Global Biometric Banking Market Size study & Forecast, by Component (Hardware, Software, Service), by Type (Fingerprint, Facial Recognition, Hand Geometry, Iris Recognition, Other), by End User (Retail, Government, Transportation, Healthcare, Hospitality,

Global Biometric Banking Market Size study & Forecast, by Component (Hardware, Software, Service), by Type (Fingerprint, Facial Recognition, Hand Geometry, Iris Recognition, Other), by End User (Retail, Government, Transportation, Healthcare, Hospitality, Others) and Regional Analysis, 2023-2030

Global Biometric Banking Market is valued at approximately USD 5 billion in 2022 and is anticipated to grow with a healthy growth rate of more than 17.2% over the forecast period 2023-2030. Biometric banking, also known as biometric authentication in banking, refers to the use of biometric technology to verify the identity of individuals accessing their bank accounts, conducting financial transactions, or performing other banking activities. Biometrics involves the measurement and analysis of unique physical or behavioral characteristics of individuals for identification and authentication purposes. The Biometric Banking Market is expanding because of factors such as the rising adoption of mobile banking and digital payments, rising fraud prevention concerns, and the rising adoption of neo-banking.

The financial industry has witnessed a profound shift towards digitalization, with consumers increasingly relying on online and mobile banking services for their financial transactions. This surge in digital payments has brought about several challenges related to security and identity verification, which traditional authentication methods might not address effectively. Biometric banking solutions, which utilize unique physical or behavioral characteristics of individuals such as fingerprints, facial recognition, or voice patterns, have emerged as a robust response to these security challenges. According to Indian Brand Equity Foundation digital payments in India are anticipated to increase 4 times by 2026-2027. In 2022-2023 , there is a projected year-on-year transactional volume growth of 56%. Furthermore, digital transactions are expected to surge by 56% within a single year, soaring from USD 873.38 million in 2021-22 to USD 1.46 billion in 2022-23. Similarly, according to the Germany Trade and Invest report, Germany is home to Europe's second-largest market for digital payments. In 2022, the value of digital payment transactions was USD 5.22 billion, and by 2026, it is anticipated to reach USD 7.69 billion. Thus, the rising number of digital payments is driving the market growth. In addition, rising technological advancement, and strong regulatory requirements are creating new opportunities for market growth. However, Security concerns stifle market growth throughout the forecast period of 2023-2030.

The key regions considered for the Global Biometric Banking Market study includes Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. Asia Pacific dominated the market in 2022 owing to the rising adoption of biometric solutions by corporate banks, the development of the smart retail industry, a rising number of digital payment transactions, the rising adoption of mobile banking, rising e-commerce and retail industry in the region. Whereas, North America is expected to have significant growth owing to factors such as the rising number of mobile banking and neo bank users and rising contactless payments in the region. Along with this, rising technological advancement activities in the region are creating lucrative growth in the market.

Major market player included in this report are:
AFour Technologies
Apica
Novacoast, Inc.
Capgemini SE
Happiest Minds Technologies
HCL Technologies Limited
Infosys Limited
Keysight Technologies
Praetorian Security Inc
Rapid7 Inc

Recent Developments in the Market:
 In March 2023, Rapid7 Inc. acquired Minerva Labs, a prominent supplier of anti-evasion and ransomware prevention solutions. This strategic move empowers customers to tap into advanced detection and response capabilities that span their cloud environments, on-premises infrastructure, and extended attack surfaces through Rapid7's Managed Detection and Response (MDR) services. This acquisition reinforces Rapid7's commitment to bolstering ransomware prevention measures, thereby strengthening its position as a leader in the realm of managed threat detection services.
 In December 2020, Nuance Communications, Inc. joined forces with the Industrial Bank of Korea (IBK) to introduce an innovative biometric solution for video calls, marking a pioneering advancement in the banking sector. By harnessing Nuance's cutting-edge voice biometrics technology and AI capabilities, IBK has successfully safeguarded over 100,000 customers from fraudulent activities. This achievement was made possible by automatically verifying customer identities during both video and phone conversations, setting a new standard for security in the industry.

Global Biometric Banking Market Report Scope:
 Historical Data – 2020 - 2021
 Base Year for Estimation – 2022
 Forecast period - 2023-2030
 Report Coverage - Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
 Segments Covered – Component, Type, End User, Region
 Regional Scope - North America; Europe; Asia Pacific; Latin America; Middle East & Africa


The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.

The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:

By Component:
Hardware
Software
Service

By Type:
Fingerprint
Facial Recognition
Hand Geometry
Iris Recognition
Other

By End User:
Retail
Government
Transportation
Healthcare
Hospitality
Others

By Region:

North America
U.S.
Canada

Europe
UK
Germany
France
Spain
Italy
ROE

Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC

Latin America
Brazil
Mexico

Middle East & Africa
Saudi Arabia
South Africa
Rest of Middle East & Africa

Companies Mentioned
AFour Technologies
Apica
Novacoast, Inc.
Capgemini SE
Happiest Minds Technologies
HCL Technologies Limited
Infosys Limited
Keysight Technologies
Praetorian Security Inc
Rapid7 Inc

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