The global market for Biometrics in Banking and Financial Services is projected to reach US$9.2 billion by 2024, driven by rising venture capital investments in anti-fraud FinTech solutions against the backdrop of the continuous rise in financial transactions and a parallel increase in fraud and security breaches.
Biometrics, in this regard, is hogging the limelight supported by benefits such as easy fool-proof authentication based on unique physical characters that are hard to replicate or duplicate i.e.:
- voice recognition, iris scanning, fingerprint, and face recognition;
- elimination of the need to remember passwords and manage one-time-passwords (OTPs);
- enhanced security immune to cyber hacking strategies;
- unrivalled convenience;
- significantly reduced risk of identity theft;
- higher quality user experience;
- minimal to zero user interface;
- time saving and reduction in backoffice authentication workloads, among others.
Other major trends in the market influencing growth include rise of e-commerce, m-commerce, development of mobile and online payment platforms and the resulting increase in virtual payments; rise of cashless societies supported by increasing smartphone, and mobile internet penetration rates; increasingly stringent regulations for payments authentication; rise of behavioral biometrics and improvements in smart fraud detection especially in the banking sector; and growing popularity of the innovative concept of “selfie” for secure authentication. The launch of smartphones with fingerprint sensors and scanners, retina scanning, and facial identification will also help boost growth in the market. Asia-Pacific represents the largest and the fastest growing market worldwide with a CAGR of 21.2% over the analysis period, led by factors such as developing banking and financial services industry as a result of concerted government financial inclusion policies aimed at reducing underserved and unbanked communities; vulnerable internet and information security infrastructure and a high risk of cybercrime and increased focus on cyber training, education, awareness and the resulting acceptance of new fraud prevention technologies like biometrics.
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Company and Industry News & Stories
- With the Aim to Strengthen its Formidable Presence in South America, Facephi Signs Agreement with Bantotal for Integration of Facial Recognition into its Products
- BehavioSec’s Behavioral Biometrics Fulfils PSD2 Requirements in a Move to Reshape Financial Services & the Global Payments Industry
- Veriduim Garners US$16.5 Million Through Strategic Series B Funding in a Move to Accelerate Product Development for its Comprehensive Authentication Platform
- Aeon and Fujitsu to Launch Field Trials of Biometrics Authentication-based Cardless Payment System Using Fujitsu's Palm Vein Biometric Authentication Technology
- IDEMIA and TIS to Develop Biometric Digital Identity Solutions on Mobile Devices for Banks and Credit Card Companies
Product Definition & Scope
- Biometrics can be defined as the process of automated identification of individuals based on their biological and behavioral traits. Face recognition, finger and hand geometry, finger print recognition, iris pattern, vein pattern and retina recognition are some of the common biometric modalities used today. In the financial services arena, biometrics is mainly being used to authenticate user identity in order to secure financial transactions. Applications of the technology include its use in ATMs, at POS in retail and to perform online transactions.
Timeline for Analysis
- Market Estimates and Forecasts for 2016-2024
- Historic Review 2011-2015
Geographic Markets Analyzed
- US, Canada, Japan, Europe (France, Germany, UK and Rest of Europe), Asia-Pacific, and Rest of World
- Cross Match Technologies, Inc.
- Gemalto N.V.
- HID Global
- Ingenico SA
- Nuance Communications, Inc.
- VoiceVault, Inc.
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