Face Swiping Payment Market

Market Synopsis:

The Global Face Swiping Payment Market was valued USD 3.5 Million in 2021 and is anticipated to reach a value of USD 9.5 Million by 2028. The Global Market is forecasted to grow by exhibiting a Compound Annual Growth Rate (CAGR) of 18.10% over the forecast period.

Face Swiping Payments are anticipated to be highly popular over the years to come as technological proliferation across industry verticals increases. Rising demand for convenient and fast payment systems is expected to boost the adoption of Face Swiping Payment across the world. Integration of advanced technologies, technological advancements, and the increasing popularity of facial recognition technologies are prime factors that favor the Face Swiping Payment Market growth across the forecast period. Increasing investments in automation in retail infrastructure are also predicted to positively influence Face Swiping Payment Market potential across the forecast period. However, safety concerns and a lack of awareness are expected to hinder the overall Face Swiping Payment Market growth through 2028. The COVID-19 pandemic boosted the adoption of Face Swiping Payment as it was compliant with social distancing norms. The Face Swiping Payment Market is anticipated to record good growth numbers in the post-pandemic era as consumer demand for contactless payment technologies increases.

Market Segmentation: Face Swiping Payment

The Face Swiping Payment Market is segmented based on Type, Applications, and Region. Based on the segment Type, the market is further sub-segmented into Payment Equipment and Payment System. Likewise, based on the segment Application, the market is sub-segmented into Supermarkets, Restaurants, Travel, and Other Applications.

Based on Type:

The demand for Payment Systems and Payment Equipment sub-segments of the Type segment is expected to drive the overall Face Swiping Payment Market growth across the forecast period. In addition, increasing investments in the Research and Development (R&D) of novel Payment Systems are also expected to favor growth in the Payment System sub-segment throughout the forecast period.

Based on Application:

The Supermarket sub-segment is anticipated to lead the Face Swiping Payment Market growth, followed by Restaurants and Travel sub-segments under the segment Applications over the coming years. Increasing advancements in retail technology and evolving payment technologies are expected to boost the adoption of Face Swiping Payment in multiple Supermarkets. In addition, increasing demand for automation is also likely to favor Face Swiping Payment Market potential across the forecast period.

North America accounts for a Dominant Market Share

In the global industry landscape, North America Face Swiping Payment Market accounted for a significant market share of 46.1% in 2021. The region is known for the quick adoption of novel technologies and hence is a profitable market for Face Swiping Payment providers. Furthermore, the presence of a technologically advanced retail infrastructure and the increasing popularity of automation in various industry verticals are expected to be prominent trends driving overall Face Swiping Payment Market growth in this region. In addition, the presence of crucial payment technology providers in this region is also expected to boost Face Swiping Payment Market growth. As a result, the United States is projected to emerge as the most lucrative market in this region.

The Asia Pacific Face Swiping Payment Market is anticipated to record growth at the fastest Compound Annual Growth Rate (CAGR) through 2028. Increasing technological proliferation and changing [payments landscape in this region is expected to bolster Face Swiping Payment Market potential through the forecast period. India and China are expected to be highly lucrative markets owing to increasing technological proliferation in these economies. In addition, rising expenditure in the development of retail infrastructure and rising travel activity in this region is expected to bolster further Face Swiping Payment Market growth over the forecast years.

Competitive Landscape:

The key players in the Global Face Swiping Payment Market include- Alibaba Group Holding Limited and others.

Segmentation of the Global Face Swiping Payment Market: