The global Biometric Card Market is estimated to be valued at US$ 48.88 Mn in 2023 and is expected to exhibit a CAGR of 77% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Biometric cards integrate biometric technology into smart cards to authenticate users. Fingerprint scanning and facial recognition are the most common biometric modalities used in biometric cards. They offer enhanced security over conventional smart cards by verifying cardholders' identities through their unique biometric traits.

Market key trends:
One of the key trends in the biometric card market is the increased adoption in government Identification schemes. Several national ID programs are launching biometric smart card-based ID projects to eliminate identity fraud and securely verify citizens' identities. For instance, the UIDAI of India has issued over 1.2 billion biometric Aadhaar cards as of 2020. Similarly, other nations are also investing in biometric national ID programs. Increased support from governments worldwide through funding and favorable policies is expected to drive the demand for biometric cards in the coming years.

SWOT Analysis
Strength: Biometric card offers enhanced security by authenticating users using their unique biological characteristics like fingerprints, vein patterns, face recognition etc. This makes biometric cards almost impossible to replicate and helps prevent identity theft.
Weakness: Biometric data collection, storage and matching raises privacy concerns. There are also chances of errors in biometric matching and false acceptance rates. High infrastructure investment is required for deployment of biometric cards.
Opportunity: Growing demand for contactless payment and need for secured identification is driving the adoption of biometric cards. Increasing issuance of biometric enabled e-passports and national ID cards also presents an opportunity. Support from governments worldwide for digitization further boosts the market growth.
Threats: Security threats like data breach during transmission and storage can compromise biometric data. Technological limitations and interoperability issues also pose challenges. Preference for alternative authentication technologies threatens market growth.

Key Takeaways
The Global Biometric Card Market Demand  is expected to witness high growth, exhibiting CAGR of 77% over the forecast period, due to increasing demand for secured authentication in financial transactions and government ID programs.

Regional analysis
Asia Pacific dominates the global biometric card market and is expected to grow at the fastest rate due to rapid infrastructure development and digital initiatives by governments in countries like India, China and Japan. Europe is another major market driven by strict data privacy regulations and increasing adoption of contactless payment systems.

Key players
Key players operating in the biometric card market are Shanghai Fudan Microelectronics Group Co. Ltd., Zwipe AS, 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. The players are focusing on developing more secure and user friendly biometric card solutions to gain more projects from governments and financial institutions.

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