Global Biometric Banking Market Research Report: Information By Product Type (Hardware and Software), By Product Application (Finger Print, Facial Recognition, Hand Geometry, Iris Recognition, and Others), and By Region (North America, Europe, Asia-Pacific, and Rest Of The World) – Global Economy Insights, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast Till 2032.
Global Biometric Banking Market Size was valued at USD 4.6 Billion in 2022. The Biometric Banking market industry is projected to grow from USD 5.8 Billion in 2023 to USD 18.2 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 15.90% during the forecast period (2023 - 2032). a growing number of industries, including consumer electronics, automotive, and aerospace, are using biometric technology, are the key market drivers enhancing the market growth.
The demand for biometric banking is being fueled by the growing use of biometric technologies in consumer electronics and autos. The important factors influencing market expansion include the expanded usage of biometric technology in many industries and the rising need for authentication, identification, security, and surveillance solutions in a wide range of application domains. When compared to older techniques like using tokens and passwords, biometric technologies reduce fraud and security breaches. A biometric system compares fingerprints using a reader, associated software, and database to offer high security and accuracy. Another factor supporting the anticipated expansion of the biometric banking market over the course of the projected period is the e-commerce sector's increased embrace of the technology for safe payments. Additionally, it is projected that greater market demand would result from the increased use of technology for employee identification and attendance in both the public and private sectors.
Alliances between major players are being formed in order to expand their global operations. For instance, Microsoft recently evaluated and verified three new small USB fingerprint reader accessories from BIO-Key, the SideTouch, SideSwipe, and EcoID, to allow Windows 10's newest biometric authentication sign-in functionality. The security and recognition capabilities of multimodal biometric authentication systems, which include a number of behavioral or physiological variables, are also anticipated to increase. A trend toward contactless biometric systems that evaluate speech, posture, and facial recognition for identification verification has also been influenced by the coronavirus disease outbreak.
A paradigm shift in business discourse in favor of greater privacy and fewer security threats is one of the significant trends in the sector under consideration. End customers are turning to integrated solutions more frequently than they are to traditional methods. Due to the increased use of mobile devices in recent years, consumer biometric applications have rapidly increased. The consumer electronics market is dominated by security and access control technology due to the extensive usage of biometric systems. Thus, it contributes to market growth. For instance, the popular messaging app WhatsApp just added a new privacy option to the Android OS. Customers will soon be able to secure their accounts using fingerprint sensors for biometric authentication, the company claims.
Hybrid or multi-model biometric systems have also lately become an important identifying method for authentication requirements. The multi-model biometric recognition system uses a variety of characteristics, such as fingerprint, iris, and facial qualities, to authenticate users. This provides higher dependability, high-speed, and high-precision authentication in large-scale systems that must respond to a variety of physical properties and in usage scenarios that demand severe identity verification. Thus, driving the Biometric Banking market revenue.
Leading industry companies are making significant R&D investments in order to diversify their product offerings, which will drive the Biometric Banking market's expansion. Important market developments include new product releases, contractual agreements, mergers and acquisitions, greater investments, and collaboration with other organizations. Market participants are also engaging in a number of strategic actions to increase their global footprint. The Biometric Banking sector needs to provide affordable products if it wants to grow and thrive in a more competitive and challenging market environment.
One of the primary business strategies employed by manufacturers in the worldwide Biometric Banking industry to assist customers and expand the market sector is local manufacturing to reduce operational costs. Some of the biggest benefits to medicine have recently come from the Biometric Banking sector. Major players in the Biometric Banking market, including 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, are attempting to increase market demand by investing in research and development operations.
Thales SA (Thales), which also provides smart technologies, electronic systems, software, ground transportation, services, and equipment, serves the aerospace, defense, and security markets. It provides electrical systems, training solutions, flight deck, avionics systems, and air traffic management systems to the aviation sector. The company also provides weapon systems, protection systems, radio communications products, network and infrastructure systems, critical information systems, and cybersecurity solutions for the ground, marine, and air defense industries. Thales additionally offers maintenance, repair, and training services. The company operates in the Americas, Europe, the Middle East, Africa, and Asia-Pacific. Paris, Ile-de-France, France, is home to Thales' main office. In October 2021, Thales and Inetum partnered to extend the use of their Automated Border Control (ABC) technology for traveler biometric authentication to three airports in Spain.
Biometrics are the primary emphasis of the identification startup ImageWare Systems, Inc. The company offers a crucial identification infrastructure and biometrically confirmed identity-secured access to revolutionize enterprise security. ImageWare Systems serves the public and governmental sectors in the US. With a biometrically enabled Blockchain-Powered Self Sovereign Identity solution, ImageWare Systems entered the self-sovereign identity market in October 2021. By adding biometric protection to the identity blockchain, which keeps data safe in digital wallets and only accessible to authorized users, the last level of security is provided.
