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

  • ID: 2785221
  • Report
  • September 2020
  • Region: Global
  • 326 Pages
  • Global Industry Analysts, Inc
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The global market for Biometrics for Banking and Financial Services is projected to reach US$10.8 billion by 2025, driven by rising venture capital investments in anti-fraud FinTech solutions against the backdrop of the continuous rise in financial transactions and a parallel increase in fraud and security breaches. The advent of the internet and digital banking has significantly pushed up the burden of banking fraud. Digital identity theft and fraud is the single most risk factor in banking and finance related frauds. Responding to banking fraud in the modern digital world needs more powerful, foolproof technologies. Biometrics is a powerful weapon to combat the growing threat of financial frauds. The technology is therefore hogging the limelight supported by benefits such as easy fool-proof authentication based on unique physical characters that are hard to replicate or duplicate i. e. voice recognition, iris scanning, fingerprint, and face recognition; elimination of the need to remember passwords and manage one-time-passwords (OTPs); enhanced security immune to cyber hacking strategies; unrivalled convenience; significantly reduced risk of identity theft; higher quality user experience; minimal to zero user interface; time saving and reduction in back office authentication workloads, among others. Behavioral biometrics is being explored for preventing new account fraud. Fingerprint, finger vein, palm vein, iris, and facial recognition are popular biometric ways for banks to identify & authenticate customers. Biometrics is increasingly being implemented in ATMs, internet banking, mobile banking and branch banking.

Other major trends in the market influencing growth include rise of e-commerce, m-commerce, development of mobile and online payment platforms and the resulting increase in virtual payments; rise of cashless societies supported by increasing smart phone, and mobile internet penetration rates; increasingly stringent regulations for payments authentication; rise of behavioral biometrics and improvements in smart fraud detection especially in the banking sector; and growing popularity of the innovative concept of selfie for secure authentication. The launch of smart phones with fingerprint sensors and scanners, retina scanning, and facial identification will also help boost growth in the market. Banks presently are widely deploying vein recognition biometrics, a technology providing efficient and accurate way of providing protection from identity and data theft. Financial institutions in South Africa, Brazil, Argentina, China, India, and Mexico are adopting vein recognition biometrics. Among the vein recognition biometrics technology, finger vein recognition accounts for the largest share, while palm vein recognition is forecast to witness the fastest growth. Meanwhile, eye vein recognition also holds a small share of the market. Regionally, East Asia and Europe are expected to witness increased adoption of the technology. Business customers authorize transactions by merely placing a finger in a small desktop scanner rather than entering PINs and passwords. The technology uses the unique vein patterns on customer's fingers for authenticating and the vein patterns remain mostly unchanged through life. Asia-Pacific including China is a major market led by factors such as developing banking and financial services industry as a result of concerted government financial inclusion policies aimed at reducing underserved and unbanked communities; vulnerable internet and information security infrastructure and a high risk of cybercrime and increased focus on cyber training, education, awareness and the resulting acceptance of new fraud prevention technologies like biometrics.

Competitors identified in this market include, among others:
  • AllTrust Networks
  • CashFlows Europe Limited
  • Fujitsu Frontech North America Inc.
  • Gemalto N. V
  • HID Global
  • IDEMIA
  • Nuance Communications Inc.
  • Precise Biometrics AB
  • VoiceVault Inc.
Note: Product cover images may vary from those shown
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I. INTRODUCTION, METHODOLOGY & REPORT SCOPE

