Biometrics for Banking Financial Services Market Segmentation by Biometric Type (Iris, Face, Fingerprint, Hand, Voice, Signature, and Others); and by Application (Micro-ATMs, KYC, Merchant Payments System, Payment Authentication System, and Attendance System) – Global Demand Analysis & Opportunity Outlook 2030
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In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022. Purchasing power in the country is expected to fell nearly by 2.5%.
On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.
September 2021- Jordan Kuwait Bank selected Thales for supplying biometric payment cards for contactless EMV transactions. The cards will be distributed to the bank’s World Elite customers, who will be able to enroll biometrics from home.
October 2019- UK’s bank NatWest began a 3-month trial of biometric fingerprint credit cards from Mastercard and Gemalto with a total of 150 customers.
Ans: 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.
Ans: The market is anticipated to attain a CAGR of ~12% over the forecast period, i.e., 2022 – 2030.
Ans: 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.
Ans: The major players in the market are Gemalto N.V., Cyber-SIGN, Inc., Fujitsu Frontech North America, Inc., Ingenico Group SA, and others.
Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by biometric type, application, and by region.
Ans: The face segment is anticipated to hold largest market size and is estimated to grow at a notable CAGR over the forecast period and display significant growth opportunities.
Ans: Growing complexity of online threats is estimated to hamper the market growth.
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