Dublin, July 25, 2023 (GLOBE NEWSWIRE) -- The "Face-swiping Payment Market Size, Share & Trends Analysis Report By Type (Payment Equipment, Payment System), By Application, By Region, And Segment Forecasts, 2023 - 2030" report has been added to ResearchAndMarkets.com's offering.
The face-swiping payment market is expected to witness substantial growth in the coming years, with the global market size projected to reach USD 18.46 billion by 2030, expanding at a CAGR of 19.9% from 2023 to 2030. The rise in digitalization accelerated by the COVID-19 pandemic, coupled with the increasing penetration of the internet worldwide, is anticipated to drive market growth. Moreover, the growing adoption of face-swiping payments and increased investments in the technology by key market players like Mastercard, Alipay, and PopID, Inc. are expected to further fuel the market's expansion during the forecast period.
One of the significant factors contributing to the growth of the face-swiping payment market is the increasing investments by venture capital firms and fintech companies in tech start-ups. These investments aim to help these companies expand their product portfolios and strengthen their market position. For instance, PayByFace B.V., a biometric payment POS platform provider, received a strategic investment from SafexPay, a fintech firm, in June 2022. The investment was aimed at accelerating the global growth of PayByFace B.V.'s face biometric payment solution.
Face-swiping technology enables consumers to make purchases effortlessly by facing camera-equipped point-of-sale (POS) machines, ensuring faster and more secure face payments. Notably, mobile wallet providers like Alipay have extended support for the face swipe feature to enable users to make quicker payments, driving further adoption of the technology and positively impacting market growth.
The ongoing COVID-19 pandemic has also been favorable for the face-swiping payment industry. The growing demand for biometrics for verification or unlocking mobile phones has made consumers more familiar with the use of biometrics, presenting new growth opportunities for face-swiping payment solutions. According to a 2021 survey by IDEMA, 84% of respondents use biometric authentication methods, and approximately 43% of respondents have utilized facial biometrics to unlock smartphones.
Key Highlights of the Face-Swiping Payment Market Report:
- Rapid Growth of Payment System Segment: The payment system segment is expected to witness rapid growth over the forecast period, driven by increasing investments in face-recognition technology for introducing biometric face-swiping payments.
- Steady Growth in the Travel Segment: The travel segment is projected to witness steady growth, fueled by the rising demand for AI-enabled payment platforms for fare collection in various modes of transport such as buses and metros.
- Dominance of Asia Pacific in 2022: Asia Pacific led the industry in 2022, with the growing adoption of face-enabled payment terminals across the region expected to propel regional growth.
The face-swiping payment market report provides valuable insights into the industry's trends, dynamics, challenges, and opportunities. The report includes detailed market segmentation by type (payment equipment and payment system), application (retail, restaurant, travel, and others), and region (North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa). It also presents a comprehensive analysis of key market players, their financial performance, product benchmarking, and market positioning.
Investors, fintech companies, and key stakeholders can leverage the report's quantitative and qualitative analysis to make informed decisions and capitalize on the growth potential of the global face-swiping payment market.
Market Dynamics
One of the primary drivers shaping the market is the heightened use of facial recognition technology across industries. From security and surveillance to healthcare and retail, the adoption of facial recognition has witnessed a significant surge.
Another key driver propelling the market's expansion is the rising preference for digital payments among customers. With consumers increasingly embracing digital transactions, the demand for seamless and secure facial recognition-based payment solutions has never been greater.
However, the market is not without its challenges. The evolving legal framework and privacy concerns have emerged as critical obstacles that need to be navigated prudently. [Your Company Name] acknowledges the significance of these issues and works relentlessly to ensure its facial recognition solutions comply with all relevant regulations and prioritize user privacy, instilling trust among its clientele.
Amidst these challenges, there lie tremendous opportunities for growth. The increasing partnerships between companies and the influx of private investments for facial recognition capabilities present a promising landscape.
Companies Mentioned:
- Alipay
- Cloudwalk Technology Co., Ltd.
- Facepay
- Mastercard
- NEC Corporation
- Pax Global Technology Limited.
- Paybyface B.V.
- Popid, Inc.
- Snappay Inc.
- Telepower Communication Co., Ltd. (Telpo)
- Visionlabs
For more information about this report visit https://www.researchandmarkets.com/r/8czswf
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
