+353-1-416-8900REST OF WORLD
+44-20-3973-8888REST OF WORLD
1-917-300-0470EAST COAST U.S
1-800-526-8630U.S. (TOLL FREE)

Biometrics for Banking and Financial Services - Global Market Trajectory & Analytics

  • PDF Icon

    Report

  • 320 Pages
  • October 2022
  • Region: Global
  • Global Industry Analysts, Inc
  • ID: 2785221

Global Biometrics for Banking and Financial Services Market to Reach $10.2 Billion by 2027

Amid the COVID-19 crisis, 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 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 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

What's New for 2022?

  • Global competitiveness and key competitor percentage market shares
  • Market presence across multiple geographies - Strong/Active/Niche/Trivial
  • Online interactive peer-to-peer collaborative bespoke updates
  • Access to a digital archives and Research Platform
  • Complimentary updates for one year
Frequently Asked Questions about the Global Market for Biometrics for Banking and Financial Services

What is the estimated value of the Global Market for Biometrics for Banking and Financial Services?

The Global Market for Biometrics for Banking and Financial Services was estimated to be valued at $4.4 Billion in 2020.

What is the growth rate of the Global Market for Biometrics for Banking and Financial Services?

The growth rate of the Global Market for Biometrics for Banking and Financial Services is 12.8%, with an estimated value of $10.2 Billion by 2027.

What is the forecasted size of the Global Market for Biometrics for Banking and Financial Services?

The Global Market for Biometrics for Banking and Financial Services is estimated to be worth $10.2 Billion by 2027.

Who are the key companies in the Global Market for Biometrics for Banking and Financial Services?

Key companies in the Global Market for Biometrics for Banking and Financial Services include AllTrust Networks, Cyber, SIGN, Inc., Fujitsu Frontech North America, Inc., HID Global Corporation, IDEMIA, Ingenico Group SA, Nuance Communications, Inc. and Thales Group.

Table of Contents

I. METHODOLOGYII. 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

Companies Mentioned

A selection of companies mentioned in this report includes:

  • 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