India fingerprint payment market is
expected to grow at a steady rate during the forecast period. This can be
majorly attributed to the desire for frictionless authentication while paying
in all channels. Moreover, government support and initiatives for the adoption
of fingerprint sensors is anticipated to boost the growth of fingerprint
payment market in India. In addition, in this rapidly evolving technological
landscape, there is no longer a place for the PIN while making payments through
cards. Advancements in fingerprint biometric technology allow the user to
authenticate a payment with a simple touch of the finger using a
biometric-enabled payment card, which is further expected to spur growth of
India fingerprint payment market in the forthcoming years. The need for
convenient and secure payment methods is increasing the demand for fingerprint
biometrics in the market. Fingerprints are almost as unique as DNA; they remain
the same from infancy to old age and are relatively easy to capture and compare
using widely available technology. Fingerprints are extremely difficult to
steal, forge, or imitate, which makes fingerprint payment technology an ideal
choice for authentication. In order to make biometric fingerprint technology
available and affordable to the mass market then both the card issuers and
producers of the fingerprint sensor must work together to reach a price point.
Based on application, the
fingerprint payment market is categorized into banking, retail, account
managing, government and others. Among them, the banking sector is anticipated
to witness high growth in the upcoming years. This growth can be attributed to
application of fingerprint payment technology by banks to develop
next-generation identification controls that combat fraud, further making
transactions more secure, and thereby enhancing the customer experience.
Some of the market players in India
fingerprint payment market are NXP Semiconductors, NEXT Biometrics, Fingpay, IDEX Biometrics, TROIKA Transsolutions
Pvt. Ltd, BIO-key, HYF Group, Axton Group, Suprema biometrics & security
and Integrated Biometrics. The key players in the market are focusing on
collaborations in order to expand their market share. However, recent
innovations have provided new levels of security, therefore creating a variety
of new market opportunities.
Years
considered for this report:
Historical Years: 2014-2017
Base Year: 2018
Estimated Year: 2019
Forecast Period: 2020–2024
Objective of the Study:
- To analyze and forecast the market size of India
fingerprint payment market
- To forecast India fingerprint payment market based
on application and regional distribution.
- To identify drivers and challenges for India
fingerprint payment market.
- To examine competitive developments such as
expansions, new product launches, mergers & acquisitions, etc., in India
fingerprint payment market.
- To identify and analyze the profile of leading
players operating in the India fingerprint payment market.
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TechSci Research performed both primary as well as
exhaustive secondary research for this study. Initially, TechSci Research sourced
a list of fingerprint payment service providers across the country.
Subsequently, TechSci Research conducted primary research surveys with the
identified companies. While interviewing, the respondents were also enquired
about their competitors. Through this technique, TechSci Research could include
the service providers which could not be identified due to the limitations of
secondary research. TechSci Research analyzed the product types, application
types and presence of all major fingerprint payment service providers across
the country.
TechSci
Research calculated India fingerprint payment market size by using a bottom-up
approach, where data for various end user industries and its application across
various product types were recorded and forecast for the future years. TechSci
Research sourced these values from the industry experts and company
representatives and externally validated through analyzing historical data of
these product types and applications for getting an appropriate, overall market
size. Various secondary sources such as company website, news articles, press
releases, company annual reports, investor presentations and financial reports
were also studied by TechSci Research.
Key Target
Audience:
- Fingerprint payment’s service providers
- Government bodies such as regulating
authorities and policy makers
- Industry associations
- Organizations, forums and alliances related to
fingerprint payment market
- Market research and consulting firms
The study is useful in providing answers to several critical
questions that are important for the industry stakeholders such as product
service providers, end users etc., besides allowing them in strategizing
investments and capitalizing on market opportunities.
Report Scope:
In this report, India fingerprint payment market has
been segmented into following categories, in addition to the industry trends which
have also been detailed below:
- Market, By Application:
- Banking
- Retail
- Account Managing
- Government
- Others
- Market,
By Region:
- North Region
- West Region
- East Region
- South Region
Competitive Landscape
Company Profiles: Detailed analysis of the major companies
present in India fingerprint payment market.
Available Customizations:
With the given market data, TechSci Research offers
customizations according to a company’s specific needs. The following
customization options are available for the report:
Company Information
- Detailed
analysis and profiling of additional market players (up to five).
Profit Margin Analysis
- Profit
margin analysis in case of direct and indirect sales channel.
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