Biometrics for Banking and Financial Services Market Analysis

The biometrics for banking and financial services market is segmented by biometric type into iris, face, fingerprint, hand, voice, signature, and others, out of which, the face segment is anticipated to hold the largest share in the market. This can be accounted to the high commercialization of face recognition systems as a result of growing use of multimedia video technology. Apart from these, face recognition is one of the most successful forms of biometric, involving the measurement of eyes, nose, mouth and facial features. This is also predicted to accelerate the growth of the market segment in the coming years. Additionally, on the basis of application, the merchant payments system segment is assessed to acquire the largest share during the forecast period owing to the increasing trend of online shopping among consumers globally, and rising usage of these systems in semi-urban areas of developing nations with less accessibility to banks.

Our in-depth analysis of the global market includes the following segments:

Biometric Type	Iris Face Fingerprint Hand Voice Signature Others
Application	Micro-ATMs KYC Merchant Payments System Payment Authentication System Attendance System

Frequently Asked Questions (FAQ)

The major factors driving market growth are growing need to offer protection against identity theft and fraudulent transactions, and inability of traditional security systems to provide high security.

The market is anticipated to attain a CAGR of ~12% over the forecast period, i.e., 2022 â€“ 2030.

Asia Pacific will provide more business opportunities for market growth owing to the increasing emphasis of BFSI companies to offer highest security to customer transactions through the use of biometrics in the region.

The major players in the market are Gemalto N.V., Cyber-SIGN, Inc., Fujitsu Frontech North America, Inc., Ingenico Group SA, and others.

Biometrics for Banking and Financial Services Market Analysis