Biometrics for Banking and Financial Services Market Size

Biometrics for Banking and Financial Services Market size was valued at USD 6.04 billion in 2023 and is anticipated to reach USD 24.29 billion by the end of 2036, registering around 11.3% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of biometrics for banking and financial services is assessed at USD 6.59 billion.

The growth of the market can be attributed primarily to the growing need to offer protection against rising cases of identity theft and fraudulent transactions across the globe. In 2018, more than USD 24 billion was lost worldwide as a result of payment card fraud. Whereas, the same year, identity theft made up for about 15 percent of the reported fraud. Along with these, government initiatives to prevent banking frauds including deployment of information security roadmap for financial organizations, which is expected to lead to an increasing demand for solutions involving biometrics. Furthermore, inability of traditional security systems such as PINs and passwords to effectively provide security against sophisticated online threats is projected to offer abundant growth opportunities to the market in the near future.