SAN FRANCISCO, Dec. 8, 2022 /PRNewswire/ -- The global face-swiping payment market size is expected to reach USD 18.46 billion by 2030, expanding at a CAGR of 18.9% from 2022 to 2030, according to a new study conducted by Grand View Research, Inc. The rise in digitalization led by the COVID-19 pandemic and the increasing penetration of the internet across the globe is anticipated to drive market growth. For instance, according to the Digital 2021, Global Overview Report, almost 4.66 billion people worldwide had access to and used the internet as of January 2021.
Key Industry Insights & Findings from the report:
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The travel segment is expected to witness steady growth over the forecast period. The rising demand for AI-enabled payment platforms for fare collection in the various modes of transport such as buses and metros, among others is anticipated to fuel the growth of the segment in the forecast period.
Read 150-page market research report, "Face-swiping Payment Market Size, Share & Trends Analysis Report By Type (Payment Equipment, Payment System), By Application (Retail, Restaurant, Travel), By Region, And Segment Forecasts, 2022 - 2030", published by Grand View Research.
Face-swiping Payment Market Growth & Trends
Recently, venture capital firms started focusing on tech start-ups, assisting them in raising funds to expand their product portfolios and strengthen their market position. For instance, in December 2020, Nice & Green, a Swiss investment company invested USD 38 million in FacePhi, a facial biometric technology company. The investment was particularly made for the company's expansion and enhancement of the market share.
Face swiping technology enables consumers to make purchases simply by portraying in front of camera-equipped point-of-sale (POS) machines, which results in faster and more secure face payments. Furthermore, the mobile wallet providers such as Alipay and others have extended support for the face swipe feature to enable users to make faster payments. Thus, such ongoing trends are expected to further drive the market growth over the forecast period.
The global pandemic has been favorable to market growth. The growing demand for biometrics for verification, or unlocking mobile phones has made consumers familiar with the use of biometrics which is anticipated to create new growth opportunities for the face-swiping payment industry. For instance, according to the 2021 survey by IDEMA, 84% of the respondents use the biometric authentication method, out of which around 43% of the respondent have used facial biometrics for unlocking smartphones.
Face-swiping Payment Market Segmentation
Grand View Research has segmented the global face-swiping payment market based on type, application, and region:
Face-swiping Payment Market - Type Outlook (Revenue, USD Million, 2017 - 2030)
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Payment Equipment
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Payment System
Face-swiping Payment Market - Application Outlook (Revenue, USD Million, 2017 - 2030)
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Retail
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Restaurant
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Travel
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Other
Face-swiping Payment Market - Regional Outlook (Revenue, USD Million, 2017 - 2030)
List of Key Players in the Face-swiping Payment Market
Check out more related studies published by Grand View Research:
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Contactless Payment Market - The global contactless payment market size is expected to reach USD 164.15 billion by 2030, registering a CAGR of 19.1% during the forecast period, according to a new study conducted by Grand View Research, Inc. Growing adoption of new payment technologies, such as Host-based Card Emulation (HCE) and Near Field Communication (NFC) for the contactless payments, is anticipated to drive the market growth.
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Digital Payment Market - The global digital payment market size is expected to reach USD 361.30 billion by 2030, expanding at a CAGR of 20.5% over the forecast period, according to a new report by Grand View Research, Inc. The market growth can be attributed to the growing volume of cashless transactions worldwide. According to PwC, a consulting company, the global volume of cashless payments is expected to increase by more than 80% between 2020 and 2025, to nearly 1.9 trillion by 2025 from nearly 1 trillion transactions in 2020.
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3D Secure Payment Authentication Market - The global 3D secure payment authentication market size is expected to reach USD 2.76 billion by 2030, growing at a CAGR of 12.2% from 2022 to 2030, according to a new study conducted by Grand View Research, Inc. The rising demand for e-commerce has augmented the use of Card Not Present (CNP) transactions. As a result of such an increase in CNP transactions, the growth in CNP fraud transactions has been observed over the past few years.
Browse through Grand View Research's Next Generation Technologies Industry Research Reports.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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SOURCE Grand View Research, Inc.
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