II. EXECUTIVE SUMMARY

1. MARKET OVERVIEW
  • Biometrics Gains Recognition as an Effective Solution to Address Financial Fraud and Security Breaches
  • Major External & Internal Breaches in Financial Services Sector
  • Growing Role of Biometrics
  • Global Biometrics Market (2019): Percentage Breakdown of Revenues by End-Use Sector
  • Financial Services Firms and Banks Actively Pursue Deployment of Biometrics Solutions
  • Outlook
GEOGRAPHIC MARKET ANALYSIS
  • Fingerprint Scan Technology Leads, Vein Recognition Gains Traction
  • Application of Biometrics Technology in Financial Services Sector
  • Competition
  • RECENT MARKET ACTIVITY
  • Impact of Covid-19 and a Looming Global Recession
2. FOCUS ON SELECT PLAYERS
  • AllTrust Networks (USA)
  • Cyber-SIGN, Inc. (Japan)
  • Fujitsu Frontech North America, Inc. (USA)
  • Gemalto N.V (The Netherlands)
  • HID Global (US)
  • IDEMIA (France)
  • Ingenico Group SA (France)
  • Nuance Communications, Inc. (USA)
  • Precise Biometrics AB (Sweden)
  • Verint VoiceVault (USA)
3. MARKET TRENDS & DRIVERS
  • Banks See More Deployment of Vein Recognition Biometrics
  • Multi-modal Biometrics Gain Momentum
  • Partnerships: Order of the day for BFIS
  • Behavioral Biometrics Witness Growth Amid Digital Transformation of Banking Activities
  • Biometrics-enabled Smartphones Transform Mobile Banking Services
  • Unreliability and Vulnerability of Traditional Authentication Methods Fuels Adoption of Biometrics Solutions
  • Biometrics to Deal with Card-Not-Present (CNP) Fraud
  • Banks Focus on Mobile Devices for Convenient and Secure Authentication
  • Biometric Payment Cards: Drive Growth
  • Growing Prominence of Mobile Banking Spurs Opportunities for Biometrics
  • Biometrics-enabled Smartphones Transform Mobile Banking Services
  • Global Penetration Rate (In %) of Fingerprint Sensor in Smartphones for Years 2014, 2016, 2018 and 2020
  • Biometrics for Enterprise Mobile Banking Apps
  • Biometrics Enable Banks to Improve Customer Engagement Levels
  • Voice Biometrics Continues to Gain Growth
  • Iris Biometrics Poised for Strong Growth
  • Facial Recognition Growing in Popularity
  • Select Innovations in Biometrics for Banking and Financial Services Sector: A Review
  • Identity Verification: A Major Growth Area for Biometrics Use in Banks
  • On-Cloud Biometrics Gain Popularity
  • Biometrics-based Authentication at ATMs on Rise
  • Rise in ATM Installations: Opportunity for Biometrics Technology
  • Worldwide Installed Base of ATMs in Millions for the Years 2015, 2017, 2019, 2021, 2023, and 2025
  • Biometrics Enables Financial Inclusion
  • Expanding Social Network Footprint of Financial Organizations: Opportunities for Biometrics Technology
  • Access Control: A Potential Application Area
  • Biometrics: An Introduction
  • Summary of Biometric Recognition Techniques
  • Technology that Links Payment Accounts to Users’ Biometrics Directly
4. GLOBAL MARKET PERSPECTIVE
  • TABLE 1: World 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 Sales in US$ Billion for Years 2020 through 2027
  • 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 Sales in US$ Billion for Years 2015 through 2019
  • TABLE 3: World 12-Year Perspective for Biometrics for Banking and Financial Services by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets for Years 2015, 2020 & 2027
  • TABLE 4: World Current & Future Analysis for Fingerprint by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Sales in US$ Billion for Years 2020 through 2027
  • 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 Sales in US$ Billion for Years 2015 through 2019
  • TABLE 6: World 12-Year Perspective for Fingerprint by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World for Years 2015, 2020 & 2027
  • TABLE 7: World Current & Future Analysis for Face by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Sales in US$ Billion for Years 2020 through 2027
  • 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 Sales in US$ Billion for Years 2015 through 2019
  • TABLE 9: World 12-Year Perspective for Face by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World for Years 2015, 2020 & 2027
  • TABLE 10: World 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 Sales in US$ Billion for Years 2020 through 2027
  • 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 Sales in US$ Billion for Years 2015 through 2019
  • TABLE 12: World 12-Year Perspective for Other Types by Geographic Region - Percentage Breakdown of Value Sales for USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World for Years 2015, 2020 & 2027
III. MARKET ANALYSIS