June 2021: Phonexia developed new audio investigative software named Phoenixia Orbis by drawing on its experience from countless international public security operations.
September 2021: Imageware and TECH5 partnered to become value-added resellers. The current Imageware product line, which includes, among other things, Imageware Proof, Imageware Authenticate, Imageware Identify, and the Imageware Biometric Engine, may be integrated with all TECH5 solutions through the terms of this agreement.
May 2021: Phonexia collaborated with Almawave, a supplier of big data, AI, and natural language processing services, through its subsidiary PerVoice, to add Phonexia speech Verify, a speech biometric solution, to Almawave's offering.
Biometric Banking Product Type Outlook
Biometric Banking Product Application Outlook
The report also helps in understanding Global Biometric Banking Market dynamics, structure by analyzing the market segments, and project the Global Biometric Banking Market size. Clear representation of competitive analysis of key players by type, price, financial position, product portfolio, growth strategies, and regional presence in the Global Biometric Banking Market make the report investor’s guide.
This report examines all the key factors influencing growth of global Biometric Banking market, including demand-supply scenario, pricing structure, profit margins, production and value chain analysis. Regional assessment of global Biometric Banking market unlocks a plethora of untapped opportunities in regional and domestic market places. Detailed company profiling enables users to evaluate company shares analysis, emerging product lines, pricing strategies, innovation possibilities and much more.
The report covers the all the aspects of industry with dedicated study of key players that includes market leaders, followers and new entrants by region. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors by region on the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give clear futuristic view of the industry to the decision makers.
Biometric Banking Product Type Insights
The global Biometric Banking market segmentation, based on Product Type, includes hardware and software. Hardware segment accounted for the largest revenue share in 2022. The development of mobile biometric devices, the growing focus on hardware-based security features, and the expanding usage of biometric technology in consumer electronics for authentication and identity applications are important factors affecting the expansion of biometric technology. The advantages of biometric hardware, including precise identification accountability, high performance, dependability, and high security & assurance, all contribute to this market's growth. For the benefit of small and medium-sized businesses, several vendors are investing in R&D of cutting-edge technologies to enhance hardware capabilities and reduce prices.
Biometric Banking Product Application Insights
The global Biometric Banking market segmentation, based on finger print, facial recognition, hand geometry, iris recognition, and others. Finger print segment dominated the global Biometric Banking market in 2022. This is a result of single-factor authentication being widely used because it is more effective, useful, and quick to act. The most popular single factor technologies are face and fingerprint identification, particularly in banking, travel, and immigration applications. The need for single factor systems has surged due to the quick acceptance of these technologies in consumer electronic gadgets.
Biometric Banking Regional Insights
Insights into the markets in North America, Europe, Asia-Pacific, and the rest of the world are provided by the study. The North America Biometric Banking Market dominated this market in 2022 (45.80%). In the United States, biometric technologies are widely used in a range of sectors, including government, homeland security, commerce, and justice. As a result of the increased threat of terrorism on a worldwide scale, biometric technology is able to meet an increasing number of safety and security needs. Further, In the North American area, the U.S. biometric banking market had the biggest market share, while the Canada biometric banking industry had the quickest rate of expansion.
Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
In 2022, the Europe Biometric Banking market held a sizable market share. The growth of mobile payment transactions, expansion of commercial organizations, and government measures to adopt biometric authentication systems are all expected to have a significant impact on the region's biometrics market. Further, In the European region, the German Biometric Banking market had the biggest market share, and the U.K. Biometric Banking market had the quickest rate of growth.
From 2023 to 2032, the Asia Pacific Biometric Banking industry is anticipated to experience rapid expansion. It is also projected that initiatives including face, fingerprint, and eye biometrics, such as the UIDAI project in India and the e-KTP electronic ID scheme in Indonesia, could create new economic opportunities. The usage of 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 and identity theft in the region's banking sector, which is rapidly going digital, more stringent personnel and client identification measures are still required. Moreover, In the Asia-Pacific region, the Indian Biometric Banking market had the quickest rate of growth while China's Biometric Banking market had the greatest market share.
Frequently Asked Questions
• The global Biometric Banking market size was valued at USD 4.6 Billion in 2022.
• The global market is projected to grow at a CAGR of 15.90% during the forecast period, 2023-2032.
• North America had the largest share in the global market
• The key players in the market are 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
• The Hardware Product Type dominated the market in 2022.
• The Finger Print Product Application had the largest share in the global market.
Want to Review Complete Market Research Report
Customize this Report
Related Reports
Legal Process Outsourcing Market Growth Forecast, Global Industry Outlook to 2028
August, 2023Payment Processing Solutions Market Growth, Statistics Industry Forecast, 2022-2031
August, 2023Microinsurance Market Growth Forecast, Global Industry Outlook to 2032
August, 2023