Biometrics in BFSI Market, Global Outlook and Forecast 2023-2032
Banks around the world are increasingly opting biometrics to authenticate customers accessing their services. This trend is not limited to banks; other financials outfits are also taking up biometric authentication to identify customers and safeguard resources. Increasing cases of financial fraud, identity theft, and threats from cyberspace have made banks to restructure their identity practices and biometrics in banking and financial services offers the solution. Most banking customers are tech-savvy nowadays and expect a friction-less access to banking services but password based identity solution fails keep up with expectations, however, with biometrics in banking, things seems to be changing now.
This report aims to provide a comprehensive presentation of the global market for Biometrics in BFSI, with both quantitative and qualitative analysis, to help readers develop business/growth strategies, assess the market competitive situation, analyze their position in the current marketplace, and make informed business decisions regarding Biometrics in BFSI. This report contains market size and forecasts of Biometrics in BFSI in global, including the following market information:
Global Biometrics in BFSI Market Revenue, 2018-2023, 2024-2032, ($ millions)
Global top five companies in 2022 (%)
The global Biometrics in BFSI market was valued at US$ million in 2022 and is projected to reach US$ million by 2029, at a CAGR of % during the forecast period. The influence of COVID-19 and the Russia-Ukraine War were considered while estimating market sizes.
The BFSI sector is increasingly focusing on providing the highest level of security to their customers by reducing identity duplication. With changing consumer preferences and introduction of new payment methods, it has become imperative for banks to transform the payments and card (PCI) industry digitally. This has led to the introduction of new payment methods such as PIN cards, mobile wallets, and EMV chips. With the advances in technology, the number of frauds and forgeries are also increasing, thereby increasing the need for a solution which is difficult to duplicate. Several banks are adopting biometrics to prevent fraud and protect customer?s information from being compromised. One of the recent trends gaining significant traction in the market is the increasing adoption of vein recognition in ATMs and POS terminals. Banks and financial institutions in emerging economies like India, China, Mexico, and Brazil has readily adopting vein recognition biometrics to verify the identity of their customers. North America accounted for the largest share of the market and is likely to dominate the market until the end of 2020. Factors such as increased awareness among the organizations in the BFSI sector about the benefits of deployment of biometrics and the presence of many large financial institutions and companies in the region will contribute to this market?s growth in the region.
MARKET MONITOR GLOBAL, INC (MMG) has surveyed the Biometrics in BFSI companies, and industry experts on this industry, involving the revenue, demand, product type, recent developments and plans, industry trends, drivers, challenges, obstacles, and potential risks.
Total Market by Segment:
Global Biometrics in BFSI Market, by Type, 2018-2023, 2024-2032 ($ millions)
Global Biometrics in BFSI Market Segment Percentages, by Type, 2022 (%)
Voice Recognition
Vein Recognition
Iris Recognition
Facial Recognition
Fingerprint Identification
Global Biometrics in BFSI Market, by Application, 2018-2023, 2024-2032 ($ millions)
Global Biometrics in BFSI Market Segment Percentages, by Application, 2022 (%)
Door Security
Log-In Management for PCs
Log-In Management for ATMs
Log-In Management for POS Terminals
Log-In Management for Banking
Global Biometrics in BFSI Market, By Region and Country, 2018-2023, 2024-2032 ($ Millions)
Global Biometrics in BFSI Market Segment Percentages, By Region and Country, 2022 (%)
North America
US
Canada
Mexico
Europe
Germany
France
U.K.
Italy
Russia
Nordic Countries
Benelux
Rest of Europe
Asia
China
Japan
South Korea
Southeast Asia
India
Rest of Asia
South America
Brazil
Argentina
Rest of South America
Middle East & Africa
Turkey
Israel
Saudi Arabia
UAE
Rest of Middle East & Africa
Competitor Analysis
The report also provides analysis of leading market participants including:
Key companies Biometrics in BFSI revenues in global market, 2018-2023 (estimated), ($ millions)
Key companies Biometrics in BFSI revenues share in global market, 2022 (%)
Further, the report presents profiles of competitors in the market, key players include:
Cross Match Technologies
Fujitsu
HID Global
M2SYS
Safran
Outline of Major Chapters:
Chapter 1: Introduces the definition of Biometrics in BFSI, market overview.
Chapter 2: Global Biometrics in BFSI market size in revenue.
Chapter 3: Detailed analysis of Biometrics in BFSI company competitive landscape, revenue and market share, latest development plan, merger, and acquisition information, etc.
Chapter 4: Provides the analysis of various market segments by type, covering the market size and development potential of each market segment, to help readers find the blue ocean market in different market segments.
Chapter 5: Provides the analysis of various market segments by application, covering the market size and development potential of each market segment, to help readers find the blue ocean market in different downstream markets.
Chapter 6: Sales of Biometrics in BFSI in regional level and country level. It provides a quantitative analysis of the market size and development potential of each region and its main countries and introduces the market development, future development prospects, market space of each country in the world.
Chapter 7: Provides profiles of key players, introducing the basic situation of the main companies in the market in detail, including product sales, revenue, price, gross margin, product introduction, recent development, etc.
Chapter 8: The main points and conclusions of the report.
