The global market for Biometrics for Banking and Financial Services is estimated at US$7.2 Billion in 2023 and is projected to reach US$19.5 Billion by 2030, growing at a CAGR of 15.3% from 2023 to 2030. This comprehensive report provides an in-depth analysis of market trends, drivers, and forecasts, helping you make informed business decisions.
The growth in the biometrics for banking and financial services market is driven by several factors. The increasing incidence of cyber threats and fraud in the financial sector has necessitated the adoption of more robust security measures, with biometrics emerging as a preferred solution due to their high level of accuracy and difficulty to replicate. The growing instances of identity thefts, security breaches and other frauds are leading to the increasing need for reliable personal identification and authentication systems for the BFSI sector. Regulatory mandates and compliance standards related to data protection and identity verification are also pushing financial institutions to implement biometric technologies. Additionally, the rise of digital banking and the growing preference for seamless and secure online transactions are fueling demand for biometric solutions. Technological advancements in AI and machine learning are enhancing the capabilities of biometric systems, making them more reliable and user-friendly. Furthermore, the global push towards financial inclusion is driving the adoption of biometrics to facilitate access to banking services for unbanked and underbanked populations. These factors, coupled with continuous innovation and the need for enhanced customer experience, are expected to drive sustained growth in the biometrics for banking and financial services market in the coming years.
The growth in the biometrics for banking and financial services market is driven by several factors. The increasing incidence of cyber threats and fraud in the financial sector has necessitated the adoption of more robust security measures, with biometrics emerging as a preferred solution due to their high level of accuracy and difficulty to replicate. The growing instances of identity thefts, security breaches and other frauds are leading to the increasing need for reliable personal identification and authentication systems for the BFSI sector. Regulatory mandates and compliance standards related to data protection and identity verification are also pushing financial institutions to implement biometric technologies. Additionally, the rise of digital banking and the growing preference for seamless and secure online transactions are fueling demand for biometric solutions. Technological advancements in AI and machine learning are enhancing the capabilities of biometric systems, making them more reliable and user-friendly. Furthermore, the global push towards financial inclusion is driving the adoption of biometrics to facilitate access to banking services for unbanked and underbanked populations. These factors, coupled with continuous innovation and the need for enhanced customer experience, are expected to drive sustained growth in the biometrics for banking and financial services market in the coming years.
Key Insights:
- Market Growth: Understand the significant growth trajectory of the Fingerprint Biometrics segment, which is expected to reach US$12.0 Billion by 2030 with a CAGR of a 16.0%. The Face Biometrics segment is also set to grow at 13.5% CAGR over the analysis period.
- Regional Analysis: Gain insights into the U.S. market, estimated at $1.2 Billion in 2023, and China, forecasted to grow at an impressive 18.9% CAGR to reach $3.7 Billion by 2030. Discover growth trends in other key regions, including Japan, Canada, Germany, and the Asia-Pacific.
Why You Should Buy This Report:
- Detailed Market Analysis: Access a thorough analysis of the Global Biometrics for Banking and Financial Services Market, covering all major geographic regions and market segments.
- Competitive Insights: Get an overview of the competitive landscape, including the market presence of major players across different geographies.
- Future Trends and Drivers: Understand the key trends and drivers shaping the future of the Global Biometrics for Banking and Financial Services Market.
- Actionable Insights: Benefit from actionable insights that can help you identify new revenue opportunities and make strategic business decisions.
Key Questions Answered:
- How is the Global Biometrics for Banking and Financial Services Market expected to evolve by 2030?
- What are the main drivers and restraints affecting the market?
- Which market segments will grow the most over the forecast period?
- How will market shares for different regions and segments change by 2030?
- Who are the leading players in the market, and what are their prospects?
Report Features:
- Comprehensive Market Data: Independent analysis of annual sales and market forecasts in US$ Million from 2023 to 2030.
- In-Depth Regional Analysis: Detailed insights into key markets, including the U.S., China, Japan, Canada, Europe, Asia-Pacific, Latin America, Middle East, and Africa.
- Company Profiles: Coverage of major players such as Fujitsu Ltd., Bioenable Technologies Pvt., Ltd., Fujitsu Frontech Ltd., and more.
- Complimentary Updates: Receive free report updates for one year to keep you informed of the latest market developments.
Select Competitors (Total 63 Featured):
- Fujitsu Ltd.
- Bioenable Technologies Pvt., Ltd.
- Fujitsu Frontech Ltd.
- Cognitec Systems GmbH
- ASSA ABLOY AB
- Daon, Inc.
- 4G Identity Solutions Pvt., Ltd.
- BIO-key International, Inc.
- Dermalog Identification Systems GmbH
- Fulcrum Biometrics LLC
- BioID AG
- Aware, Inc.
- Facephi Biometria SA
- Bayometric
- Fingo
Table of Contents
I. METHODOLOGYII. EXECUTIVE SUMMARY2. FOCUS ON SELECT PLAYERSIII. MARKET ANALYSISIV. COMPETITION
1. MARKET OVERVIEW
3. MARKET TRENDS & DRIVERS
4. GLOBAL MARKET PERSPECTIVE
UNITED STATES
CANADA
JAPAN
CHINA
EUROPE
FRANCE
GERMANY
ITALY
UNITED KINGDOM
REST OF EUROPE
ASIA-PACIFIC
REST OF WORLD
Companies Mentioned
- Fujitsu Ltd.
- Bioenable Technologies Pvt., Ltd.
- Fujitsu Frontech Ltd.
- Cognitec Systems GmbH
- ASSA ABLOY AB
- Daon, Inc.
- 4G Identity Solutions Pvt., Ltd.
- BIO-key International, Inc.
- Dermalog Identification Systems GmbH
- Fulcrum Biometrics LLC
- BioID AG
- Aware, Inc.
- Facephi Biometria SA
- Bayometric
- Fingo
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 320 |
| Published | November 2024 |
| Forecast Period | 2023 - 2030 |
| Estimated Market Value ( USD | $ 7.2 Billion |
| Forecasted Market Value ( USD | $ 19.5 Billion |
| Compound Annual Growth Rate | 15.3% |
| Regions Covered | Global |
| No. of Companies Mentioned | 15 |
