New York, USA, June 21, 2023 (GLOBE NEWSWIRE) — According to the Market Research Future (MRFR), “Biometric Banking Market by Product Type (Hardware and Software), By Product Application (Finger Print, Facial Recognition, Hand Geometry, Iris Recognition, and Others), and By Region (North America, Europe, Asia-Pacific, and Rest Of The World) – Market Forecast Till 2032″, the global biometric banking market will touch USD 18.0 billion at a 15.80% CAGR by 2032, as per the recent Market Research Future report.
Growth Drivers – Enhanced Security to Boost Market
When compared to conventional authentication methods such as passwords or PINs, biometric authentication techniques like fingerprint, iris scan, or face recognition offer a better level of security. Individuals’ distinctive biological traits make it challenging for thieves to copy or steal, lowering the danger of identity theft or unauthorized access.
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Biometric Banking Market Key Players
Eminent industry players profiled in the global biometric banking market report include:
- Techshino Technology
- Ample trails, Inc
- Biometrics Institute
- State Grid Corporation of Chin
- BPI Connected Identification
- American Safety Council, Inc
- Aulich & Co
- Digital Person
- FIDO Alliance member
- Diebold & Co
- Omaha Based First Data Co
- Chase & Co
- Authentik Solutions
- Visa Co
- Biolink Solutions
- Innoventry Corporation
- Auraya Systems Pty Ltd
- Baztech Inc
- Axon Wireless International
- Charles Schwab And Co.
Scope of the Report – Biometric Banking Market:
| Report Metrics | Details |
| Market Size by 2032 | USD 18.0 Billion |
| CAGR during 2023-2032 | 15.80% |
| Base Year | 2022 |
| Forecast | 2023-2033 |
| Key Market Opportunities | Significant advancements in biometric solutions designed or authentication and identification applications |
| Key Market Dynamics | The growing adoption of biometric systems in consumer electronics and automotive and the expanding applications of biometric technology in various industries |
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Opportunities
Increasing Smartphone Adoption to offer Robust Opportunities
Biometric banking has been made possible by the increasing use of smartphones with biometric sensors, like fingerprint scanners or face recognition cameras. Customers are more inclined to accept biometric authentication for financial services as they get accustomed to utilizing biometrics for unlocking their devices.
Restraints and Challenges
Privacy Concerns to act as Market Restraints
Privacy concerns, regulatory compliance, technical limitations, security threats, and operational challenges may act as market restraints over the forecast period.
Market Segmentation
The global biometric banking market is bifurcated based on product type and product application.
- By product type, hardware will lead the market over the forecast period. The development of mobile biometric devices, the growing focus on hardware-based security features, and the rising usage of biometric technology especially in consumer electronics both for authentication and identification applications are important factors affecting the expansion of biometric technology. The advantages of biometric hardware, including precise identification accountability, higher performance, reliability, and high security & assurance, all contribute to this market’s growth. For the benefit of the small & medium-sized businesses, several suppliers are investing in R&D of cutting-edge technologies to enhance hardware capabilities and reduce prices.
- By product application, fingerprint will domineer the market over the forecast period. This is a result of single-factor authentication being widely used since it is more effective, useful, and quick to perform. The most popular single factor technologies are face and fingerprint identification, particularly in banking, travel, & immigration applications. The need for single factor systems has surged due to the quick acceptance of these technologies particularly in consumer electronic gadgets.
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COVID-19 Analysis
The need for contactless biometric solutions especially in the banking sector has increased because of the requirement to minimize physical touch and lower the risk of virus transmission. Touchless authentication may be made possible through biometric technology like face recognition and fingerprint scanning, offering a more sanitary and safe banking experience. As individuals switched to online and mobile banking to avoid going to conventional branches, the epidemic has sped up the use of the digital banking services.
The use of biometric authentication technologies, such as face or fingerprint recognition, is becoming important for securing access to digital financial systems, improving user experience, and minimizing the need for more conventional identification techniques. The banking industry has placed increased emphasis on the remote identity verification as remote work and digital transactions have grown in popularity. Biometric technologies provide a reliable and practical way to remotely confirm a person’s identification, assisting in the detection of fraud and ensuring safe transactions.
Regional Analysis
North America to Head Biometric Banking Market
In 2022, this market was headed by North America (45.80%). In the United States, biometric technologies are extensively employed in a range of sectors, including government, homeland security, commerce, and justice. Owing to the heightened threat of terrorism on a worldwide scale, biometric technology is able to meet an increasing number of safety & security needs. Additionally, the North American biometric banking market in the United States had the biggest market share, while the market in Canada had the quickest rate of expansion.
Due to its highly developed technology infrastructure and a strong emphasis on data security & privacy rules, North America remained in the forefront of the implementation of biometric banking. Large financial institutions have made considerable investments in the biometric banking systems in the United States and Canada. These products are designed to safeguard client accounts, stop unauthorized access, and offer a simple & secure banking experience.
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APAC to Have Admirable Growth in Biometric Banking Market
From 2023 to 2032, the APAC Biometric Banking industry is anticipated to see rapid expansion. It is also envisaged that initiatives including face, fingerprint, and eye biometrics, such as India’s UIDAI project & the e-KTP electronic ID scheme in Indonesia, could provide new economic opportunities. The usage of the biometric identification technology has been widely adopted in the region, and the banking industry has advanced with the replacement of conventional systems with biometric ones.
In order to prevent fraud & identity theft within the region’s banking sector, which is rapidly going digital, more stringent personnel and customer identification procedures are still required. Additionally, the biometric banking industry in India grew the quickest in the Asia-Pacific region, while China’s biometric banking market had the greatest market share.
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