WASHINGTON, Aug. 18, 2022 (GLOBE NEWSWIRE) -- Vantage Market Research’s recent analysis of the Global Face Swiping Payment Market finds that the increasing technology adoption by many consumers and merchants for small value transactions is anticipated to propel the growth of the Face Swiping Payment Market during the forecast period. In addition, the provision of potential benefits such as ease of convenience and lesser transaction time is expected to propel the growth of the Global Face Swiping Payment Market during the forecast period.
The Global Face Swiping Payment Market revenue is expected to reach a value USD 9.5 Million in 2028.
The Global Market revenue was valued at USD 3.5 Million in 2021 and is expected to grow to exhibit a Compound Annual Growth Rate (CAGR) of 18.2% during the forecast period; states Vantage Market Research, in a report, titled “Face Swiping Payment Market Size, Share & Trends Analysis Report by Type (Payment Equipment, Payment System), by Application (Supermarket, Restaurant, Travel, Other Applications), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”.
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Key Industry Findings & Insights from the report:
- The global Face Swiping Payment Market was valued USD 3.5 Million in 2021 and is all set to surpass USD 9.5 Million by 2028, exhibiting a CAGR of 18.2% during the forecast period 2022-2028.
- In terms of revenue, the application segment held the largest revenue share of in 2021 and is estimated to maintain its dominance for the forecast period.
- In terms of revenue, the product segment held the second largest market share of in 2021 and is estimated to grow rapidly during the forecast period.
- The growth can be attributed to rapid urbanization, technological advancement, an increase in investment by developing countries.
- Asia Pacific captured the lion share in 2021 and is projected to retain its position over the forecast period. This can be attributed to the existence of a significant number of Face Swiping Payment industry companies and the high adoption rate owing to government measures that stimulate this industry in this region. The growth is primarily due to the increasing collaborations.
Market Dynamics:
Drivers:
Rising Adoption of Face Swiping Payment Market in Various Applications to Drive the Market Expansion
The growing adoption of face-swiping technology for various needs plays a vital role in market development. Several cities are endeavoring to extend Face Swiping Payment Market systems at bus and metro stations to upgrade customer experience. For instance, Moscow city declared the float of Face Pay, a face swiping payment system executing more in Mosmetro stations. Metro riders need to insert the Mosmetro mobile app, upload their photo, and associate their bank accounts and metro cards to make transactions efficiently with the help of Face Pay.
Furthermore, Face Swiping Payment Market systems are used for superior identity verification and security determinations. The company expected to use the funding for international expansion and drive product improvements and technological innovations that can assist commercial actions for business evolution. Additionally, an emerging scarcity of adequate understanding and technical know-how about technology and the increasing concerns over privacy protection, mainly in developing countries, is anticipated to hamper the development of the Face Swiping Payment Market over the forecast period.
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Rapid Increase in Demand for these Payments after the Outbreak of COVID-19 Stimulated the Market Growth
The requirement for face-swiping payments has dramatically increased in the wake of the COVID-19 pandemic. Multiple unpredicted issues, such as the need to decrease the usage of payment systems, which involve physical contact, are prompting the merchants to consider contactless payment technologies like face swiping to make contactless payments. Furthermore, face swiping payment methods are utilized for better identity verification and security measures. The Face Swiping Payment Market involved in contactless payments and information varies. It takes on various forms, including mobile wallets, applications, bar codes, QR codes, NFC cards, and much more. Face Swiping Payment Market creates space for developing sustainable financial products that cater to low-income and unprotected groups by removing obstacles that include lack of identification, formal income, and geographical distance. The extreme increase in the face-swiping payment market also increases the risks of fraud and abuse during COVID-19. Therefore, this Face Swiping Payment Market technology has gained momentum in major cities worldwide.
Segment Analysis:
- Type
- Payment Equipment
- Payment System
- Application
- Supermarket
- Restaurant
- Travel
- Other Applications
- Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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The Report on Face Swiping Payment Market Highlights:
- Assessment of the market
- Premium Insights
- Competitive Landscape
- Historic Data, Estimates, and Forecast
- Company Profiles
- Global and Regional Dynamics
Regional Analysis:
North America Anticipated Potential Market Growth
North America is expected to dominate the growth of Face Swiping Payment Market in 2021. The development of the Face Swiping Payment Market is due to the high-quality identity verification and security determination. The various cities are trying to enhance face recognition payment systems at bus and metro stations to boost customer experience.
For instance, the United States is anticipated to increase the Face Swiping Payment Market. The significant factors influencing them are providing the right business opportunities for business players. This Face-swiping payment market is the perfect combination of client performance and economic trends to enhance business ideas. It also enables the task of the prominent leader of the company by decreasing the risks related to the activity. Face Swiping Payment Market also helps companies to understand the main threats and opportunities faced by business players in the market. All these factors are responsible for expanding this region's Face Swiping Payment Market.
Browse market data Tables and Figures spread through 141 Pages and in-depth TOC on "Face Swiping Payment Market Size, Share & Trends Analysis Report by Type (Payment Equipment, Payment System), by Application (Supermarket, Restaurant, Travel, Other Applications), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)".
List of Prominent Players in the Face Swiping Payment Market:
- Alibaba Group Holding Limited
- Tencent Holdings Limited
- China UnionPay
- Pop ID
- Telpo
- Banco Bilbao Vizcaya Argentaria S.A
Recent Developments:
June 2020: PopID and Panasonic Corporation announced their partnership to provide payment processes and facial recognition ordering to retail and restaurant industries.
Key Questions Answered in The Report:
- Which region will show the fastest and highest growth in the near future?
- Which are the top five players and their weakness and strength of the Market?
- What will be the future innovation in the upcoming six years?
- Which application and product will lead the largest share of the Market?
- What are the growth drivers, restraints and challenges of the industry?
- What will be the CAGR and size of the Face Swiping Payment Market for the base year and forecast period?
This market titled “Face Swiping Payment Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:
| Parameter | Details |
| Market Size Provided for Years | 2016-2028 |
| Base Year | 2021 |
| Historic Years | 2016-2020 |
| Forecast Years | 2022-2028 |
| Segments Covered | • Type ° Payment Equipment ° Payment System • Application ° Supermarket ° Restaurant ° Travel ° Other Applications • Region ° North America ° Europe ° Asia Pacific ° Latin America ° Middle East & Africa |
| Region & Counties Covered | • North America ° U.S. ° Canada ° Mexico • Europe ° U.K ° France ° Germany ° Italy ° Spain ° Rest Of Europe • Asia Pacific ° China ° Japan ° India ° South Korea ° South East Asia ° Rest Of Asia Pacific • Latin America ° Brazil ° Argentina ° Rest Of Latin America • Middle East & Africa ° GCC Countries ° South Africa ° Rest Of Middle East & Africa |
| Companies Covered | • Alibaba Group Holding Limited • Tencent Holdings Limited • China UnionPay • PopID • Telpo • Banco Bilbao Vizcaya Argentaria S. A |
| Report Coverage | Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis |
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- Top Companies in Face Swiping Payment Market | Major Players Market Growth Analysis, Size & Share, Historical and Future data.
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