New York, USA, July 20, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Report by MRFR/Market Research Future (MRFR), Biometric Banking Market Information By Product Type, By Product Application, By Region – Market Forecast Till 2032", The global biometric banking market will touch USD 18.0 billion at a 15.80% CAGR by 2032, as per the recent Market Research Future report.
Key Players:
Eminent industry players profiled in the biometric banking market report include
- Techshino Technology
- Ample trails, Inc
- Biometrics Institute
- State Grid Corporation of China
- BPI Connected Identification
- American Safety Council, Inc
- Aulich & Co
- Digital Persona, FIDO Alliance member
- Diebold & Co
- Omaha Based First Data Co
- Chase & Co
- Authentik Solutions
- Visa Co
- Biolink Solutions
- Innoventry Corporation
- Auraya Systems Pty Ltd
- Baztech Inc
- Axon Wireless International
- and Charles Schwab and Co.
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Scope of the Report – Biometric Banking Market:
| Report Metrics | Details |
| Market Size by 2032 | USD 18.0 billion |
| CAGR during 2023-2032 | 15.80% |
| Base Year | 2022 |
| Forecast | 2023-2032 |
| Key Market Opportunities | Significant advancements in biometric solutions designed or authentication and identification applications |
| Key Market Dynamics | The growing adoption of biometric systems in consumer electronics and automotive and the expanding applications of biometric technology in various industries |
Drivers:
Improved Security to Bolster Market Growth
Biometric authentication technologies like iris scan, fingerprint, or facial recognition give a higher level of security when compared to traditional authentication approaches like passwords or PINs. Because of each person's unique biological characteristics, criminals find it difficult to replicate or steal, which reduces the risk of the identity theft or unauthorized access.
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Opportunities:
Rising Adoption of Smartphone to offer Lucrative Opportunities
The widespread usage of smartphones equipped with biometric sensors, like fingerprint scanners/facial recognition cameras, has made biometric banking viable. As users become accustomed to using biometrics to unlock devices, they are more likely to accept the biometric authentication for the financial services.
Restraints and Challenges:
Operational Challenges to act as Market Restraints
Operational challenges, security threats, technical limitations, regulatory compliance, and privacy concerns may act as market restraints over the forecast period.
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Market Segmentation:
The global biometric banking market is bifurcated based on product type and application.
By product type, hardware will lead the market over the forecast period. The development of mobile biometric devices, the growing focus on hardware-based security features, and the rising usage of biometric technology especially in consumer electronics both for authentication and identification applications are important factors affecting the expansion of biometric technology. The advantages of biometric hardware, including precise identification accountability, higher performance, reliability, and high security & assurance, all contribute to this market's growth. For the benefit of small and medium-sized businesses, several suppliers are investing in R&D in cutting-edge technologies for enhancing hardware capabilities and reduce prices.
By product application, fingerprint will domineer the market over the forecast period. This is a result of single-factor authentication being widely used since it is more effective, useful, and quick to perform. The most popular single factor technologies are face and fingerprint identification, particularly in banking, travel, & immigration applications. The need for single factor systems has surged due to the quick acceptance of such technologies in the consumer electronic gadgets.
COVID-19 Impact:
Demand for touchless technology, such as biometric authentication techniques like face recognition and iris scanning, has increased in response to the requirement for social distance and hygiene regulations. With less physical touch and a lower chance of virus transmission than more established techniques like fingerprint scanning, these contactless technologies have gained popularity.
The trend to internet shopping and digital banking has been hastened by the epidemic. The use of biometric authentication to improve security and simplify the digital banking process has increased as more consumers choose remote banking services over visiting physical bank facilities. Identity verification for numerous financial transactions is made safe and simple by biometric solutions.
In order to ensure the ethical use of these technologies, regulatory agencies have established standards and guidelines in response to the growing acceptance of biometric banking. Governments and regulatory bodies have been putting effort into developing frameworks that handle privacy issues, data protection issues, and ethical issues pertaining to biometrics in financial industries.
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Regional Analysis:
North America to Head Biometric Banking Market
In 2022, this market was headed by the North American Biometric Banking Market (45.80%). In the United States, biometric technologies are extensively employed in a range of sectors, including government, homeland security, commerce, and justice. As a result of the heightened threat of terrorism on a worldwide scale, biometric technology is able to meet an increasing number of safety & security needs. Additionally, the North American biometric banking market in the United States had the biggest market share, while the market in Canada had the quickest rate of expansion.
APAC to Have Admirable Growth in Biometric Banking Market
From 2023 to 2032, the Asia Pacific industry is anticipated to see rapid expansion. It is also envisaged that initiatives including face, fingerprint, and eye biometrics, such as India’s UIDAI project & the e-KTP electronic ID scheme in Indonesia, could provide new economic opportunities. The usage of the biometric identification technology has been widely adopted in the region, and the banking industry has advanced with the replacement of conventional systems with biometric ones. In order to prevent fraud & identity theft within the region's banking sector, which is rapidly going digital, more stringent personnel and customer identification procedures are still required. Additionally, the Indian industry for biometric banking had the highest rate of growth in the Asia-Pacific region, while China's Biometric Banking market had the greatest market share.
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