Biometrics for Banking and Financial Services

Global Market Trajectory & Analytics

MCP-7867

EXECUTIVE ENGAGEMENTS

POOL

2841
Number of executives repeatedly engaged by snail & email outreach

INTERACTIONS

511
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PARTICIPANTS

83
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VALIDATIONS

23
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COMPANIES

63
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DATE

MAR 2021

TABLES

51

PAGES

320

EDITION

17

PRICE

USD 5600

CODE

MCP-7867


COMPETITIVE METRICS

COMPANY

D S N T

% *

4G Identity Solutions Pvt., Ltd.

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Accertify

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AllTrust Networks

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Aratek International

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ASSA ABLOY AB

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Aware, Inc.

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Bayometric

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BehavioSec, Inc.

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Biocatch Ltd.

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Bioenable Technologies Pvt., Ltd.

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HIGHLIGHTS & REPORT INDEX

Global Biometrics for Banking and Financial Services Market to Reach $8.9 Billion by 2026

The turn of next decade is expected to be more challenging for banks and financial institutions as security breaches become more sophisticated with technology advancements. Money laundering has become more widespread representing about 2%-5% of global GDP. One of the measures being actively pursued by banks is biometrics, since the technology assists in the creation of secure banking environment by reducing instances of identity fraud, establishing audit trail of transactions, and protecting financial data. The shift towards biometrics is also being driven by the inability of traditional security measures such as PINs, passwords and tokens to effectively offer protection, particularly against the growing sophistication of intruder attacks. The growing realization among banking customers about inadequacies of PINs and passwords in offering protection against sophisticated bank frauds and online threats is leading to high demand for strong security solutions such as those involving biometrics. Further, steady increase in the number of password hacks in recent times reflects inadequate security associated with the use of passwords as access method. Driven by the growing need to offer protection against the rising instances of fraudulent transactions and identity thefts along with the ever-widening scale of frauds, banks are opting to invest into strong authentication measures.

Amid the COVID-19 crisis, the global market for Biometrics for Banking and Financial Services estimated at US$4.4 Billion in the year 2020, is projected to reach a revised size of US$8.9 Billion by 2026, growing at a CAGR of 12.8% over the analysis period. Fingerprint Biometrics, one of the segments analyzed in the report, is projected to grow at a 13.4% CAGR to reach US$6.2 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Face Biometrics segment is readjusted to a revised 11.6% CAGR for the next 7-year period. This segment currently accounts for a 22.8% share of the global Biometrics for Banking and Financial Services market.

The U.S. Market is Estimated at $1 Billion in 2021, While China is Forecast to Reach $1.8 Billion by 2026

The Biometrics for Banking and Financial Services market in the U.S. is estimated at US$1 Billion in the year 2021. The country currently accounts for a 22.84% share in the global market. China, the world second largest economy, is forecast to reach an estimated market size of US$1.8 Billion in the year 2026 trailing a CAGR of 17.1% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 7.6% and 9.9% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 10.9% CAGR while Rest of European market (as defined in the study) will reach US$2.2 Billion by the close of the analysis period.

Global market for biometrics in BFSI sector continues to grow at a robust rate driven by the increasing focus of BFSI companies on offering highest security to customer transactions through use of biometrics-based authentication measures. The use of biometrics technology has the potential to reduce instances of fraud attributed to identity duplication. As consumer preferences change and new payment methods are introduced, banks are being compelled to move towards digital transformation of payments and cards operations. Technology advancements are also leading to an increase in number of forgeries and frauds, whereby the need for solution that cannot be replicated is gaining prominence in the banking and financial services industry. In the financial sector, the rise in fraudulent access to account due to increasing use of mobile and online banking services is enhancing the importance of access and identity management; governance of information security; and information security roadmap as important security initiatives implemented for financial organizations. However, growing complexity of threats and the lack of adequate budgets are challenging effective implementation of such security programs.

