DUBLIN, Sept. 11, 2023 /PRNewswire/ — The “Biometrics for Banking and Financial Services: Global Strategic Business Report” report has been added to ResearchAndMarkets.com’s offering.
Global Biometrics for Banking and Financial Services Market to Reach $15.2 Billion by 2030
The global market for Biometrics for Banking and Financial Services estimated at US$5.2 Billion in the year 2022, is projected to reach a revised size of US$15.2 Billion by 2030, growing at a CAGR of 14.4% over the analysis period 2022-2030.
The global biometrics market for banking and financial services presents a comprehensive analysis of recent, current, and future trends. The breakdown further includes specific biometric technologies, such as fingerprint and face recognition, and explores their respective revenues for the aforementioned regions. This comprehensive analysis provides a 15-year perspective, examining percentage breakdowns of value revenues for key years like 2015, 2023, and 2030.
Fingerprint, one of the segments analyzed in the report, is projected to record a 15.1% CAGR and reach US$9.4 Billion by the end of the analysis period. Taking into account the ongoing post pandemic recovery, growth in the Face segment is readjusted to a revised 12.7% CAGR for the next 8-year period.
The data underscores the dynamic nature of the biometrics industry in the banking and financial services sector, offering insights that can shape strategic decisions and future developments in this rapidly evolving field.
The U.S. Market is Estimated at $1.1 Billion, While China is Forecast to Grow at 18.8% CAGR
The Biometrics for Banking and Financial Services market in the U.S. is estimated at US$1.1 Billion in the year 2022. China, the world’s second largest economy, is forecast to reach a projected market size of US$3.7 Billion by the year 2030 trailing a CAGR of 18.8% over the analysis period 2022 to 2030.
Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 8.5% and 10.9% respectively over the 2022-2030 period. Within Europe, Germany is forecast to grow at approximately 12.1% CAGR.
MARKET OVERVIEW
- Impact of COVID-19 Pandemic and a Looming Global Recession
- Global Biometrics Market Growth Outlook (in %) for Years 2019 through 2025
- Rising Focus on Identity Amidst the Pandemic Drives Changes in Biometrics Field
- Contactless Biometric Technologies to Make Gains Amidst COVID-19 Outbreak
- Competitive Market Presence – Strong/Active/Niche/Trivial for Players Worldwide in 2022 (E)
- Biometrics for Banking and Financial Services – Global Key Competitors Percentage Market Share in 2022 (E)
- An Introduction to Biometrics Technology
- Types of Biometrics Technologies
- Biometrics: A Growing Solution to Address Financial Fraud and Security Breaches
- Growing Role of Biometrics in Banking and Financial Institutions
- Global Biometrics Market Breakdown of Revenues by Technology (in %): 2020E
- Global Biometrics Market Breakdown of Revenues by Technology (in %): 2020E
- Application of Biometrics Technology in Financial Services Sector
- Global Market Prospects & Outlook
- Fingerprint Scan Technology Leads, Vein Recognition Gains Traction
- Developing Economies Spearhead Adoption of Biometrics in BFSI Industry
- Competition
- Recent Market Activity
MARKET TRENDS & DRIVERS
- Digitization of Banking Services and Need for Stricter Identification Protocols to Prevent Security Breaches Drives Market
- Unreliability and Vulnerability of Traditional Authentication Methods Fuels Adoption of Biometrics Solutions
- Biometric Technology Vs Conventional ID Authentication Methods
- Biometrics Enable Banks to Improve Customer Engagement Levels
- Growing Adoption of Mobile Banking Spurs Opportunities for Biometrics
- Global Online Banking Market Size (in US$ Billion) for the Years 2019, 2021, 2023 and 2025
- Increasing Availability of Biometrics-Enabled Smartphones Transforms Mobile Banking Services
- Smartphone Penetration Rate as Share of Total Population: 2016-2020
- Global Penetration Rate (In %) of Fingerprint Sensor in Smartphones for Years 2014, 2016, 2018 and 2020E
- Expanding Social Network Footprint of Financial Organizations: Opportunities for Biometrics Technology
- Biometric Payment Cards Propel Biometrics Adoption in BFSI Sector
- Biometrics Technology Facilitates Financial Inclusion of Unbanked Population
- Global Breakdown of Unbanked Adult Population (in %) by Country for 2019
- Global Breakdown of Unbanked Adult Population (in %) by Gender for 2019
- Top Factors Cited as Barrier to Account Ownership: % of Adults Citing the Reason for Being Unbanked
- Biometrics-based Authentication at ATMs on the Rise
- Worldwide Installed Base of ATMs in Millions for the Years 2015, 2017, 2019, 2021, 2023, and 2025
- Future Financial Transactions to be Password-less, Contact-less and Friction-less
- Amidst Digital Transformation of Banking Operations, Behavioral Biometrics Witnesses Growth
- Keystroke Dynamics Authentication Overcomes Challenges Related to Conventional Authentication Methods
- Multi-Modal Biometrics Gain Momentum
- Biometric Multi-Factor Authentication: Providing Greater Security to Transactions
- Digital Onboarding Initiatives of Banks Present Favorable Outlook for Biometrics Technologies
- Voice Biometrics Continues to Gain Growth
- Contactless Iris Biometrics Technology Poised for Strong Growth
- Facial Recognition Growing in Popularity
- Banks See More Deployment of Vein Recognition Biometrics
- Dual Biometrics Finds Acceptance among Banks
- Identity Verification: A Major Growth Area for Biometrics Use in Banks
- Access Control: A Potential Application Area
- Fintech Banking Addresses Drawbacks of Conventional Banking
- On-Cloud Biometrics Gain Popularity
- Innovations in Biometrics for Banking and Financial Services Sector: A Review
- Select Innovations in Banking Biometrics Space
- Partnerships: Order of the day for BFSI
- Regulatory Mandates Promote Adoption Biometrics Technology in Banking Sector
- Challenges Facing Banks in Implementing Biometric Security Systems
FOCUS ON SELECT PLAYERS (Total 63 Featured)
- 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
For more information about this report visit https://www.researchandmarkets.com/r/4dcrmc
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world’s leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Media Contact:
Research and Markets
Laura Wood, Senior Manager
[email protected]
For E.S.T Office Hours Call +1-917-300-0470
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
U.S. Fax: 646-607-1904
Fax (outside U.S.): +353-1-481-1716
Logo: https://mma.prnewswire.com/media/539438/Research_and_Markets_Logo.jpg
SOURCE Research and Markets
