The Biometric Card Market Is Driven By Growing Demand For Security
The biometric card market provides advanced security features to cards through biometric authentication. Biometric cards incorporate fingerprint sensors, iris or facial recognition features directly into payment or identity cards. These cards offer superior protection against card cloning, skimming and other frauds compared to traditional magnetic stripe or chip-based cards. The built-in biometric sensors on these cards authenticate the cardholder during transactions through fingerprint, iris or facial matching.
The global biometric card market is estimated to be valued at US$ 56.31 Mn in 2024 and is expected to exhibit a CAGR of 3.3% over the forecast period 2024 to 2031. The increasing demand for multifactor authentication in financial transactions and identity documents is a major driver for adoption of biometric cards globally. Biometric identity has distinct advantages over traditional authentication methods in terms of security and user convenience.
Key Takeaways
Key players operating in the biometric card market are Veolia, SUEZ Group, Waste Management, Waste Connections, CLEAN HARBORS INC., Biffa, Covanta Holding Corporation, Stericycle, REMONDIS SE & Co. KG, Republic Services, Inc., Cleanaway, Hawkvale Limited, FCC Environment, Rumpke, DS Smith, Hitachi Transport System, Ltd., Marius Pedersen a.s., Environmental Recovery Corporation of PA, Shell, Montello S.p.A.
The growing demand for enhanced security in financial transactions and digital identities is fueling adoption of biometric cards. Biometric cards offer multi-factor authentication through fingerprint, iris or facial biometrics integrated directly into payment cards, driving increased demand.
Major biometric card manufacturers are focusing on global expansion through partnerships with local fintech companies and card manufacturers. Partnerships allow biometric card providers to enter new markets and tap growing demand for contactless payment and identity solutions using advanced security features.
Market Drivers
The major driver for the Biometric Card Market Size is the need for advanced security against identity theft and financial fraud. Traditional magnetic stripe and chip-based cards are prone to card skimming, cloning and other vulnerabilities. Biometric cards authenticate cardholders using their unique fingerprint, iris or facial match during transactions, preventing unauthorized access. This enhances security for users and meets regulatory requirements for two-factor authentication in many countries. The convenience of direct biometric matching on cards without needing additional devices also supplements security and drives adoption of biometric cards.
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