Face Biometrics Segment to Reach $1.9 Billion by 2026

Face Biometrics utilizes unique facial characteristics to recognize and identify individuals. Face recognition is the most successful form of human surveillance and it includes the measurement of eyes, nose, mouth, and other facial features. Commercialization of face recognition systems increased owing to an upsurge in the usage of multimedia video technology. This technology is generally used for applications such as surveillance, screening, criminal and law enforcement that include kiosks and booking stations. It could be also used in passport issuance applications, driver`s licensing and registration of voters. Global market for Face Biometrics is estimated at US$996.6 Million in 2020, and is projected to reach US$1.9 Billion by 2026 reflecting a compounded annual growth rate of 11.6% over the analysis period. Asia-Pacific constitutes the largest regional market for Face segment, accounting for 23.1% of the global sales in 2020. China is poised to register the fastest compounded annual growth rate of 15.2% over the analysis period, to reach US$483.1 Million by the close of the analysis period.

SELECT PLAYERS

AllTrust Networks; Cyber-SIGN, Inc.; Fujitsu Frontech North America, Inc.; HID Global Corporation ; IDEMIA; Ingenico Group SA; Nuance Communications, Inc.; Precise Biometrics AB; Thales Group; Verint VoiceVault

SEGMENTS

» Type (Fingerprint, Face, Other Types)

GEOGRAPHIES

» World » USA » Canada » Japan » China » Europe » France » Germany » Italy » UK » Rest of Europe » Asia-Pacific » Rest of World

