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IN THE NEWSSeptember 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.
Global Biometrics for Banking Financial Services Market Highlights 2022 – 2030
The global biometrics for banking financial services market is estimated to garner a sizeable revenue and grow at a CAGR of ~12% over the forecast period, i.e., 2022 – 2030. 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.
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The 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 global biometrics for banking financial services 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.
Major Macro-Economic Indicators Impacting the Market Growth
The never-ending growth in internet accessibility around the world along with numerous technological advancements comprising 5G, blockchain, cloud services, Internet of Things (IoT), and Artificial Intelligence (AI) among others have significantly boosted the economic growth in the last two decades. As of April 2021, there were more than 4.5 billion users that were actively using the internet globally. Moreover, the growth in ICT sector has significantly contributed towards GDP growth, labor productivity, and R&D spending among other transformations of economies in different nations of the globe. Furthermore, the production of goods and services in the ICT sector is also contributing to the economic growth and development. As per the statistics in the United Nations Conference on Trade and Development’s database, the ICT good exports (% of total good exports) globally grew from 10.816 in 2015 to 11.536 in 2019. In 2019, these exports in Hong Kong SAR, China amounted to 56.65%, 25.23% in East Asia & Pacific, 26.50% in China, 25.77% in Korea, Rep., 8.74% in the United States, and 35.01% in Vietnam. These are some of the important factors that are boosting the growth of the market.
Global Biometrics for Banking Financial Services Market Regional Synopsis
On the basis of geographical analysis, the global biometrics for banking 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 is estimated to witness noteworthy growth over the forecast period on the back of the 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.
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The global biometrics for banking financial services market is further classified on the basis of region as follows:
Market Segmentation
Our in-depth analysis of the global biometrics for banking financial services market includes the following segments:
By Biometric Type
By Application
Growth Drivers
Challenges
Top Featured Companies Dominating the Market
FREQUENTLY ASKED QUESTIONS
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 – 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.
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.
The market is segmented by biometric type, application, and by region.
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.
Growing complexity of online threats is estimated to hamper the market growth.
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