Market Overview:
The global biometrics for banking and financial services market is expected to grow at a CAGR of 16.5% during the forecast period from 2018 to 2030. The increasing demand for secured and convenient banking transactions is driving the growth of this market. In addition, the increasing adoption of biometric technologies by banks and other financial institutions for customer authentication is also contributing to the growth of this market. The global biometrics for banking and financial services market can be segmented on the basis of type into face biometrics, voice biometrics, fingerprint biometrics, iris biometric, hand vein recognition, and others. The fingerprint recognition segment is expected to account for the largest share in terms of revenue in 2018 owing to its high accuracy rate and growing adoption by banks worldwide. On the basis of application, mobile banking accounted for majority share in 2017 due to its rising popularity among consumers across different geographies.
Product Definition:
Biometrics generally refers to the use of technology that can identify individuals based on physical or behavioral characteristics. This technology is used in a variety of settings, including banking and financial services. In these settings, biometrics can be used to verify the identity of customers and to protect against fraud.
Face Biometrics:
Face biometrics is a technology that uses facial features to verify the identity of an individual. It is used for security purposes in financial institutions, government agencies and commercial organizations to prevent frauds and illegal activities. Face biometrics offers high accuracy compared to traditional methods such as passwords which makes it more secure.
The global face biometrics market size was valued at USD 648 million in 2015.
Voice Biometrics:
Voice biometrics is a technology that uses the voice as a means of authentication and identification. It helps in improving security by reducing the use of other personal data such as passwords or tokens. Voice biometrics provides an additional layer of security to access various services on mobile phones, computers, or tablets connected to networks. The voice recognized here is not always the same person's voice but can be modified using effects such as pitch modification, changing accent etc.
Application Insights:
The others segment includes iris, vein, voice and hand vein biometrics. The use of biometric techniques for access control in the financial sector is known as multifactor authentication. Multifactor authentication uses two or more methods to verify identity of a user trying to access a system. Iris-based multifactor authentication is gaining popularity due to its safety and ease of use.
The mobile banking application is estimated to register the highest CAGR over the forecast period owing to its rising adoption by consumers for their day-to-day transactions via smartphones coupled with an increase in banks' initiatives for expanding their customer base through mobile banking applications globally.
Regional Analysis:
The market in Asia Pacific is expected to grow at a significant rate over the forecast period. The growth can be attributed to increasing government initiatives and regulations for improving the security systems of banks and financial institutions. For instance, in India, the Reserve Bank of India (RBI) has mandated that all banks must have implemented biometric authentication by January 1, 2018 for online transactions exceeding USD X Furthermore, according to an article published in The Economic Times on March 15th 2017, around 20% of Indian population is estimated to have a bank account by 2020 which will boost the adoption of biometrics over this period.
In Europe as well as other regions such as North America and MEA there are various government mandates or recommendations regarding implementation of biometric solutions such as face recognition software or fingerprint readers within banking sector for preventing money laundering activities or terrorist financing etc.
Growth Factors:
- Increasing demand for biometric authentication from banking and financial services sector due to the increase in online transactions and frauds.
- The need for strong security measures to protect customer data from cyber-attacks is fuelling the demand for biometrics in banking and financial services sector.
- Growing popularity of mobile banking and payments is also driving the growth of biometrics market in banking and financial services sector.
- Government initiatives such as Aadhaar program are providing a boost to the adoption of biometrics in India’s Banking & Financial Services Sector
Scope Of The Report
Report Attributes
Report Details
Report Title
Biometrics for Banking and Financial Services Market Research Report
By Type
Face Biometrics, Voice Biometrics, Fingerprint Biometrics, Iris Biometrics, Hand Vein Biometrics, Others
By Application
Mobile Banking, Electronic Banking, Others
By Companies
M (US), AllTrust Networks (US), Cross Match Technologies, Inc. (US), Cyber-SIGN, Inc. (Japan), Digital Persona, Inc. (US), Fujitsu Frontech North America, Inc. (US), Ingenico SA (France), Lumidigm, Inc. (US), Morpho (France), Nuance Communications, Inc. (US), Precise Biometrics AB (Sweden), Suprema, Inc. (US), VoiceVault, Inc. (US), Voice Commerce Ltd. (UK)
Regions Covered
North America, Europe, APAC, Latin America, MEA
Base Year
2021
Historical Year
2019 to 2020 (Data from 2010 can be provided as per availability)
Forecast Year
2030
Number of Pages
174
Number of Tables & Figures
122
Customization Available
Yes, the report can be customized as per your need.