GEOGRAPHIC MARKET ANALYSIS

UNITED STATES
  • TABLE 13: USA Current & Future Analysis for Biometrics for Banking and Financial Services by Type - Fingerprint, Face and Other Types - Independent Analysis of Annual Sales in US$ Billion for the Years 2020 through 2027
  • TABLE 14: USA Historic Review for Biometrics for Banking and Financial Services by Type - Fingerprint, Face and Other Types Markets - Independent Analysis of Annual Sales in US$ Billion for Years 2015 through 2019
  • TABLE 15: USA 12-Year Perspective for Biometrics for Banking and Financial Services by Type - Percentage Breakdown of Value Sales for Fingerprint, Face and Other Types for the Years 2015, 2020 & 2027
CANADA
  • TABLE 16: Canada Current & Future Analysis for Biometrics for Banking and Financial Services by Type - Fingerprint, Face and Other Types - Independent Analysis of Annual Sales in US$ Billion for the Years 2020 through 2027
  • TABLE 17: Canada Historic Review for Biometrics for Banking and Financial Services by Type - Fingerprint, Face and Other Types Markets - Independent Analysis of Annual Sales in US$ Billion for Years 2015 through 2019
  • TABLE 18: Canada 12-Year Perspective for Biometrics for Banking and Financial Services by Type - Percentage Breakdown of Value Sales for Fingerprint, Face and Other Types for the Years 2015, 2020 & 2027
JAPAN
  • TABLE 19: Japan Current & Future Analysis for Biometrics for Banking and Financial Services by Type - Fingerprint, Face and Other Types - Independent Analysis of Annual Sales in US$ Billion for the Years 2020 through 2027
  • TABLE 20: Japan Historic Review for Biometrics for Banking and Financial Services by Type - Fingerprint, Face and Other Types Markets - Independent Analysis of Annual Sales in US$ Billion for Years 2015 through 2019
  • TABLE 21: Japan 12-Year Perspective for Biometrics for Banking and Financial Services by Type - Percentage Breakdown of Value Sales for Fingerprint, Face and Other Types for the Years 2015, 2020 & 2027
CHINA
  • Finger-Vein Authentication Offers Additional Security to Chinese ATMs
  • Market Analytics
  • TABLE 22: China Current & Future Analysis for Biometrics for Banking and Financial Services by Type - Fingerprint, Face and Other Types - Independent Analysis of Annual Sales in US$ Billion for the Years 2020 through 2027
  • TABLE 23: China Historic Review for Biometrics for Banking and Financial Services by Type - Fingerprint, Face and Other Types Markets - Independent Analysis of Annual Sales in US$ Billion for Years 2015 through 2019
  • TABLE 24: China 12-Year Perspective for Biometrics for Banking and Financial Services by Type - Percentage Breakdown of Value Sales for Fingerprint, Face and Other Types for the Years 2015, 2020 & 2027
EUROPE
  • Market Facts & Figures
  • European Biometrics for Banking and Financial Services Market: Competitor Market Share Scenario (in %) for 2018 & 2025
  • Market Analytics
  • TABLE 25: Europe 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 Sales in US$ Billion for Years 2020 through 2027
  • 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 Sales in US$ Billion for Years 2015 through 2019
  • TABLE 27: Europe 12-Year Perspective for Biometrics for Banking and Financial Services by Geographic Region - Percentage Breakdown of Value Sales for France, Germany, Italy, UK and Rest of Europe Markets for Years 2015, 2020 & 2027
  • TABLE 28: Europe Current & Future Analysis for Biometrics for Banking and Financial Services by Type - Fingerprint, Face and Other Types - Independent Analysis of Annual Sales in US$ Billion for the Years 2020 through 2027
  • TABLE 29: Europe Historic Review for Biometrics for Banking and Financial Services by Type - Fingerprint, Face and Other Types Markets - Independent Analysis of Annual Sales in US$ Billion for Years 2015 through 2019
  • TABLE 30: Europe 12-Year Perspective for Biometrics for Banking and Financial Services by Type - Percentage Breakdown of Value Sales for Fingerprint, Face and Other Types for the Years 2015, 2020 & 2027
FRANCE
  • TABLE 31: France Current & Future Analysis for Biometrics for Banking and Financial Services by Type - Fingerprint, Face and Other Types - Independent Analysis of Annual Sales in US$ Billion for the Years 2020 through 2027
  • TABLE 32: France Historic Review for Biometrics for Banking and Financial Services by Type - Fingerprint, Face and Other Types Markets - Independent Analysis of Annual Sales in US$ Billion for Years 2015 through 2019
