Biometrics for Banking Financial Services Market Size
[170+ Pages Research Report] to surpass USD 16.3 billion by 2031 from USD 4.9 billion in 2021 at a CAGR of 12.6% throughout the forecast period 2021-31.
Mobile phone manufacturers have popularized biometric technologies, such as voice recognition and touch ID fingerprint sensors, in recent years, bringing tremendously powerful and revolutionary technology into the hands of millions. Organizations all over the world are now attempting to capitalize on the opportunity, with consumers in industrialized countries saying that they are willing to embrace biometric banking in order to alleviate data privacy and security concerns. With the recent announcement that HSBC and First Direct will roll out biometric banking with voice verification in developed markets, the technology appears to be poised to make a significant impact on the banking industry in the coming years.
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Market Highlights
Global Biometrics for Banking Financial Services Market is expected to project a notable CAGR of 12.6% in 2031.
Global Biometrics for Banking Financial Services Market to surpass USD 16.3 billion by 2031 from USD 4.9 billion in 2021 at a CAGR of 12.6% in the coming years, i.e., 2021-2031. Factors such as the increased awareness among banking customers of the inadequacy of PINs and passwords in protecting against sophisticated bank frauds and internet threats are driving a surge in demand for biometric-based security solutions. The failure of traditional security mechanisms such as PINs, passwords, and tokens to provide adequate protection, particularly against the increasing sophistication of intruder attacks, is driving the market forward.
Figure - Market Analysis of Global Biometrics for Banking Financial Services Market
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Global Biometrics for Banking Financial Services Market: Segments
The Face segment is expected to grow with the highest CAGR during 2021-31
On the basis of Biometric type, the global Biometrics for Banking Financial Services Market is fragmented into Iris, Face, Fingerprint, Hand, Voice, Signature, and Others. Among the other categories, the Face Biometric Type is likely to lead the market. Face Biometrics recognizes and identifies people based on their unique facial traits. Face recognition, which involves the measuring of eyes, nose, mouth, and other facial features, is the most successful type of human monitoring. Due to an increase in the use of multimedia video technologies, the commercialization of facial recognition systems has expanded.
The Merchants Payment System segment is expected to grow with the highest CAGR during 2021-31
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.
Figure - Market Analysis of Global Biometrics for Banking Financial Services
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Market Dynamics
Drivers
Great Assistance of the Technology due to its High Security
Biometrics is one of the methods that banks are actively pursuing, as the technology aids in the construction of a safe banking environment by reducing instances of identity fraud, generating a transaction audit trail, and securing financial data. The failure of traditional security mechanisms such as PINs, passwords, and tokens to successfully offer protection, particularly against the increased sophistication of intruder attacks, is also driving the shift to biometrics.
Increasing Need for Security against Number of Fraudulent Transactions
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.
Restraint
High cost associated with the Biometrics for Banking Financial Services
The Biometrics for Banking Financial Services Market is hampered by the growing complications of online threats.
Global Biometrics for Banking Financial Services Market: Key Players
- AllTrust Networks
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
- 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
- Other Prominent Players
Global Biometrics for Banking Financial Services Market: Regions
Global Biometrics for Banking Financial Services Market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific and the Middle East and Africa. The market in Asia Pacific is expected to develop significantly over the projected period, owing to BFSI firms' increased emphasis on providing the highest level of security to client transactions through the use of biometrics. Furthermore, the increasing use of smartphones and online banking services is likely to support the region's market growth in the future.
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Impact of COVID-19 on Biometrics for Banking Financial Services Market
The way people pay for goods and services is changing as a result of technological advancements. New payment solutions have been devised in the context of the COVID-19 (coronavirus disease 2019) pandemic to reduce buyer-seller contact. COVID-19's moderating effect was tested among users who had a greater risk perception. The findings have important implications for manufacturers and merchants' buying management.
Global Biometrics for Banking Financial Services Market is further segmented by region into:
- North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United States and Canada
- Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Mexico, Argentina, Brazil and Rest of Latin America
- Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey and Rest of Europe
- Asia Pacific Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia, and Rest of Asia Pacific
- Middle East and Africa Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa, and Rest of Middle East and Africa
Global Biometrics for Banking Financial Services Market report also contains analysis on:
Biometrics for Banking Financial Services Market Segments:
- By Biometric Type
- Iris
- Face
- Fingerprint
- Hand
- Voice
- Signature
- Others
- By Application
- Micro-ATMs
- KYC
- Merchant Payments System
- Payment Authentication System
- Attendance System
- Biometrics for Banking Financial Services Market Dynamics
- Biometrics for Banking Financial Services Market Size
- Supply & Demand
- Current Trends/Issues/Challenges
- Competition & Companies Involved in the Market
- Value Chain of the Market
- Market Drivers and Restraints
Biometrics for Banking Financial Services Market Report Scope and Segmentation
REPORT ATTRIBUTE |
DETAILS |
|
Market size value in 2021 |
USD 4.9 billion |
|
Revenue forecast in 2031 |
USD 16.3 billion |
|
Growth Rate |
CAGR of 12.6% from 2021 to 2031 |
|
Base year for estimation |
2020 |
|
Quantitative units |
Revenue in USD million and CAGR from 2021 to 2031 |
|
Report coverage |
Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
|
Segments covered |
Biometric Type, Application, and Region |
|
Regional scope |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA) |
|
Key companies profiled |
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. |
Frequently Asked Questions (FAQ):
Biometrics for Banking Financial Services Market size was estimated at USD 4.9 billion in 2021 and is expected to reach USD 16.3 billion in 2031.
Biometrics is a technology-based technique of personal identification that relies on the body's unique biological patterns. These asymmetric and uneven patterns can be discovered in the iris and retina of the eyes, fingerprints, vein patterns beneath the skin, face patterns, DNA sequences, voice prints, stride, and typing rhythms, among other places.
The Face segment accounted for the largest Biometrics for Banking Financial Services Market share.
Key players in the Biometrics for Banking Financial Services Market include 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.
The increased requirement to protect against escalating incidences of identity theft and fraudulent transactions around the world is likely to propel the sector forward.
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