Biometrics for Banking and Financial Services Market Share

On the basis of geographical analysis, the biometrics for banking and financial services market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. The market in Asia Pacific industry is likely to hold largest revenue share by 2036, driven by increasing emphasis of BFSI companies to offer highest security to customer transactions through the use of biometrics. In addition, growing use of smartphones and online banking services is also expected to boost the market growth of the region in the future. As of 2021, there are more than 1 billion mobile connections. Along with these, there are about 600 million smartphone users in India, which are increasing at the rate of about 20 million per quarter. Moreover, the market in North America is projected to grab the largest share during the forecast period ascribing to the rising inflow of investments in cyber security industry, and strong presence of major market players in the region.

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 Share