Global Biometrics in BFSI Market Growth (Status and Outlook) 2023-2029

Global Biometrics in BFSI Market Growth (Status and Outlook) 2023-2029

Banks around the world are increasingly opting biometrics to authenticate customers accessing their services. This trend is not limited to banks; other financials outfits are also taking up biometric authentication to identify customers and safeguard resources. Increasing cases of financial fraud, identity theft, and threats from cyberspace have made banks to restructure their identity practices and biometrics in banking and financial services offers the solution. Most banking customers are tech-savvy nowadays and expect a friction-less access to banking services but password based identity solution fails keep up with expectations, however, with biometrics in banking, things seems to be changing now.

LPI (LP Information)' newest research report, the “Biometrics in BFSI Industry Forecast” looks at past sales and reviews total world Biometrics in BFSI sales in 2022, providing a comprehensive analysis by region and market sector of projected Biometrics in BFSI sales for 2023 through 2029. With Biometrics in BFSI sales broken down by region, market sector and sub-sector, this report provides a detailed analysis in US$ millions of the world Biometrics in BFSI industry.

This Insight Report provides a comprehensive analysis of the global Biometrics in BFSI landscape and highlights key trends related to product segmentation, company formation, revenue, and market share, latest development, and M&A activity. This report also analyzes the strategies of leading global companies with a focus on Biometrics in BFSI portfolios and capabilities, market entry strategies, market positions, and geographic footprints, to better understand these firms’ unique position in an accelerating global Biometrics in BFSI market.

This Insight Report evaluates the key market trends, drivers, and affecting factors shaping the global outlook for Biometrics in BFSI and breaks down the forecast by type, by application, geography, and market size to highlight emerging pockets of opportunity. With a transparent methodology based on hundreds of bottom-up qualitative and quantitative market inputs, this study forecast offers a highly nuanced view of the current state and future trajectory in the global Biometrics in BFSI.

The global Biometrics in BFSI market size is projected to grow from US$ million in 2022 to US$ million in 2029; it is expected to grow at a CAGR of % from 2023 to 2029.

The BFSI sector is increasingly focusing on providing the highest level of security to their customers by reducing identity duplication. With changing consumer preferences and introduction of new payment methods, it has become imperative for banks to transform the payments and card (PCI) industry digitally. This has led to the introduction of new payment methods such as PIN cards, mobile wallets, and EMV chips. With the advances in technology, the number of frauds and forgeries are also increasing, thereby increasing the need for a solution which is difficult to duplicate. Several banks are adopting biometrics to prevent fraud and protect customer’s information from being compromised. One of the recent trends gaining significant traction in the market is the increasing adoption of vein recognition in ATMs and POS terminals. Banks and financial institutions in emerging economies like India, China, Mexico, and Brazil has readily adopting vein recognition biometrics to verify the identity of their customers. North America accounted for the largest share of the market and is likely to dominate the market until the end of 2020. Factors such as increased awareness among the organizations in the BFSI sector about the benefits of deployment of biometrics and the presence of many large financial institutions and companies in the region will contribute to this market’s growth in the region.

This report presents a comprehensive overview, market shares, and growth opportunities of Biometrics in BFSI market by product type, application, key players and key regions and countries.

Market Segmentation:

Segmentation by type
Voice Recognition
Vein Recognition
Iris Recognition
Facial Recognition
Fingerprint Identification

Segmentation by application
Door Security
Log-In Management for PCs
Log-In Management for ATMs
Log-In Management for POS Terminals
Log-In Management for Banking

This report also splits the market by region:
Americas
United States
Canada
Mexico
Brazil
APAC
China
Japan
Korea
Southeast Asia
India
Australia
Europe
Germany
France
UK
Italy
Russia
Middle East & Africa
Egypt
South Africa
Israel
Turkey
GCC Countries

The below companies that are profiled have been selected based on inputs gathered from primary experts and analyzing the company's coverage, product portfolio, its market penetration.
Cross Match Technologies
Fujitsu
HID Global
M2SYS
Safran

Please note: The report will take approximately 2 business days to prepare and deliver.