Biometric Banking Market:
The Biometric Banking Market size was estimated to be USD 4.8 billion in 2022. The biometric banking market is expected to grow from USD 5.6 billion in 2023 to USD 18.0 billion by 2032, at a compound annual growth rate (CAGR) of 15.80%. during the forecast period. (2023-2032). Increased use of biometric technology in various sectors including consumer electronics, automotive and aerospace are the major factors driving the growth of the market.
Key Players:
Key Companies in the Biometric Banking market include:
- 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
- Charles Schwab And Co
Market Segmentation:
Biometric banking market segmentation by product type includes hardware and software. The share of revenue from the hardware segment was the largest in 2022.
Biometric banking market segmentation based on fingerprints includes facial recognition, hand geometry, iris recognition and others. The fingerprint segment dominated the biometric banking market in 2022.
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Market Key Factors:
Increased use of biometric technology in various industries and growing demand for authentication, identity, security, and surveillance solutions in various application areas are the key factors influencing the growth of the market. Fraud and data breaches are reduced when biometric methods are compared to more traditional methods such as the use of IDs and passwords. The biometric system uses a reader, related software, and a database to compare fingerprints to ensure high security and accuracy. Growing payment security technology in e-commerce is another factor that will influence the projected growth of the biometric banking market during the forecast period. Additionally, increasing use of technology for identification and presence of employees in the public and private sectors is expected to drive demand in the market. In addition, hybrid or multi-model biometric systems have recently emerged as the primary detection strategy for authentication needs. A multimodal biometric identification system identifies users using a range of features, including fingerprints, iris, and facial features. In large systems that need to respond to multiple physical properties, as well as in usage scenarios that require strict identity authentication, it enables more reliable, fast, and accurate authentication. Hence the revenue from the biometric banking market.
Regional Analysis:
The study provides a regional market overview of North America, Europe, Asia Pacific, and Rest of the World. In 2022, this market was dominated by the North American biometric banking market (45.80%). Biometric technologies are widely used in the United States in a variety of fields, including government, homeland security, business, and justice. Biometric technology meets more and more security requirements due to the increased threat of terrorism worldwide. Additionally, the US biometric banking held the largest market share, and the Canadian biometric banking market was the fastest growing market in the North American region. The biometric banking market share in Europe was good in 2022. The region’s biometric market is expected to be primarily driven by growth in mobile payments and initiatives by commercial enterprises and governments to adopt biometric authentication systems. Additionally, Germany had the largest biometric banking market share, and the UK biometric banking market was the fastest growing market in the European region.
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