Biometric Cards Market to Reach $89 Billion Globally by 2032 at 22.4%
The increasing concerns about identity theft, fraud, & data breaches along with the rising demand for secure & efficient identification methods and increasing regulations around data security & privacy are the factors expected to drive the growth of the global biometric cards market in the forecast period from 2023 to 2032.
However, privacy & security concerns and the high production costs associated with biometric cards may restrict market growth in the coming future. Contrarily, industry collaboration, advancements in biometric technology, and regulatory requirements are expected to offer remunerative opportunities for the biometric cards market expansion during the forecast period.
The access control sub-segment accounted for the largest global biometric cards market share of 42.6% in 2022 and is expected to hold major share during the forecast period. The rising security threats in finance, government, and corporate sectors fuel the demand for advanced access control measures. In addition, stringent regulations in industries like finance and healthcare push organizations to adopt biometric systems to meet compliance standards. Moreover, the convenience offered by biometric cards accelerates adoption in environments requiring swift and secure access, like offices, airports, and hospitals.
The retail sub-segment held the largest market share of 34.6% in 2022 and is predicted to grow at the highest CAGR of 23.1% during the forecast period. This dominant growth can be attributed to the increased concerns about fraud and identity theft among retailers, prompting the adoption of more secure payment methods. Besides, the added security layer provided by biometric authentication, utilizing unique biological traits for verification, and the convenience & speed offered to consumers during transactions are leading to enhanced customer satisfaction and potentially increased sales for retailers.
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