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Biometrics for Banking & Financial Services Market worth $13.72 billion by 2030, growing at a CAGR of 7.50% - Exclusive Report by 360iResearch
Biometrics for Banking & Financial Services Market | 360iResearch
The Global Biometrics for Banking & Financial Services Market to grow from USD 8.27 billion in 2023 to USD 13.72 billion by 2030, at a CAGR of 7.50%.
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The biometrics for banking and financial services encompasses using biometric technologies to authenticate and verify the identity of individuals in banking and financial operations. They include hardware, software, and services related to biometric modalities such as fingerprint recognition, iris recognition, facial recognition, voice recognition, vein recognition, and behavioral biometrics. These technologies aim to enhance security, improve customer experience, and prevent fraudulent activities within the sector. The demand for these solutions is driven by an upsurge in identity theft, the necessity of a secure and convenient customer experience, and strict regulatory norms mandating robust authentication systems. Technological breakthroughs, particularly artificial intelligence, and machine learning, are elevating biometric system capabilities, while the surge in the adoption of digital banking further fuels expansion. Emerging opportunities include the adoption of multimodal biometric systems, biometric smart cards, and contactless authentication methods. However, the market faces challenges such as concerns related to privacy, data security, and the significant initial investment required for deploying biometric infrastructure. Moreover, players are focusing on innovations combating spoofing attacks, research prioritizing user privacy, and adapting biometrics in fintech, such as decentralized finance and digital currencies, which are pivotal. Furthermore, combining biometrics with other security aspects, such as behavioral analytics, is expected to unlock new potential, especially in untapped markets that demand localized solutions.
Market Segmentation & Coverage:
This research report categorizes the Biometrics for Banking & Financial Services Market in order to forecast the revenues and analyze trends in each of following sub-markets:
Based on Product Type, market is studied across Face Biometrics, Fingerprint Biometrics, Hand Vein Biometrics, Iris Biometrics, and Voice Biometrics. The Fingerprint Biometrics is projected to witness significant market share during forecast period.
Based on Function, market is studied across Customer Authentication and Customer Onboarding. The Customer Authentication is projected to witness significant market share during forecast period.
Based on Application, market is studied across ATM Centers, Electronic Banking, and Mobile Banking. The Mobile Banking is projected to witness significant market share during forecast period.
Based on Region, market is studied across Americas, Asia-Pacific, and Europe, Middle East & Africa. The Americas is further studied across Argentina, Brazil, Canada, Mexico, and United States. The United States is further studied across California, Florida, Illinois, New York, Ohio, Pennsylvania, and Texas. The Asia-Pacific is further studied across Australia, China, India, Indonesia, Japan, Malaysia, Philippines, Singapore, South Korea, Taiwan, Thailand, and Vietnam. The Europe, Middle East & Africa is further studied across Denmark, Egypt, Finland, France, Germany, Israel, Italy, Netherlands, Nigeria, Norway, Poland, Qatar, Russia, Saudi Arabia, South Africa, Spain, Sweden, Switzerland, Turkey, United Arab Emirates, and United Kingdom. The Asia-Pacific is projected to witness significant market share during forecast period.
FPNV Positioning Matrix:
The FPNV Positioning Matrix is essential for assessing the Biometrics for Banking & Financial Services Market. It provides a comprehensive evaluation of vendors by examining key metrics within Business Strategy and Product Satisfaction, allowing users to make informed decisions based on their specific needs. This advanced analysis then organizes these vendors into four distinct quadrants, which represent varying levels of success: Forefront (F), Pathfinder (P), Niche (N), or Vital(V).
Market Share Analysis:
The Market Share Analysis offers an insightful look at the current state of vendors in the Biometrics for Banking & Financial Services Market. By comparing vendor contributions to overall revenue, customer base, and other key metrics, we can give companies a greater understanding of their performance and what they are up against when competing for market share. The analysis also sheds light on just how competitive any given sector is about accumulation, fragmentation dominance, and amalgamation traits over the base year period studied.
Key Company Profiles:
The report delves into recent significant developments in the Biometrics for Banking & Financial Services Market, highlighting leading vendors and their innovative profiles. These include 3M Company, 4G Identity Solutions, AllTrust Networks by Valsef Group, ASSA ABLOY, Aware, Inc., Bayometric, BIO-key International, BioEnable Technologies Pvt. Ltd., BioID GmbH, Cognitec Systems GmbH by Salto Systems, S.L., Daon, Inc., DERMALOG Identification Systems GmbH, Diebold Nixdorf, Inc., FACEPHI BIOMETRICS Ltd., Fujitsu Limited, IDEMIA France SAS, INGENICO, iProov Limited, JPMorgan Chase & Co., NEC Corporation, Nuance Communications, Inc., Onfido, Sthaler Limited, Synaptics Incorporated, Thales SA, and Verint Systems Inc..
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Key Topics Covered:
1. Preface
2. Research Methodology
3. Executive Summary
4. Market Overview
5. Market Insights
6. Biometrics for Banking & Financial Services Market, by Product Type
7. Biometrics for Banking & Financial Services Market, by Function
8. Biometrics for Banking & Financial Services Market, by Application
9. Americas Biometrics for Banking & Financial Services Market
10. Asia-Pacific Biometrics for Banking & Financial Services Market
11. Europe, Middle East & Africa Biometrics for Banking & Financial Services Market
12. Competitive Landscape
13. Competitive Portfolio
14. Appendix
The report provides insights on the following pointers:
1. Market Penetration: Provides comprehensive information on the market offered by the key players
2. Market Development: Provides in-depth information about lucrative emerging markets and analyzes penetration across mature segments of the markets
3. Market Diversification: Provides detailed information about new product launches, untapped geographies, recent developments, and investments
4. Competitive Assessment & Intelligence: Provides an exhaustive assessment of market shares, strategies, products, certification, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players
5. Product Development & Innovation: Provides intelligent insights on future technologies, R&D activities, and breakthrough product developments
The report answers questions such as:
1. What is the market size and forecast of the Biometrics for Banking & Financial Services Market?
2. Which are the products/segments/applications/areas to invest in over the forecast period in the Biometrics for Banking & Financial Services Market?
3. What is the competitive strategic window for opportunities in the Biometrics for Banking & Financial Services Market?
4. What are the technology trends and regulatory frameworks in the Biometrics for Banking & Financial Services Market?
5. What is the market share of the leading vendors in the Biometrics for Banking & Financial Services Market?
6. What modes and strategic moves are considered suitable for entering the Biometrics for Banking & Financial Services Market?
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About 360iResearch
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