Biometrics for Banking and Financial Services

Biometrics for Banking and Financial Services

Global Biometrics for Banking and Financial Services Market to Reach $10.2 Billion by 2027
In the changed post COVID-19 business landscape, the global market for Biometrics for Banking and Financial Services estimated at US$4.4 Billion in the year 2020, is projected to reach a revised size of US$10.2 Billion by 2027, growing at a CAGR of 12.8% over the analysis period 2020-2027. Fingerprint, one of the segments analyzed in the report, is projected to record a 13.4% CAGR and reach US$6.2 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 11.6% CAGR for the next 7-year period.

The U.S. Market is Estimated at $999.3 Million, While China is Forecast to Grow at 17.1% CAGR
The Biometrics for Banking and Financial Services market in the U.S. is estimated at US$999.3 Million in the year 2020. China, the world`s second largest economy, is forecast to reach a projected market size of US$2.2 Billion by the year 2027 trailing a CAGR of 17.1% over the analysis period 2020 to 2027. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 7.6% and 9.9% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 10.9% CAGR.Other Types Segment to Record 12.4% CAGR
In the global Other Types segment, USA, Canada, Japan, China and Europe will drive the 12.4% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$534.2 Million in the year 2020 will reach a projected size of US$1.1 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets.

Select Competitors (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
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I. METHODOLOGY
II. EXECUTIVE SUMMARY
1. 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
2. FOCUS ON SELECT PLAYERS
3. 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
4. GLOBAL MARKET PERSPECTIVE
TABLE 1: World Recent Past, Current & Future Analysis for Biometrics for Banking and Financial Services by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Revenues in US$ Thousand for Years 2020 through 2027 and % CAGR
TABLE 2: World Historic Review for Biometrics for Banking and Financial Services by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Revenues in US$ Thousand for Years 2015 through 2019 and % CAGR
TABLE 3: World 12-Year Perspective for Biometrics for Banking and Financial Services by Geographic Region - Percentage Breakdown of Value Revenues for USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets for Years 2015, 2021 & 2027
TABLE 4: World Recent Past, Current & Future Analysis for Fingerprint by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Revenues in US$ Thousand for Years 2020 through 2027 and % CAGR
TABLE 5: World Historic Review for Fingerprint by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Revenues in US$ Thousand for Years 2015 through 2019 and % CAGR
TABLE 6: World 12-Year Perspective for Fingerprint by Geographic Region - Percentage Breakdown of Value Revenues for USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World for Years 2015, 2021 & 2027
TABLE 7: World Recent Past, Current & Future Analysis for Face by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Revenues in US$ Thousand for Years 2020 through 2027 and % CAGR
TABLE 8: World Historic Review for Face by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Revenues in US$ Thousand for Years 2015 through 2019 and % CAGR
TABLE 9: World 12-Year Perspective for Face by Geographic Region - Percentage Breakdown of Value Revenues for USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World for Years 2015, 2021 & 2027
TABLE 10: World Recent Past, Current & Future Analysis for Other Types by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Revenues in US$ Thousand for Years 2020 through 2027 and % CAGR
TABLE 11: World Historic Review for Other Types by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Revenues in US$ Thousand for Years 2015 through 2019 and % CAGR
TABLE 12: World 12-Year Perspective for Other Types by Geographic Region - Percentage Breakdown of Value Revenues for USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World for Years 2015, 2021 & 2027
III. MARKET ANALYSIS
UNITED STATES
Biometrics for Banking and Financial Services Market Presence - Strong/Active/Niche/Trivial - Key Competitors in the United States for 2022 (E)
Biometrics Technology Finds Favor in BFSI Sector
US Biometrics Technology Market by End-Use (In %): 2020E
TABLE 13: USA Recent Past, Current & Future Analysis for Biometrics for Banking and Financial Services by Type - Fingerprint, Face and Other Types - Independent Analysis of Annual Revenues in US$ Thousand for the Years 2020 through 2027 and % CAGR
TABLE 14: USA Historic Review for Biometrics for Banking and Financial Services by Type - Fingerprint, Face and Other Types Markets - Independent Analysis of Annual Revenues in US$ Thousand for Years 2015 through 2019 and % CAGR
TABLE 15: USA 12-Year Perspective for Biometrics for Banking and Financial Services by Type - Percentage Breakdown of Value Revenues for Fingerprint, Face and Other Types for the Years 2015, 2021 & 2027