Global Biometrics for Banking and Financial Services Market Report Segments:
The global Biometrics for Banking and Financial Services market is segmented on the basis of:
Types
Face Biometrics, Voice Biometrics, Fingerprint Biometrics, Iris Biometrics, Hand Vein Biometrics, Others
The product segment provides information about the market share of each product and the respective CAGR during the forecast period. It lays out information about the product pricing parameters, trends, and profits that provides in-depth insights of the market. Furthermore, it discusses latest product developments & innovation in the market.
Applications
Mobile Banking, Electronic Banking, Others
The application segment fragments various applications of the product and provides information on the market share and growth rate of each application segment. It discusses the potential future applications of the products and driving and restraining factors of each application segment.
Some of the companies that are profiled in this report are:
- M (US)
- AllTrust Networks (US)
- Cross Match Technologies, Inc. (US)
- Cyber-SIGN, Inc. (Japan)
- Digital Persona, Inc. (US)
- Fujitsu Frontech North America, Inc. (US)
- Ingenico SA (France)
- Lumidigm, Inc. (US)
- Morpho (France)
- Nuance Communications, Inc. (US)
- Precise Biometrics AB (Sweden)
- Suprema, Inc. (US)
- VoiceVault, Inc. (US)
- Voice Commerce Ltd. (UK)
Highlights of The Biometrics for Banking and Financial Services Market Report:
- The market structure and projections for the coming years.
- Drivers, restraints, opportunities, and current trends of market.
- Historical data and forecast.
- Estimations for the forecast period 2030.
- Developments and trends in the market.
- By Type:
- Face Biometrics
- Voice Biometrics
- Fingerprint Biometrics
- Iris Biometrics
- Hand Vein Biometrics
- Others
- By Application:
- Mobile Banking
- Electronic Banking
- Others
- Market scenario by region, sub-region, and country.
- Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
- Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
- Government Policies, Macro & Micro economic factors are also included in the report.
We have studied the Biometrics for Banking and Financial Services Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2030.
Regional Analysis
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
Note: A country of choice can be added in the report at no extra cost. If more than one country needs to be added, the research quote will vary accordingly.
The geographical analysis part of the report provides information about the product sales in terms of volume and revenue in regions. It lays out potential opportunities for the new entrants, emerging players, and major players in the region. The regional analysis is done after considering the socio-economic factors and government regulations of the countries in the regions.
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8 Reasons to Buy This Report
- Includes a Chapter on the Impact of COVID-19 Pandemic On the Market
- Report Prepared After Conducting Interviews with Industry Experts & Top Designates of the Companies in the Market
- Implemented Robust Methodology to Prepare the Report
- Includes Graphs, Statistics, Flowcharts, and Infographics to Save Time
- Industry Growth Insights Provides 24/5 Assistance Regarding the Doubts in the Report
- Provides Information About the Top-winning Strategies Implemented by Industry Players.
- In-depth Insights On the Market Drivers, Restraints, Opportunities, and Threats
- Customization of the Report Available
Frequently Asked Questions?
Biometrics is the use of unique physical characteristics to identify individuals. This can be used for authentication, identification, and tracking purposes. It can be used in banking and financial services to help protect customers' identities and personal information, as well as track transactions.
Some of the key players operating in the biometrics for banking and financial services market are M (US), AllTrust Networks (US), Cross Match Technologies, Inc. (US), Cyber-SIGN, Inc. (Japan), Digital Persona, Inc. (US), Fujitsu Frontech North America, Inc. (US), Ingenico SA (France), Lumidigm, Inc. (US), Morpho (France), Nuance Communications, Inc. (US), Precise Biometrics AB (Sweden), Suprema, Inc. (US), VoiceVault, Inc. (US), Voice Commerce Ltd. (UK).
The biometrics for banking and financial services market is expected to grow at a compound annual growth rate of 16.5%.
