Global Biometrics Market for Banking and Financial Services to Reach $ 8.9 Billion by 2026

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FACTS AT A GLANCE
Editing: 17; Posted: March 2021
Management commitments: 2841
Companies: 63 – Actors covered include AllTrust Networks; Cyber-SIGN, Inc .; Fujitsu Frontech North America, Inc .; Gemalto SA; Global HID; IDEMIA; Ingenico Group SA; Nuance Communications, Inc .; Precise AB biometrics; Verint VoiceVault and others.
Blanket: All major geographies and key segments
Segments: Type (fingerprint, face, other types)
Geographies: World; United States; Canada; Japan; China; Europe; France; Germany; Italy; UK; Rest of Europe; Asia Pacific; Rest of the world.

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ABSTRACT-

The global market for biometrics for banking and financial services to reach $ 8.9 billion by 2026

The turning point of the next decade is expected to be more difficult for banks and financial institutions, as security breaches become more and more sophisticated with technological advancements. Money laundering has become widespread and represents around 2 to 5% of global GDP. One of the measures actively pursued by banks is biometrics, as the technology helps create a secure banking environment by reducing instances of identity fraud, establishing an audit trail of transactions, and protecting data. financial datas. The move towards biometrics is also driven by the inability of traditional security measures such as PINs, passwords and tokens to offer effective protection, especially against the increasing sophistication of intruder attacks. The growing awareness among bank customers of the inadequacy of PINs and passwords to provide protection against sophisticated bank fraud and online threats is driving a strong demand for robust security solutions such as those involving biometrics. In addition, the steady increase in the number of password hacks in recent times reflects inadequate security associated with the use of passwords as a method of access. Driven by the growing need to offer protection against the growing cases of fraudulent transactions and identity theft as well as the ever-increasing scale of fraud, banks are choosing to invest in strong authentication measures.

Amid the COVID-19 crisis, the global market for biometrics for banking and financial services is estimated at US $ 4.4 billion in 2020, is expected to reach a revised size of US $ 8.9 billion by 2026, with a CAGR of 12.8% over the analysis period. Fingerprint biometrics, one of the segments analyzed in the report, is expected to grow at a CAGR of 13.4% to reach US $ 6.2 billion at the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, the growth of the Face Biometrics segment is readjusted to a revised CAGR of 11.6% for the next 7-year period. This segment currently represents a 22.8% share of the global biometrics market for banking and financial services.

The US market is estimated at $ 1 billion in 2021, when China is expected to reach $ 1.8 billion by 2026

The market for biometrics for banking and financial services in the United States is estimated at US $ 1 billion in 2021. The country currently represents a 22.84% share of the global market. China, the world’s second-largest economy, is expected to reach an estimated market size of US $ 1.8 billion during the year 2026, with a CAGR of 17.1% during the analysis period. Other notable geographic markets include Japan and Canada, each projects growth of 7.6% and 9.9% respectively over the period of analysis. In Europe, Germany is expected to grow by around 10.9% CAGR while the rest of the European market (as defined in the study) will reach US $ 2.2 billion before the end of the analysis period.

The global biometrics market in the BFSI sector continues to grow at a steady pace, driven by the growing desire of BFSI companies to offer the highest security to customer transactions through the use of authentication measures based on the biometrics. The use of biometric technology has the potential to reduce fraud cases attributed to identity duplication. As consumer preferences change and new payment methods are introduced, banks are forced to move towards the digital transformation of payment and card transactions. Advances in technology are also leading to an increase in the number of counterfeits and frauds, making the need for a solution that cannot be replicated is growing in importance in the banking and financial services industry. In the financial sector, the increase in fraudulent account access due to the increasing use of mobile and online banking services reinforces the importance of access and identity management; information security governance; and information security roadmap as important implemented security initiatives for financial organizations. However, the growing complexity of threats and the lack of adequate budgets challenge the effective implementation of such security programs.

Facial biometrics segment to achieve $ 1.9 billion by 2026

Facial biometrics uses unique facial characteristics to recognize and identify individuals. Facial recognition is the most effective form of human monitoring and it includes measuring the eyes, nose, mouth, and other facial features. The commercialization of facial recognition systems has increased due to an increase in the use of multimedia video technology. This technology is typically used for applications such as surveillance, filtering, law enforcement, and criminal justice that include kiosks and reservation stations. It could also be used in passport issuance applications, driver’s licenses and voter registration. The global facial biometrics market is estimated at US $ 996.6 million in 2020, and is expected to reach US $ 1.9 billion by 2026, reflecting a compound annual growth rate of 11.6% over the analysis period. Asia Pacific is the largest regional market for the Face segment, accounting for 23.1% of global sales in 2020. China is on track to record the fastest compound annual growth rate of 15.2% during the analysis period, reaching US $ 483.1 million before the end of the analysis period. After

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