TABLE OF CONTENTS

1. MARKET OVERVIEW
Impact of COVID-19 Pandemic and a Looming Global Recession
EXHIBIT: Global Biometrics Market Growth Outlook (in %) for Years 2019 through 2025
Rising Focus on Identity Amidst the Pandemic Drives Changes in Biometrics Field
Contactless Biometric Technologies to Make Gains Amidst COVID-19 Outbreak
An Introduction to Biometrics Technology
Types of Biometrics Technologies
Biometrics: A Growing Solution to Address Financial Fraud and Security Breaches
Growing Role of Biometrics in Banking and Financial Institutions
EXHIBIT: Global Biometrics Market Breakdown of Revenues by Technology (in %): 2020E
EXHIBIT: Global Biometrics Market Breakdown of Revenues by Technology (in %): 2020E
Application of Biometrics Technology in Financial Services Sector
Global Market Prospects & Outlook
Fingerprint Scan Technology Leads, Vein Recognition Gains Traction
Developing Economies Spearhead Adoption of Biometrics in BFSI Industry
Competition
Recent Market Activity
2. FOCUS ON SELECT PLAYERS
3. MARKET TRENDS & DRIVERS
Digitization of Banking Services and Need for Stricter Identification Protocols to Prevent Security Breaches Drives Market
Unreliability and Vulnerability of Traditional Authentication Methods Fuels Adoption of Biometrics Solutions
Biometric Technology Vs Conventional ID Authentication Methods
Biometrics Enable Banks to Improve Customer Engagement Levels
Growing Adoption of Mobile Banking Spurs Opportunities for Biometrics
EXHIBIT: Global Online Banking Market Size (in US$ Billion) for the Years 2019, 2021, 2023 and 2025
Increasing Availability of Biometrics-Enabled Smartphones Transforms Mobile Banking Services
EXHIBIT: Smartphone Penetration Rate as Share of Total Population: 2016-2020
EXHIBIT: Global Penetration Rate (In %) of Fingerprint Sensor in Smartphones for Years 2014, 2016, 2018 and 2020E
Expanding Social Network Footprint of Financial Organizations: Opportunities for Biometrics Technology
Biometric Payment Cards Propel Biometrics Adoption in BFSI Sector
Biometrics Technology Facilitates Financial Inclusion of Unbanked Population
EXHIBIT: Global Breakdown of Unbanked Adult Population (in %) by Country for 2019
EXHIBIT: Global Breakdown of Unbanked Adult Population (in %) by Gender for 2019
EXHIBIT: Top Factors Cited as Barrier to Account Ownership: % of Adults Citing the Reason for Being Unbanked
Biometrics-based Authentication at ATMs on the Rise
EXHIBIT: Worldwide Installed Base of ATMs in Millions for the Years 2015, 2017, 2019, 2021, 2023, and 2025
Future Financial Transactions to be Password-less, Contact-less and Friction-less
Amidst Digital Transformation of Banking Operations, Behavioral Biometrics Witnesses Growth
Keystroke Dynamics Authentication Overcomes Challenges Related to Conventional Authentication Methods
Multi-Modal Biometrics Gain Momentum
Biometric Multi-Factor Authentication: Providing Greater Security to Transactions
Digital Onboarding Initiatives of Banks Present Favorable Outlook for Biometrics Technologies
Voice Biometrics Continues to Gain Growth
Contactless Iris Biometrics Technology Poised for Strong Growth
Facial Recognition Growing in Popularity
Banks See More Deployment of Vein Recognition Biometrics
Dual Biometrics Finds Acceptance among Banks
Identity Verification: A Major Growth Area for Biometrics Use in Banks
Access Control: A Potential Application Area
Fintech Banking Addresses Drawbacks of Conventional Banking
On-Cloud Biometrics Gain Popularity
Innovations in Biometrics for Banking and Financial Services Sector: A Review
Select Innovations in Banking Biometrics Space
Partnerships: Order of the day for BFSI
Regulatory Mandates Promote Adoption Biometrics Technology in Banking Sector
Challenges Facing Banks in Implementing Biometric Security Systems
4. GLOBAL MARKET PERSPECTIVE
World Current & Future Analysis for Biometrics for Banking and Financial Services by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Revenues in US$ Thousand for Years 2020 through 2027 and % CAGR
World Historic Review for Biometrics for Banking and Financial Services by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Revenues in US$ Thousand for Years 2015 through 2019 and % CAGR
World 12-Year Perspective for Biometrics for Banking and Financial Services by Geographic Region - Percentage Breakdown of Value Revenues for USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets for Years 2015, 2020 & 2027
World Current & Future Analysis for Fingerprint by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Revenues in US$ Thousand for Years 2020 through 2027 and % CAGR
World Historic Review for Fingerprint by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Revenues in US$ Thousand for Years 2015 through 2019 and % CAGR
World 12-Year Perspective for Fingerprint by Geographic Region - Percentage Breakdown of Value Revenues for USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World for Years 2015, 2020 & 2027
World Current & Future Analysis for Face by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Revenues in US$ Thousand for Years 2020 through 2027 and % CAGR
