In terms of revenue, the Global Face Swiping Payment Market is expected to reach USD 9.5 Million by 2028, growing at a Compound Annual Growth Rate (CAGR) of 18.2% from 2022 to 2028.
Increased demand for surveillance systems to improve safety & security, as well as an increase in applications in physical security, intelligent signage, and technological advancements like cloud-based services and 3D-based recognition systems, will drive the global Face Swiping Payment market during the forecast period.
Key Highlights from Report:
· The On-Premisesub-segment held a considerable market share in 2021. This is because On-PremiseFace Swiping Payment payment deployment gives businesses complete control over their apps and systems, which their IT team can easily control. Furthermore, one of the primary causes driving enterprises' demand for On-Premisesolutions is the rising frequency of financial crimes due to the COVID-19 pandemic.
· The Point of Sales sub-segment is projected to grow at a considerable Compound Annual Growth Rate (CAGR) during the forecast period. Retail establishments utilize Point-of-Sale systems to process transactions. Fast checkout choices, a tailored client experience, and many payment options are all advantages of these systems. In addition, retailers worldwide are implementing cloud-based point-of-sale systems to boost efficiency and service effectiveness.
· Asia Pacific is expected to grow at the fastest Compound Annual Growth Rate (CAGR) during the forecast period. Furthermore, Face Swiping Payment market growth prospects in the Asia Pacific region will be boosted by factors such as increased technical innovation and product innovation and increasing need for surveillance systems in civil and government agencies to enhance safety and security.
Over the projected period, the Global Face Swiping Payment Market is expected to increase significantly. The market is growing due to merchants and consumers adopting technology for small value transactions and perks like reduced transaction time and ease of use offered by Face Swiping Payment. Integration of the Internet of Things and developments in payment technologies are also likely to boost market growth. Additionally, the untapped potential of emerging economies and the integration of risk control systems and intelligent algorithms for higher accuracy and security are likely to offer attractive prospects to solution providers during the forecast period. The market's growth is driven by the growing use of facial recognition technology in various applications. For example, to improve customer experience, many cities are using facial recognition payment systems at bus and metro stations.
Face Swiping Payment has become increasingly popular after the COVID-19 pandemic. In addition, a slew of unanticipated difficulties, such as the need to limit the use of physical-contact payment systems, have encouraged retailers to adopt contactless payment technologies like facial recognition payment systems to perform contactless payments. Furthermore, payment systems that use facial recognition are used to improve identity verification and security. However, the market's expansion is projected to be hampered by a lack of basic understanding and technical know-how regarding the technology and growing worries about privacy protection, particularly in developing nations.
The Global Face Swiping Payment Market is Segmented as follows:
- Payment Equipment
- Payment System
- Other Applications
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
List of the Key Players of the Global Face Swiping Payment Market is:
Alibaba Group Holding Limited, Tencent Holdings Limited, China UnionPay, PopID, Telpo, Banco Bilbao Vizcaya Argentaria S.A
The Global Face Swiping Payment Market Scope can be Tabulated as below:
|Market Size Provided for Years||2016-2028|
|Regions & Counties Covered||
|Report Coverage||Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis|