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Biometric Smart Cards Market Segmented By type such as Contact Biometric Smart Cards and Contactless Biometric Smart Cards with identification type such as Fingerprint Biometric Smart Cards, Iris Biometric Smart Cards, Others
Continuous demand for enhanced security and identification systems during payment processes or transactions, authorising access and to identify an individual has led to the increasing adoption of biometric technology. Besides biometric systems, other entry or access systems such as smart cards are also available in the market. Continuous innovations in technology have enabled the integration of smart cards as well as biometric technology to offer biometric smart cards.
Since their inception, high adoption of biometric smart cards is witnessed, especially in developed countries such as the U.S. and the U.K in the BFSI industry vertical. Besides the BFSI industry vertical, biometric smart cards have applications in government as well as military & defence, hospitality, residential, industrial and telecommunication industry verticals, among others. With the progression of technology and the advantages associated with biometric smart cards, the market is expected to gain traction in terms of value during the forecast period.
One of the recent trends witnessed in the global biometric smart cards market is the introduction of contactless biometric smart cards for catering to the increasing demand for the same from the BFSI industry vertical. For instance, in June 2018, Precise Biometrics collaborated with NXP Semiconductor for integrating its Precise BioMatch Card software into NXP’s biometric smart cards.
The biometric smart cards market has witnessed considerable traction in the past four years in terms of value. Owing to the increasing demand for technologically advanced electronic products and increasing applications of biometric technology across the globe, the global biometric smart cards market is expected to witness double-digit growth during the forecast period.
The increasing adoption of smart cards is witnessed globally across various sectors, such as banking, government, healthcare and telecommunication, due to the convenience and enhanced end-user experience associated with them. The integration of biometric technology, i.e. the introduction of biometric smart cards, further adds a layer of security for authentication and identification in the aforementioned industry verticals.
Thus, the increasing demand for security, complimented by an increase in the adoption of smart cards and continuous innovations in technology, is expected to be the primary driving factor for the global biometric smart cards market. Furthermore, initiatives undertaken by the government for enhancing security and access & identification systems is also expected to boost the adoption of biometric smart cards. The demand for biometric smart cards is also complimented by a global increase in crime and trespassing cases.
Changing consumer spending behaviour owing to increasing disposable income has increased the demand for the implementation of advanced technologies in developing countries such as India, China, Brazil, etc. This has created high growth opportunities for the global biometric smart cards market in terms of value. Thus, it is recommended for vendors and service providers of biometric smart cards to invest and expand their business in these countries.
However, lack of resources for the implementation of biometric smart cards, in addition to the lack of awareness about the same in certain developing and underdeveloped countries, is hampering the growth of the global biometric smart cards market.
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Some of the key players in the biometric smart cards market are IDEMIA, IDEX, CardLogix Corporation, Precise Biometrics, Gemalto NV, NEXT Biometrics, IriTech, inc., JB Systems, Aware, Inc. and lenel.com.
The top players in the global biometric smart cards market are focusing on retaining their position by collaborating with their top-tier ecosystem partners for leveraging their solutions. IDEX, which is one of the Tier-1 players in the market, is one such player in the global biometric smart cards market. In April 2017, Mastercard launched its biometric smart card featuring IDEX’s first-of-its-kind fingerprint sensor.
By geography, the biometric smart cards market can be segmented into North America, Latin America, Western Europe, Eastern Europe, China, Japan, SEA & others in Asia Pacific and Middle East & Africa. Among these regions, the North America biometric smart cards market is expected to dominate the global biometric smart cards market during the forecast period owing to the high adoption of biometric smart cards in corporate offices, BFSI and governments in the region.
The Asia Pacific (including Japan and China) biometric smart cards market and the Europe biometric smart cards market are expected to follow the North America biometric smart cards market in the global biometric smart cards market in terms of revenue. The China biometric smart cards market is expected to exhibit the highest growth rate during the forecast period. The Latin America biometric smart cards market is also expected to witness a significant growth rate during the forecast period.
The research report presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to market segments such as geography, type, identification type, and end user.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, and inputs from industry experts and industry participants across the value chain.
The report provides in-depth analysis of parent market trends, macro-economic indicators, and governing factors, along with market attractiveness as per segment. The report also maps the qualitative impact of various market factors on market segments and geographies.