Chapter 1 Executive Summary
Chapter 2 Assumptions and Acronyms Used
Chapter 3 Research Methodology
Chapter 4 Biometrics for Banking and Financial Services Market Overview
4.1 Introduction
4.1.1 Market Taxonomy
4.1.2 Market Definition
4.1.3 Macro-Economic Factors Impacting the Market Growth
4.2 Biometrics for Banking and Financial Services Market Dynamics
4.2.1 Market Drivers
4.2.2 Market Restraints
4.2.3 Market Opportunity
4.3 Biometrics for Banking and Financial Services Market - Supply Chain Analysis
4.3.1 List of Key Suppliers
4.3.2 List of Key Distributors
4.3.3 List of Key Consumers
4.4 Key Forces Shaping the Biometrics for Banking and Financial Services Market
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of Substitution
4.4.4 Threat of New Entrants
4.4.5 Competitive Rivalry
4.5 Global Biometrics for Banking and Financial Services Market Size & Forecast, 2020-2028
4.5.1 Biometrics for Banking and Financial Services Market Size and Y-o-Y Growth
4.5.2 Biometrics for Banking and Financial Services Market Absolute $ Opportunity
Chapter 5 Global Market Analysis and Forecast by Type
5.1 Introduction
5.1.1 Key Market Trends & Growth Opportunities by Type
5.1.2 Basis Point Share (BPS) Analysis by Type
5.1.3 Absolute $ Opportunity Assessment by Type
5.2 Market Size Forecast by Type
5.2.1 Face Biometrics
5.2.2 Voice Biometrics
5.2.3 Fingerprint Biometrics
5.2.4 Iris Biometrics
5.2.5 Hand Vein Biometrics
5.2.6 Others
5.3 Market Attractiveness Analysis by Type
Chapter 6 Global Market Analysis and Forecast by Applications
6.1 Introduction
6.1.1 Key Market Trends & Growth Opportunities by Applications
6.1.2 Basis Point Share (BPS) Analysis by Applications
6.1.3 Absolute $ Opportunity Assessment by Applications
6.2 Market Size Forecast by Applications
6.2.1 Mobile Banking
6.2.2 Electronic Banking
6.2.3 Others
6.3 Market Attractiveness Analysis by Applications
Chapter 7 Global Biometrics for Banking and Financial Services Market Analysis and Forecast by Region
