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Research Nester published a report titled “ Biometrics for Banking Financial Services Market : Global Demand Analysis & Opportunity Outlook 2030 ” which delivers detailed overview of theglobalbiometrics for banking financial services market in terms of market segmentation by biometric type, application, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
The global biometrics for banking financial services market is estimated to occupy a sizeable revenue by growing at a CAGR of ~12% during the forecast period, i.e., 2022 – 2030, owing to the growing need to offer protection against identity theft and fraudulent transactions around the world. Along with this, government steps for the prevention of financial frauds, and inability of traditional security systems to effectively provide protection against sophisticated online threats are also expected to accelerate the growth of the market in the upcoming years.
The market is segmented by biometric type and application. Based on biometric type, the face segment is anticipated to occupy the largest share during the forecast period on the back of the high commercialization of face recognition systems resulting from increasing usage of multimedia video technology. Additionally, by application, the merchant payments system segment is projected to grab the largest share over the forecast period attributing to the surging trend of online shopping among consumers all across the globe.
Geographically, the global biometrics for banking financial services market is segmented into five major regions, namely North America, Europe, Latin America, Asia Pacific, and the Middle East & Africa. North America is evaluated to grab the largest share in the market during the forecast period attributing to the growing investments in the cybersecurity sector in the region. Moreover, the market in Asia Pacific region is assessed to witness noteworthy growth in the future owing to the rising focus of BFSI companies to offer the highest security to customer transactions.
The research is global in nature and covers detailed analysis on the market in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa). In addition, analysis comprising market size, Y-O-Y growth & opportunity analysis, market players' competitive study, investment opportunities, demand for future outlook etc. has also been covered and displayed in the research report.
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Increasing Need to Protect Against Identity Theft and Fraudulent Transactions to Drive Market Growth
More than USD 24 billion was lost worldwide as a result of payment card fraud in 2018. Whereas, identity theft constituted for approximately 15 percent of the reported frauds that year.
With the increasing number of financial frauds over the last few years, it is becoming indispensable to deploy highly effective security systems for banking services. This is giving rise to the usage of biometrics to provide a secure banking environment to customers by establishing audit trial of transactions and protecting financial data.
However, growing complexity of online threats is expected to operate as key restraint to the growth of the global biometrics for banking financial services market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global biometrics for banking financial services market which includes company profiling of Gemalto N.V., Cyber-SIGN, Inc., Fujitsu Frontech North America, Inc., Ingenico Group SA, Nuance Communications, Inc., Precise Biometrics AB, AllTrust Networks, HID Global Corporation, Thales Group, Verint Systems Inc., and others. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global biometrics for banking financial services market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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