CANADA
TABLE 16: Canada Recent Past, Current & Future Analysis for Biometrics for Banking and Financial Services by Type - Fingerprint, Face and Other Types - Independent Analysis of Annual Revenues in US$ Thousand for the Years 2020 through 2027 and % CAGR
TABLE 17: Canada Historic Review for Biometrics for Banking and Financial Services by Type - Fingerprint, Face and Other Types Markets - Independent Analysis of Annual Revenues in US$ Thousand for Years 2015 through 2019 and % CAGR
TABLE 18: Canada 12-Year Perspective for Biometrics for Banking and Financial Services by Type - Percentage Breakdown of Value Revenues for Fingerprint, Face and Other Types for the Years 2015, 2021 & 2027
JAPAN
Biometrics for Banking and Financial Services Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Japan for 2022 (E)
Market Overview
TABLE 19: Japan Recent Past, Current & Future Analysis for Biometrics for Banking and Financial Services by Type - Fingerprint, Face and Other Types - Independent Analysis of Annual Revenues in US$ Thousand for the Years 2020 through 2027 and % CAGR
TABLE 20: Japan Historic Review for Biometrics for Banking and Financial Services by Type - Fingerprint, Face and Other Types Markets - Independent Analysis of Annual Revenues in US$ Thousand for Years 2015 through 2019 and % CAGR
TABLE 21: Japan 12-Year Perspective for Biometrics for Banking and Financial Services by Type - Percentage Breakdown of Value Revenues for Fingerprint, Face and Other Types for the Years 2015, 2021 & 2027
CHINA
Biometrics for Banking and Financial Services Market Presence - Strong/Active/Niche/Trivial - Key Competitors in China for 2022 (E)
Market Overview
Finger-Vein Authentication Offers Additional Security to Chinese ATMs
TABLE 22: China Recent Past, Current & Future Analysis for Biometrics for Banking and Financial Services by Type - Fingerprint, Face and Other Types - Independent Analysis of Annual Revenues in US$ Thousand for the Years 2020 through 2027 and % CAGR
TABLE 23: China Historic Review for Biometrics for Banking and Financial Services by Type - Fingerprint, Face and Other Types Markets - Independent Analysis of Annual Revenues in US$ Thousand for Years 2015 through 2019 and % CAGR
TABLE 24: China 12-Year Perspective for Biometrics for Banking and Financial Services by Type - Percentage Breakdown of Value Revenues for Fingerprint, Face and Other Types for the Years 2015, 2021 & 2027
EUROPE
Biometrics for Banking and Financial Services Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Europe for 2022 (E)
TABLE 25: Europe Recent Past, Current & Future Analysis for Biometrics for Banking and Financial Services by Geographic Region - France, Germany, Italy, UK and Rest of Europe Markets - Independent Analysis of Annual Revenues in US$ Thousand for Years 2020 through 2027 and % CAGR
TABLE 26: Europe Historic Review for Biometrics for Banking and Financial Services by Geographic Region - France, Germany, Italy, UK and Rest of Europe Markets - Independent Analysis of Annual Revenues in US$ Thousand for Years 2015 through 2019 and % CAGR
TABLE 27: Europe 12-Year Perspective for Biometrics for Banking and Financial Services by Geographic Region - Percentage Breakdown of Value Revenues for France, Germany, Italy, UK and Rest of Europe Markets for Years 2015, 2021 & 2027
TABLE 28: Europe Recent Past, Current & Future Analysis for Biometrics for Banking and Financial Services by Type - Fingerprint, Face and Other Types - Independent Analysis of Annual Revenues in US$ Thousand for the Years 2020 through 2027 and % CAGR
TABLE 29: Europe Historic Review for Biometrics for Banking and Financial Services by Type - Fingerprint, Face and Other Types Markets - Independent Analysis of Annual Revenues in US$ Thousand for Years 2015 through 2019 and % CAGR
TABLE 30: Europe 12-Year Perspective for Biometrics for Banking and Financial Services by Type - Percentage Breakdown of Value Revenues for Fingerprint, Face and Other Types for the Years 2015, 2021 & 2027
FRANCE
Biometrics for Banking and Financial Services Market Presence - Strong/Active/Niche/Trivial - Key Competitors in France for 2022 (E)
TABLE 31: France Recent Past, Current & Future Analysis for Biometrics for Banking and Financial Services by Type - Fingerprint, Face and Other Types - Independent Analysis of Annual Revenues in US$ Thousand for the Years 2020 through 2027 and % CAGR
TABLE 32: France Historic Review for Biometrics for Banking and Financial Services by Type - Fingerprint, Face and Other Types Markets - Independent Analysis of Annual Revenues in US$ Thousand for Years 2015 through 2019 and % CAGR
TABLE 33: France 12-Year Perspective for Biometrics for Banking and Financial Services by Type - Percentage Breakdown of Value Revenues for Fingerprint, Face and Other Types for the Years 2015, 2021 & 2027
GERMANY
Biometrics for Banking and Financial Services Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Germany for 2022 (E)