7.1 Introduction
7.1.1 Key Market Trends & Growth Opportunities by Region
7.1.2 Basis Point Share (BPS) Analysis by Region
7.1.3 Absolute $ Opportunity Assessment by Region
7.2 Biometrics for Banking and Financial Services Market Size Forecast by Region
7.2.1 North America
7.2.2 Europe
7.2.3 Asia Pacific
7.2.4 Latin America
7.2.5 Middle East & Africa (MEA)
7.3 Market Attractiveness Analysis by Region
Chapter 8 Coronavirus Disease (COVID-19) Impact
8.1 Introduction
8.2 Current & Future Impact Analysis
8.3 Economic Impact Analysis
8.4 Government Policies
8.5 Investment Scenario
Chapter 9 North America Analysis and Forecast
9.1 Introduction
9.2 North America Market Size Forecast by Country
9.2.1 U.S.
9.2.2 Canada
9.3 Basis Point Share (BPS) Analysis by Country
9.4 Absolute $ Opportunity Assessment by Country
9.5 Market Attractiveness Analysis by Country
9.6 North America Market Size Forecast by Type
9.6.1 Face Biometrics
9.6.2 Voice Biometrics
9.6.3 Fingerprint Biometrics
9.6.4 Iris Biometrics
9.6.5 Hand Vein Biometrics
9.6.6 Others
9.7 Basis Point Share (BPS) Analysis by Type
9.8 Absolute $ Opportunity Assessment by Type
9.9 Market Attractiveness Analysis by Type
9.10 North America Market Size Forecast by Applications
9.10.1 Mobile Banking
9.10.2 Electronic Banking
9.10.3 Others
9.11 Basis Point Share (BPS) Analysis by Applications
9.12 Absolute $ Opportunity Assessment by Applications
9.13 Market Attractiveness Analysis by Applications
Chapter 10 Europe Analysis and Forecast
10.1 Introduction
10.2 Europe Market Size Forecast by Country
10.2.1 Germany
10.2.2 France
10.2.3 Italy
10.2.4 U.K.
10.2.5 Spain
10.2.6 Russia
10.2.7 Rest of Europe
10.3 Basis Point Share (BPS) Analysis by Country
10.4 Absolute $ Opportunity Assessment by Country
10.5 Market Attractiveness Analysis by Country
10.6 Europe Market Size Forecast by Type
10.6.1 Face Biometrics
10.6.2 Voice Biometrics
10.6.3 Fingerprint Biometrics
10.6.4 Iris Biometrics
10.6.5 Hand Vein Biometrics
10.6.6 Others
10.7 Basis Point Share (BPS) Analysis by Type
10.8 Absolute $ Opportunity Assessment by Type
10.9 Market Attractiveness Analysis by Type
10.10 Europe Market Size Forecast by Applications
10.10.1 Mobile Banking
10.10.2 Electronic Banking
10.10.3 Others
10.11 Basis Point Share (BPS) Analysis by Applications
10.12 Absolute $ Opportunity Assessment by Applications
10.13 Market Attractiveness Analysis by Applications
Chapter 11 Asia Pacific Analysis and Forecast
11.1 Introduction
11.2 Asia Pacific Market Size Forecast by Country
11.2.1 China
11.2.2 Japan
11.2.3 South Korea
11.2.4 India
11.2.5 Australia
11.2.6 South East Asia (SEA)
11.2.7 Rest of Asia Pacific (APAC)
11.3 Basis Point Share (BPS) Analysis by Country
11.4 Absolute $ Opportunity Assessment by Country
11.5 Market Attractiveness Analysis by Country
11.6 Asia Pacific Market Size Forecast by Type
11.6.1 Face Biometrics
11.6.2 Voice Biometrics
11.6.3 Fingerprint Biometrics
11.6.4 Iris Biometrics
11.6.5 Hand Vein Biometrics
11.6.6 Others
11.7 Basis Point Share (BPS) Analysis by Type
11.8 Absolute $ Opportunity Assessment by Type
11.9 Market Attractiveness Analysis by Type
11.10 Asia Pacific Market Size Forecast by Applications
11.10.1 Mobile Banking
11.10.2 Electronic Banking
11.10.3 Others
11.11 Basis Point Share (BPS) Analysis by Applications
11.12 Absolute $ Opportunity Assessment by Applications
11.13 Market Attractiveness Analysis by Applications
Chapter 12 Latin America Analysis and Forecast
12.1 Introduction
12.2 Latin America Market Size Forecast by Country
12.2.1 Brazil
12.2.2 Mexico
12.2.3 Rest of Latin America (LATAM)
12.3 Basis Point Share (BPS) Analysis by Country
12.4 Absolute $ Opportunity Assessment by Country
12.5 Market Attractiveness Analysis by Country
12.6 Latin America Market Size Forecast by Type
12.6.1 Face Biometrics
12.6.2 Voice Biometrics
12.6.3 Fingerprint Biometrics
12.6.4 Iris Biometrics
12.6.5 Hand Vein Biometrics
12.6.6 Others
12.7 Basis Point Share (BPS) Analysis by Type
12.8 Absolute $ Opportunity Assessment by Type
12.9 Market Attractiveness Analysis by Type
12.10 Latin America Market Size Forecast by Applications
12.10.1 Mobile Banking
12.10.2 Electronic Banking
12.10.3 Others
12.11 Basis Point Share (BPS) Analysis by Applications
12.12 Absolute $ Opportunity Assessment by Applications
12.13 Market Attractiveness Analysis by Applications
Chapter 13 Middle East & Africa (MEA) Analysis and Forecast
13.1 Introduction
13.2 Middle East & Africa (MEA) Market Size Forecast by Country
13.2.1 Saudi Arabia
13.2.2 South Africa
13.2.3 UAE
13.2.4 Rest of Middle East & Africa (MEA)
13.3 Basis Point Share (BPS) Analysis by Country
13.4 Absolute $ Opportunity Assessment by Country
13.5 Market Attractiveness Analysis by Country
13.6 Middle East & Africa (MEA) Market Size Forecast by Type
13.6.1 Face Biometrics
13.6.2 Voice Biometrics
13.6.3 Fingerprint Biometrics
13.6.4 Iris Biometrics
13.6.5 Hand Vein Biometrics
13.6.6 Others
13.7 Basis Point Share (BPS) Analysis by Type
13.8 Absolute $ Opportunity Assessment by Type
13.9 Market Attractiveness Analysis by Type
13.10 Middle East & Africa (MEA) Market Size Forecast by Applications
13.10.1 Mobile Banking
13.10.2 Electronic Banking
13.10.3 Others
13.11 Basis Point Share (BPS) Analysis by Applications
13.12 Absolute $ Opportunity Assessment by Applications
13.13 Market Attractiveness Analysis by Applications
Chapter 14 Competition Landscape
14.1 Biometrics for Banking and Financial Services Market: Competitive Dashboard
14.2 Global Biometrics for Banking and Financial Services Market: Market Share Analysis, 2019
14.3 Company Profiles (Details – Overview, Financials, Developments, Strategy)
14.3.1 M (US)
14.3.2 AllTrust Networks (US)
14.3.3 Cross Match Technologies, Inc. (US)
14.3.4 Cyber-SIGN, Inc. (Japan)
14.3.5 Digital Persona, Inc. (US)
14.3.6 Fujitsu Frontech North America, Inc. (US)
14.3.7 Ingenico SA (France)
14.3.8 Lumidigm, Inc. (US)
14.3.9 Morpho (France)
14.3.10 Nuance Communications, Inc. (US)
14.3.11 Precise Biometrics AB (Sweden)
14.3.12 Suprema, Inc. (US)
14.3.13 VoiceVault, Inc. (US)
14.3.14 Voice Commerce Ltd. (UK)
