients can securely access virtual healthcare services from anywhere, knowing that their information is protected. Furthermore, the adoption of biometric cards in the healthcare industry offers numerous benefits in terms of security, accuracy, efficiency, and patient satisfaction, ultimately leading to improved healthcare outcomes.

The biometric cards market forecast is segmented on the basis of application, end user, and region. By application, it is classified into payments, access control, and others. By end user, it is divided BFSI, retail, government, healthcare, and others. By region, the market is analyzed across North America, Europe, Asia-Pacific, and Latin America.

The key players profiled in the biometric cards market report include Fingerprint Cards AB, IDEMIA, AUSTRIACARD HOLDINGS AG, IDEX Biometrics ASA, Thales, Zwipe, HID Global, CardLogix Corporation, SmartMetric Inc., and Samsung.

The biometric cards industry report offers a comprehensive analysis of the global biometric cards market trends by thoroughly studying different aspects of the market including major segments, market statistics, market dynamics, regional market outlook, investment opportunities, and top players working towards the growth of the market. The report also highlights the present scenario and upcoming trends & developments that are contributing toward the growth of the market. Moreover, restraints and challenges that hold power to obstruct the market growth are also profiled in the report along with the Porter’s five forces analysis of the market to elucidate factors such as competitive landscape, bargaining power of buyers and suppliers, threats of new players, and emergence of substitutes in the market.

Key Findings of the Study

• Based on application, the access control sub-segment emerged as the global leader in 2022 and the payments sub-segment is anticipated to be the fastest growing during the forecast period.
• Based on end user, the retail sub-segment emerged as the global leader in 2022 and is predicted to show the fastest growth in the upcoming years.
• Based on region, North America registered the highest market share in 2022 and Asia-Pacific is predicted to show the fastest growth in the upcoming years.