1. What is the projected Compound Annual Growth Rate (CAGR) of the Biometrics for Banking and Financial Services?
The projected CAGR is approximately 10.7%.
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Biometrics for Banking and Financial ServicesBiometrics for Banking and Financial Services by Type (Face Biometrics, Voice Biometrics, Fingerprint Biometrics, Iris Biometrics, Hand Vein Biometrics, Others), by Application (Mobile Banking, Electronic Banking, Others), by North America (United States, Canada, Mexico), by South America (Brazil, Argentina, Rest of South America), by Europe (United Kingdom, Germany, France, Italy, Spain, Russia, Benelux, Nordics, Rest of Europe), by Middle East & Africa (Turkey, Israel, GCC, North Africa, South Africa, Rest of Middle East & Africa), by Asia Pacific (China, India, Japan, South Korea, ASEAN, Oceania, Rest of Asia Pacific) Forecast 2026-2034
The global market for biometrics in banking and financial services is projected to reach $5,172.9 million in 2023 and is expected to grow at a CAGR of 10.7% to reach $12,316.3 million by 2033. The increasing need for enhanced security measures, rising adoption of mobile banking, and growing concerns about identity theft and fraud are major driving factors for the growth of the market. The convergence of biometric technologies with artificial intelligence (AI) and machine learning (ML) is also expected to contribute to the market's growth.
Among various biometric modalities, fingerprint biometrics is expected to dominate the market throughout the forecast period, followed by facial recognition. Mobile banking is currently the largest application segment, and is expected to remain so in the coming years. The Asia Pacific region is anticipated to witness the fastest growth in the coming years, driven by the increasing adoption of biometrics in emerging economies like India and China. North America and Europe are also expected to experience significant growth, owing to the presence of a large number of financial institutions and increasing awareness about the benefits of biometrics.
Biometrics technologies are revolutionizing banking and financial services by offering secure, efficient, and convenient authentication methods. As per the latest report, the global biometrics for banking and financial services market is anticipated to reach a valuation of USD 35.7 billion by 2028, expanding at a robust CAGR of 15.6% during the forecast period. The rising demand for robust security measures to prevent fraud, identity theft, and account takeover is driving the market growth.
Key market insights include:
Several factors are propelling the growth of biometrics in banking and financial services:
Despite the promises of biometrics, there are some challenges and restraints that need to be addressed:
The APAC region is expected to dominate the biometrics for banking and financial services market, due to the high adoption of mobile banking, government initiatives, and the presence of emerging economies with significant growth potential.
Within the application segments, mobile banking is expected to hold a major market share, owing to the increasing use of smartphones for financial transactions. Fingerprint biometrics is likely to dominate the type segment, due to its widespread availability and ease of use in mobile devices.
Key growth catalysts in the biometrics for banking and financial services industry include:
Key players in the biometrics for banking and financial services market include:
Recent significant developments in the biometrics for banking and financial services sector include:
This comprehensive report provides an in-depth analysis of the global biometrics for banking and financial services market, covering key market trends, driving forces, challenges, growth catalysts, leading players, and significant developments. It offers valuable insights into the market dynamics, future growth prospects, and strategic recommendations for market participants.
| Aspects | Details |
|---|---|
| Study Period | 2020-2034 |
| Base Year | 2025 |
| Estimated Year | 2026 |
| Forecast Period | 2026-2034 |
| Historical Period | 2020-2025 |
| Growth Rate | CAGR of 10.7% from 2020-2034 |
| Segmentation |
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Note*: In applicable scenarios
Primary Research
Secondary Research
Involves using different sources of information in order to increase the validity of a study
These sources are likely to be stakeholders in a program - participants, other researchers, program staff, other community members, and so on.
Then we put all data in single framework & apply various statistical tools to find out the dynamic on the market.
During the analysis stage, feedback from the stakeholder groups would be compared to determine areas of agreement as well as areas of divergence
The projected CAGR is approximately 10.7%.
Key companies in the market include 3M (US), AllTrust Networks (US), Cross Match Technologies, Inc. (US), Cyber-SIGN, Inc. (Japan), Digital Persona, Inc. (US), Fujitsu Frontech North America, Inc. (US), Ingenico SA (France), Lumidigm, Inc. (US), Morpho (France), Nuance Communications, Inc. (US), Precise Biometrics AB (Sweden), Suprema, Inc. (US), VoiceVault, Inc. (US), Voice Commerce Ltd. (UK), .
The market segments include Type, Application.
The market size is estimated to be USD 5172.9 million as of 2022.
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The market size is provided in terms of value, measured in million.
Yes, the market keyword associated with the report is "Biometrics for Banking and Financial Services," which aids in identifying and referencing the specific market segment covered.
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