PUBLISHER: Allied Market Research | PRODUCT CODE: 1225054
PUBLISHER: Allied Market Research | PRODUCT CODE: 1225054
Biometric technologies generally refer to the use of technology to identify a person based on some aspect of their biology. Furthermore, fingerprint technologies render high-performance security solutions utilizing an individual's fingerprint impression. Fingerprint payment is a point-of-sale (POS) technology that uses biometric authentication based on fingerprint characteristics to identify the user and authorize the deduction of funds from a bank account. Fingerprint payment, based on finger scanning, is the most common biometric payment method.
Surge in applications of fingerprint payment in commercial and government sectors such as government and private offices and public spaces such as airports and malls is one of the major factors driving the growth of fingerprint payment market. In addition, increase in concern for safety and security and biometric technologies friendly usage are some factors propelling the market growth. However, the cost of installing these technologies in office premises and other spaces is higher for which consumers do not opt for such high-level security equipment which is limiting the growth of the market. In addition, technological limitations such as poor resolution of the image and low-quality capture devices can cause problems in identification and fear of privacy intrusion are some of the factors hampering the fingerprint payment market growth. On the contrary, the technological development in the field of biometrics which can be integrated with machine learning and algorithm can be used as a strong authentication system. Furthermore, dependency on biometrics technology for authentication purpose by various industry verticals is expected to provide lucrative opportunities for the growth of biometrics technology market the coming years.
The fingerprint payment market is segmented on the basis of component, type of fingerprint scanner, end user and region. On the basis of component, it is categorized into hardware, software and services. On the basis of type of fingerprint scanner, it is classified into optical fingerprint scanners, capacitive fingerprint scanners, ultrasonic fingerprint scanners, and thermal fingerprint scanners. On the basis of end user, it is divided into retail, government, transportation, healthcare, hospitality, government, and others. On the basis of region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The report analyzes the profiles of key players operating in the fingerprint payment market such as Apple Inc., Anviz Global Inc., Fingerprint Cards AB, IDEX Biometrics, IDEMIA, Infineon Technologies AG, NEC Corporation, Precise Biometrics, Synaptics Incorporated and Thales. These players have adopted various strategies to increase their market penetration and strengthen their position in the fingerprint payment industry.
Key benefits for stakeholders
By Component
By Type of Fingerprint Scanners
By End User
By Region