Dublin, Feb. 27, 2024 (GLOBE NEWSWIRE) -- The "India Fingerprint Payment Market Competition Forecast & Opportunities, 2028" report has been added to ResearchAndMarkets.com's offering.
A comprehensive research publication centered on the India Fingerprint Payment market has been published, indicating a strong growth trajectory for the sector through to 2028. The market's expansion is bolstered by the rising necessity to secure sensitive data and the upscaling of security measures against increasing instances of fraud and terrorism.
The surge in national security concerns, along with increasing investments in secure payment systems across various industries, is fueling the adoption of fingerprint payment solutions. Industries such as government, law enforcement, and military are extensively utilizing biometric methods to ensure a higher level of security in transactions.
Technology Advancements Driving Market Expansion
With biometric systems becoming prevalent in consumer electronics, propelled by heightened adoption of mobile devices, the India fingerprint payment market is set to broaden its horizons. Fingerprint payment solutions offer a convenient and secure method of identity verification for transactions, facilitating a seamless shopping experience for consumers while bolstering retailer security.
Convenience and security are at the forefront of financial transactions, and the fingerprint payment method stands out as an exemplary model. It integrates both passive and active biometric techniques, enhancing the consumer experience and retailer confidence.
Financial Inclusion Initiatives Spur Demand
- The integration of biometric sensors in payment systems not only ensures robust security but also propels the shift towards next-generation financial services. Fingerprint payment systems are shaping up to play a pivotal role in financial inclusion, opening up more markets and opportunities for stakeholders.
- Developments in the Indian banking sector have been monumental, with technology spearheading the transition to convenient, home-based banking services. Biometrics, particularly fingerprints, have addressed customer security concerns associated with digital banking channels, ensuring personalized and secure banking experiences.
Integration of Fingerprint in Aadhar-Enabled Payments
Fingerprint technology, a key player in biometric systems, is being leveraged for Aadhar-enabled payment systems, eliminating the need for multiple passwords and enhancing transaction security.
Advancements in Biometric Technology
Biometric payment systems have witnessed significant advancements, with POS terminals now being capable of accepting diverse biometric authentications. The inclusion of IoT in biometric systems has further fortified the robustness of biometric data storage and transaction security.
Market Segmentation and Key Players
The India Fingerprint Payment market is meticulously segmented based on components, types of fingerprint scanners, and end-user industries, which include retail, government, transportation, healthcare, and hospitality, among others. Leading players shaping the market landscape include Synaptics Incorporated, Apple India Private Limited, Thales India Pvt. Ltd., and several others who are pivotal to the growth of this sector.
Challenges to Adoption
Despite the favorable market conditions, certain factors constrain the market's growth potential. Technology advancements have paved the way for cashless and cardless retail, and the current cost of biometric payment systems hinders widespread adoption. Nevertheless, with evolving consumer preferences and a race towards secure payment options, the market is ripe for further innovation and cost optimization.
The market is segmented to provide a detailed analysis, offering a granular view of the market across the West, North, South, and East regions of India. As the demand for secure and convenient payment solutions escalates, the India Fingerprint Payment market is positioned for considerable growth, catering to the evolving needs of a diverse consumer base and government directives.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 74 |
| Forecast Period | 2022 - 2028 |
| Estimated Market Value (USD) in 2022 | $420 Million |
| Forecasted Market Value (USD) by 2028 | $1165.3 Million |
| Compound Annual Growth Rate | 18.5% |
| Regions Covered | India |
Report Scope:
In this report, India Fingerprint Payment market has been segmented into the following categories:
India Fingerprint Payment Market, By Component:
- Solution
- Service
- Hardware
India Fingerprint Payment Market, By Type of Fingerprint Scanners:
- Optical Fingerprint Scanner
- Capacitive Fingerprint Scanner
- Ultrasonic Fingerprint Scanner
- Thermal Fingerprint Scanner
India Fingerprint Payment Market, By End User:
- Retail
- Government
- Transportation
- Healthcare
- Hospitality
- Others
India Fingerprint Payment Market, By Region:
- West India
- North India
- South India
- East India
Companies Profiled:
- Synaptics
- Apple India Private
- Thales India
- NEC Corporation India
- Precision Biometric India
- IDEMIA Identity & Security India
- Anviz Global
- India Acquisition Holding
- IDEX Biometrics
- Infineon Technologies India
For more information about this report visit https://www.researchandmarkets.com/r/vn87ak
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