World Historic Review for Face by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Revenues in US$ Thousand for Years 2015 through 2019 and % CAGR
World 12-Year Perspective for Face by Geographic Region - Percentage Breakdown of Value Revenues for USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World for Years 2015, 2020 & 2027
World Current & Future Analysis for Other Types by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Revenues in US$ Thousand for Years 2020 through 2027 and % CAGR
World Historic Review for Other Types by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Revenues in US$ Thousand for Years 2015 through 2019 and % CAGR
World 12-Year Perspective for Other Types by Geographic Region - Percentage Breakdown of Value Revenues for USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World for Years 2015, 2020 & 2027
UNITED STATES
Biometrics Technology Finds Favor in BFSI Sector
EXHIBIT: US Biometrics Technology Market by End-Use (In %): 2020E
USA Current & Future Analysis for Biometrics for Banking and Financial Services by Type - Fingerprint, Face and Other Types - Independent Analysis of Annual Revenues in US$ Thousand for the Years 2020 through 2027 and % CAGR
USA Historic Review for Biometrics for Banking and Financial Services by Type - Fingerprint, Face and Other Types Markets - Independent Analysis of Annual Revenues in US$ Thousand for Years 2015 through 2019 and % CAGR
USA 12-Year Perspective for Biometrics for Banking and Financial Services by Type - Percentage Breakdown of Value Revenues for Fingerprint, Face and Other Types for the Years 2015, 2020 & 2027
CANADA
Canada Current & Future Analysis for Biometrics for Banking and Financial Services by Type - Fingerprint, Face and Other Types - Independent Analysis of Annual Revenues in US$ Thousand for the Years 2020 through 2027 and % CAGR
Canada Historic Review for Biometrics for Banking and Financial Services by Type - Fingerprint, Face and Other Types Markets - Independent Analysis of Annual Revenues in US$ Thousand for Years 2015 through 2019 and % CAGR
Canada 12-Year Perspective for Biometrics for Banking and Financial Services by Type - Percentage Breakdown of Value Revenues for Fingerprint, Face and Other Types for the Years 2015, 2020 & 2027
JAPAN
Market Overview
Japan Current & Future Analysis for Biometrics for Banking and Financial Services by Type - Fingerprint, Face and Other Types - Independent Analysis of Annual Revenues in US$ Thousand for the Years 2020 through 2027 and % CAGR
Japan Historic Review for Biometrics for Banking and Financial Services by Type - Fingerprint, Face and Other Types Markets - Independent Analysis of Annual Revenues in US$ Thousand for Years 2015 through 2019 and % CAGR
Japan 12-Year Perspective for Biometrics for Banking and Financial Services by Type - Percentage Breakdown of Value Revenues for Fingerprint, Face and Other Types for the Years 2015, 2020 & 2027
CHINA
Market Overview
Finger-Vein Authentication Offers Additional Security to Chinese ATMs
China Current & Future Analysis for Biometrics for Banking and Financial Services by Type - Fingerprint, Face and Other Types - Independent Analysis of Annual Revenues in US$ Thousand for the Years 2020 through 2027 and % CAGR
China Historic Review for Biometrics for Banking and Financial Services by Type - Fingerprint, Face and Other Types Markets - Independent Analysis of Annual Revenues in US$ Thousand for Years 2015 through 2019 and % CAGR
China 12-Year Perspective for Biometrics for Banking and Financial Services by Type - Percentage Breakdown of Value Revenues for Fingerprint, Face and Other Types for the Years 2015, 2020 & 2027
EUROPE
Europe Current & Future Analysis for Biometrics for Banking and Financial Services by Geographic Region - France, Germany, Italy, UK and Rest of Europe Markets - Independent Analysis of Annual Revenues in US$ Thousand for Years 2020 through 2027 and % CAGR
Europe Historic Review for Biometrics for Banking and Financial Services by Geographic Region - France, Germany, Italy, UK and Rest of Europe Markets - Independent Analysis of Annual Revenues in US$ Thousand for Years 2015 through 2019 and % CAGR
Europe 12-Year Perspective for Biometrics for Banking and Financial Services by Geographic Region - Percentage Breakdown of Value Revenues for France, Germany, Italy, UK and Rest of Europe Markets for Years 2015, 2020 & 2027
Europe Current & Future Analysis for Biometrics for Banking and Financial Services by Type - Fingerprint, Face and Other Types - Independent Analysis of Annual Revenues in US$ Thousand for the Years 2020 through 2027 and % CAGR
Europe Historic Review for Biometrics for Banking and Financial Services by Type - Fingerprint, Face and Other Types Markets - Independent Analysis of Annual Revenues in US$ Thousand for Years 2015 through 2019 and % CAGR
Europe 12-Year Perspective for Biometrics for Banking and Financial Services by Type - Percentage Breakdown of Value Revenues for Fingerprint, Face and Other Types for the Years 2015, 2020 & 2027
FRANCE
