According to a new report, published by KBV research, The Global Face-swiping Payment Market size is expected to reach $11.9 billion by 2028, rising at a market growth of 17.4% CAGR during the forecast period.
The Payment System segment is showcasing a CAGR of 19.1% during (2022 - 2028). It is due to the increasing deployment of payment systems equipped with biometric sensors for face recognition at point-of-sale terminals, allowing consumers to make payments via face-swiping, which is driving the segment's rise. Moreover, these systems may be developed using smart contracts on a specific blockchain deployment, therefore securing and streamlining payments.
The Retail segment is leading the Global Face-swiping Payment Market by Application in 2021 thereby, achieving a market value of $4.1 billion by 2028. The majority of market participants worldwide are using face-swiping payments to simplify operations and improve the consumer experience. For instance, the X5 group announced the launch of a facial recognition payment service in March 2021. The service is now offered by 52 Perekrestok grocery chains and will be expanded to 150 stores over the next few years.
The Asia Pacific market dominated the Global Face-swiping Payment Market by Region in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $4.9 billion by 2028. The Europe market is exhibiting a CAGR of 16.8% during (2022 - 2028). Additionally, The North America market would showcase a CAGR of 16.6% during (2022 - 2028).
Full Report: https://www.kbvresearch.com/face-swiping-payment-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of Ant Group (Alipay) (Alibaba Holding), NEC Corporation, Mastercard, Inc., PopID, Inc. (Cali Group), PayByFace B.V., VisionLabs (Mobile TeleSystems OJSC), SnapPay, Inc., CloudWalk Technology Co. Ltd., and PAX Global Technology Limited.
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