  • TABLE 33: France 12-Year Perspective for Biometrics for Banking and Financial Services by Type - Percentage Breakdown of Value Sales for Fingerprint, Face and Other Types for the Years 2015, 2020 & 2027
GERMANY
  • TABLE 34: Germany Current & Future Analysis for Biometrics for Banking and Financial Services by Type - Fingerprint, Face and Other Types - Independent Analysis of Annual Sales in US$ Billion for the Years 2020 through 2027
  • TABLE 35: Germany Historic Review for Biometrics for Banking and Financial Services by Type - Fingerprint, Face and Other Types Markets - Independent Analysis of Annual Sales in US$ Billion for Years 2015 through 2019
  • TABLE 36: Germany 12-Year Perspective for Biometrics for Banking and Financial Services by Type - Percentage Breakdown of Value Sales for Fingerprint, Face and Other Types for the Years 2015, 2020 & 2027
ITALY
  • TABLE 37: Italy Current & Future Analysis for Biometrics for Banking and Financial Services by Type - Fingerprint, Face and Other Types - Independent Analysis of Annual Sales in US$ Billion for the Years 2020 through 2027
  • TABLE 38: Italy Historic Review for Biometrics for Banking and Financial Services by Type - Fingerprint, Face and Other Types Markets - Independent Analysis of Annual Sales in US$ Billion for Years 2015 through 2019
  • TABLE 39: Italy 12-Year Perspective for Biometrics for Banking and Financial Services by Type - Percentage Breakdown of Value Sales for Fingerprint, Face and Other Types for the Years 2015, 2020 & 2027
UNITED KINGDOM
  • Growing Popularity of Biometrics in Banking Operations
  • TABLE 40: UK Current & Future Analysis for Biometrics for Banking and Financial Services by Type - Fingerprint, Face and Other Types - Independent Analysis of Annual Sales in US$ Billion for the Years 2020 through 2027
  • TABLE 41: UK Historic Review for Biometrics for Banking and Financial Services by Type - Fingerprint, Face and Other Types Markets - Independent Analysis of Annual Sales in US$ Billion for Years 2015 through 2019
  • TABLE 42: UK 12-Year Perspective for Biometrics for Banking and Financial Services by Type - Percentage Breakdown of Value Sales for Fingerprint, Face and Other Types for the Years 2015, 2020 & 2027
REST OF EUROPE
  • TABLE 43: Rest of Europe Current & Future Analysis for Biometrics for Banking and Financial Services by Type - Fingerprint, Face and Other Types - Independent Analysis of Annual Sales in US$ Billion for the Years 2020 through 2027
  • 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 Sales in US$ Billion for Years 2015 through 2019
  • TABLE 45: Rest of Europe 12-Year Perspective for Biometrics for Banking and Financial Services by Type - Percentage Breakdown of Value Sales for Fingerprint, Face and Other Types for the Years 2015, 2020 & 2027
ASIA-PACIFIC
  • Australia
  • India
  • Growth of Biometrics in Banking Industry
  • UIDAI: Ambitious Biometrics Project and Opportunities for Financial Services
  • Singapore
  • Market Analytics
  • TABLE 46: Asia-Pacific Current & Future Analysis for Biometrics for Banking and Financial Services by Type - Fingerprint, Face and Other Types - Independent Analysis of Annual Sales in US$ Billion for the Years 2020 through 2027
  • 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 Sales in US$ Billion for Years 2015 through 2019
  • TABLE 48: Asia-Pacific 12-Year Perspective for Biometrics for Banking and Financial Services by Type - Percentage Breakdown of Value Sales for Fingerprint, Face and Other Types for the Years 2015, 2020 & 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 Brazilian Market
  • Market Analytics
  • TABLE 49: Rest of World Current & Future Analysis for Biometrics for Banking and Financial Services by Type - Fingerprint, Face and Other Types - Independent Analysis of Annual Sales in US$ Billion for the Years 2020 through 2027
  • 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 Sales in US$ Billion for Years 2015 through 2019
  • TABLE 51: Rest of World 12-Year Perspective for Biometrics for Banking and Financial Services by Type - Percentage Breakdown of Value Sales for Fingerprint, Face and Other Types for the Years 2015, 2020 & 2027
IV. COMPETITION
  • Total Companies Profiled: 48
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