France Current & Future Analysis for Biometrics for Banking and Financial Services by Type - Fingerprint, Face and Other Types - Independent Analysis of Annual Revenues in US$ Thousand for the Years 2020 through 2027 and % CAGR
France Historic Review for Biometrics for Banking and Financial Services by Type - Fingerprint, Face and Other Types Markets - Independent Analysis of Annual Revenues in US$ Thousand for Years 2015 through 2019 and % CAGR
France 12-Year Perspective for Biometrics for Banking and Financial Services by Type - Percentage Breakdown of Value Revenues for Fingerprint, Face and Other Types for the Years 2015, 2020 & 2027
GERMANY
Germany Current & Future Analysis for Biometrics for Banking and Financial Services by Type - Fingerprint, Face and Other Types - Independent Analysis of Annual Revenues in US$ Thousand for the Years 2020 through 2027 and % CAGR
Germany Historic Review for Biometrics for Banking and Financial Services by Type - Fingerprint, Face and Other Types Markets - Independent Analysis of Annual Revenues in US$ Thousand for Years 2015 through 2019 and % CAGR
Germany 12-Year Perspective for Biometrics for Banking and Financial Services by Type - Percentage Breakdown of Value Revenues for Fingerprint, Face and Other Types for the Years 2015, 2020 & 2027
ITALY
Italy Current & Future Analysis for Biometrics for Banking and Financial Services by Type - Fingerprint, Face and Other Types - Independent Analysis of Annual Revenues in US$ Thousand for the Years 2020 through 2027 and % CAGR
Italy Historic Review for Biometrics for Banking and Financial Services by Type - Fingerprint, Face and Other Types Markets - Independent Analysis of Annual Revenues in US$ Thousand for Years 2015 through 2019 and % CAGR
Italy 12-Year Perspective for Biometrics for Banking and Financial Services by Type - Percentage Breakdown of Value Revenues for Fingerprint, Face and Other Types for the Years 2015, 2020 & 2027
UNITED KINGDOM
Growing Popularity of Biometrics in Banking Operations
UK Current & Future Analysis for Biometrics for Banking and Financial Services by Type - Fingerprint, Face and Other Types - Independent Analysis of Annual Revenues in US$ Thousand for the Years 2020 through 2027 and % CAGR
UK Historic Review for Biometrics for Banking and Financial Services by Type - Fingerprint, Face and Other Types Markets - Independent Analysis of Annual Revenues in US$ Thousand for Years 2015 through 2019 and % CAGR
UK 12-Year Perspective for Biometrics for Banking and Financial Services by Type - Percentage Breakdown of Value Revenues for Fingerprint, Face and Other Types for the Years 2015, 2020 & 2027
REST OF EUROPE
Rest of Europe Current & Future Analysis for Biometrics for Banking and Financial Services by Type - Fingerprint, Face and Other Types - Independent Analysis of Annual Revenues in US$ Thousand for the Years 2020 through 2027 and % CAGR
Rest of Europe Historic Review for Biometrics for Banking and Financial Services by Type - Fingerprint, Face and Other Types Markets - Independent Analysis of Annual Revenues in US$ Thousand for Years 2015 through 2019 and % CAGR
Rest of Europe 12-Year Perspective for Biometrics for Banking and Financial Services by Type - Percentage Breakdown of Value Revenues for Fingerprint, Face and Other Types for the Years 2015, 2020 & 2027
ASIA-PACIFIC
Australia
India
Growth of Biometrics in Banking Industry
COVID-19 Outbreak Prompts India to Consider Iris Scans and Facial Recognition to Authenticate AePS Users
UIDAI: Ambitious Biometrics Project and Opportunities for Financial Services
Singapore
Asia-Pacific Current & Future Analysis for Biometrics for Banking and Financial Services by Type - Fingerprint, Face and Other Types - Independent Analysis of Annual Revenues in US$ Thousand for the Years 2020 through 2027 and % CAGR
Asia-Pacific Historic Review for Biometrics for Banking and Financial Services by Type - Fingerprint, Face and Other Types Markets - Independent Analysis of Annual Revenues in US$ Thousand for Years 2015 through 2019 and % CAGR
Asia-Pacific 12-Year Perspective for Biometrics for Banking and Financial Services by Type - Percentage Breakdown of Value Revenues for Fingerprint, Face and Other Types for the Years 2015, 2020 & 2027
REST OF WORLD
Latin America
Santander Mexico Starts Registering Biometric Data of Customers to Secure Bank Transactions
Neon Introduces a New Banking Approach, Facial Biometric for Authentication in Brazil
Rest of World Current & Future Analysis for Biometrics for Banking and Financial Services by Type - Fingerprint, Face and Other Types - Independent Analysis of Annual Revenues in US$ Thousand for the Years 2020 through 2027 and % CAGR
Rest of World Historic Review for Biometrics for Banking and Financial Services by Type - Fingerprint, Face and Other Types Markets - Independent Analysis of Annual Revenues in US$ Thousand for Years 2015 through 2019 and % CAGR
Rest of World 12-Year Perspective for Biometrics for Banking and Financial Services by Type - Percentage Breakdown of Value Revenues for Fingerprint, Face and Other Types for the Years 2015, 2020 & 2027
Total Companies Profiled: 63

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