Fatpos Global has released a report titled “Biometrics for Banking Financial Services Market- Analysis of Market Size, Share & Trends for 2014 – 2021 and Forecasts to 2031” which is anticipated to reach USD 16.3 billion by 2031. According to a study by Fatpos Global, the market is anticipated to portray a CAGR of 12.6% between 2021 and 2031. Factors such as the growing requirement to give security against increased incidences of identity theft and fraudulent transactions around the globe, according to the research, are the market's primary drivers. Additionally, government attempts to combat banking fraud, such as the establishment of an information security roadmap for financial firms, are projected to increase demand for biometrics-based solutions.
“The increased awareness among banking consumers of the inadequacy of PINs and passwords in protecting against sophisticated bank frauds and cyber threats has resulted in a significant demand for robust security solutions, such as biometrics. Furthermore, the recent constant increase in the number of password hacks demonstrates the lack of security connected with the usage of passwords as a way of access. Banks are deciding to invest in strong authentication methods in response to the growing requirement to defend against fraudulent transactions and identity thefts, as well as the ever-increasing scope of frauds.”, said a lead analyst at Fatpos Global.
Biometrics is a method of verifying one's identity by measuring bodily attributes such as voice, fingerprints, face, retina, or iris of the eye, vein infrared thermogram, or a combination of these identifiers. It was once only shown in science fiction movies as a sort of cutting-edge technology. Many financial institutions are under pressure to deploy tighter security solutions as reported fraud rates rise, and biometrics appears to be the most realistic choice. Biometric identification methods on mobile devices can be accomplished via the device's built-in biometric sensors, portable biometric hardware connected via USB cable, or a Wi-Fi connection.
Global Biometrics for Banking Financial Services Market is classified on the basis of application into Micro-ATMs, KYC, Merchant Payments System, Payment Authentication System, and Attendance System. Owing to the growing trend of online shopping among customers worldwide and the expanding use of these systems in semi-urban areas of developing countries with limited access to banks, the merchant payments system sector is expected to gain the most market share over the projected period.
Some of the key players operating in the global Biometrics for Banking Financial Services Market are AllTrust Networks, Cyber-SIGN, Inc., Fujitsu Frontech North America, Inc., HID Global Corporation, IDEMIA, Ingenico Group SA, Nuance Communications, Inc., Precise Biometrics AB, Thales Group, Verint VoiceVault, and Other Prominent Players.
In the new report, Fatpos Global thrives to present an unbiased analysis of the global Biometrics for Banking Financial Services Market that covers the historical demand data as well as the forecast figures for the period, i.e., 2021-2031. The study includes compelling insights into growth that is witnessed in the market. Global Biometrics for Banking Financial Services Market is classified on the basis of Biometric Type into Iris, Face, Fingerprint, Hand, Voice, Signature, Others. By Application, the global Biometrics for Banking Financial Services Market is divided into Micro-ATMs, KYC, Merchant Payments System, Payment Authentication System, and Attendance System. Geographically, the market is segmented into North America, Latin America, Europe, Asia Pacific and Middle East and Africa.
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