TABLE 34: Germany Recent Past, Current & Future Analysis for Biometrics for Banking and Financial Services by Type - Fingerprint, Face and Other Types - Independent Analysis of Annual Revenues in US$ Thousand for the Years 2020 through 2027 and % CAGR
TABLE 35: Germany Historic Review for Biometrics for Banking and Financial Services by Type - Fingerprint, Face and Other Types Markets - Independent Analysis of Annual Revenues in US$ Thousand for Years 2015 through 2019 and % CAGR
TABLE 36: Germany 12-Year Perspective for Biometrics for Banking and Financial Services by Type - Percentage Breakdown of Value Revenues for Fingerprint, Face and Other Types for the Years 2015, 2021 & 2027
ITALY
TABLE 37: Italy Recent Past, Current & Future Analysis for Biometrics for Banking and Financial Services by Type - Fingerprint, Face and Other Types - Independent Analysis of Annual Revenues in US$ Thousand for the Years 2020 through 2027 and % CAGR
TABLE 38: Italy Historic Review for Biometrics for Banking and Financial Services by Type - Fingerprint, Face and Other Types Markets - Independent Analysis of Annual Revenues in US$ Thousand for Years 2015 through 2019 and % CAGR
TABLE 39: Italy 12-Year Perspective for Biometrics for Banking and Financial Services by Type - Percentage Breakdown of Value Revenues for Fingerprint, Face and Other Types for the Years 2015, 2021 & 2027
UNITED KINGDOM
Biometrics for Banking and Financial Services Market Presence - Strong/Active/Niche/Trivial - Key Competitors in the United Kingdom for 2022 (E)
Growing Popularity of Biometrics in Banking Operations
TABLE 40: UK Recent Past, Current & Future Analysis for Biometrics for Banking and Financial Services by Type - Fingerprint, Face and Other Types - Independent Analysis of Annual Revenues in US$ Thousand for the Years 2020 through 2027 and % CAGR
TABLE 41: UK Historic Review for Biometrics for Banking and Financial Services by Type - Fingerprint, Face and Other Types Markets - Independent Analysis of Annual Revenues in US$ Thousand for Years 2015 through 2019 and % CAGR
TABLE 42: UK 12-Year Perspective for Biometrics for Banking and Financial Services by Type - Percentage Breakdown of Value Revenues for Fingerprint, Face and Other Types for the Years 2015, 2021 & 2027
REST OF EUROPE
TABLE 43: Rest of Europe Recent Past, Current & Future Analysis for Biometrics for Banking and Financial Services by Type - Fingerprint, Face and Other Types - Independent Analysis of Annual Revenues in US$ Thousand for the Years 2020 through 2027 and % CAGR
TABLE 44: Rest of Europe Historic Review for Biometrics for Banking and Financial Services by Type - Fingerprint, Face and Other Types Markets - Independent Analysis of Annual Revenues in US$ Thousand for Years 2015 through 2019 and % CAGR
TABLE 45: Rest of Europe 12-Year Perspective for Biometrics for Banking and Financial Services by Type - Percentage Breakdown of Value Revenues for Fingerprint, Face and Other Types for the Years 2015, 2021 & 2027
ASIA-PACIFIC
Biometrics for Banking and Financial Services Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Asia-Pacific for 2022 (E)
Australia
India
Growth of Biometrics in Banking Industry
COVID-19 Outbreak Prompts India to Consider Iris Scans and Facial Recognition to Authenticate AePS Users
UIDAI: Ambitious Biometrics Project and Opportunities for Financial Services
Singapore
TABLE 46: Asia-Pacific Recent Past, Current & Future Analysis for Biometrics for Banking and Financial Services by Type - Fingerprint, Face and Other Types - Independent Analysis of Annual Revenues in US$ Thousand for the Years 2020 through 2027 and % CAGR
TABLE 47: Asia-Pacific Historic Review for Biometrics for Banking and Financial Services by Type - Fingerprint, Face and Other Types Markets - Independent Analysis of Annual Revenues in US$ Thousand for Years 2015 through 2019 and % CAGR
TABLE 48: Asia-Pacific 12-Year Perspective for Biometrics for Banking and Financial Services by Type - Percentage Breakdown of Value Revenues for Fingerprint, Face and Other Types for the Years 2015, 2021 & 2027
REST OF WORLD
Latin America
Santander Mexico Starts Registering Biometric Data of Customers to Secure Bank Transactions
Neon Introduces a New Banking Approach, Facial Biometric for Authentication in Brazil
TABLE 49: Rest of World Recent Past, Current & Future Analysis for Biometrics for Banking and Financial Services by Type - Fingerprint, Face and Other Types - Independent Analysis of Annual Revenues in US$ Thousand for the Years 2020 through 2027 and % CAGR
TABLE 50: Rest of World Historic Review for Biometrics for Banking and Financial Services by Type - Fingerprint, Face and Other Types Markets - Independent Analysis of Annual Revenues in US$ Thousand for Years 2015 through 2019 and % CAGR
TABLE 51: Rest of World 12-Year Perspective for Biometrics for Banking and Financial Services by Type - Percentage Breakdown of Value Revenues for Fingerprint, Face and Other Types for the Years 2015, 2021 & 2027
IV. COMPETITION
Total Companies Profiled: 63

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