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PUBLISHER: Global Industry Analysts, Inc. | PRODUCT CODE: 1770202

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PUBLISHER: Global Industry Analysts, Inc. | PRODUCT CODE: 1770202

Biometrics for Banking and Financial Services

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Table of Contents

Global Biometrics for Banking and Financial Services Market to Reach US$19.5 Billion by 2030

The global market for Biometrics for Banking and Financial Services estimated at US$8.3 Billion in the year 2024, is expected to reach US$19.5 Billion by 2030, growing at a CAGR of 15.3% over the analysis period 2024-2030. Fingerprint, one of the segments analyzed in the report, is expected to record a 16.0% CAGR and reach US$12.0 Billion by the end of the analysis period. Growth in the Face segment is estimated at 13.6% CAGR over the analysis period.

The U.S. Market is Estimated at US$1.4 Billion While China is Forecast to Grow at 18.9% CAGR

The Biometrics for Banking and Financial Services market in the U.S. is estimated at US$1.4 Billion in the year 2024. China, the world's second largest economy, is forecast to reach a projected market size of US$3.7 Billion by the year 2030 trailing a CAGR of 18.9% over the analysis period 2024-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 8.5% and 11.0% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 12.1% CAGR.

Global Biometrics for Banking and Financial Services Market - Key Trends & Drivers Summarized

Biometrics for banking and financial services have become a critical component in enhancing security and improving customer experience. Biometric technologies, which include fingerprint scanning, facial recognition, iris scanning, and voice recognition, provide a high level of security by verifying a person's identity based on their unique physical or behavioral traits. In the banking sector, biometrics are used for a variety of applications, such as customer authentication during online and mobile banking transactions, securing access to physical branches, and streamlining customer onboarding processes. By replacing traditional password-based systems with biometric authentication, banks can significantly reduce the risk of fraud and identity theft, ensuring that only authorized individuals can access sensitive financial information and services.

Technological advancements have significantly enhanced the accuracy, reliability, and accessibility of biometric systems in banking. Modern biometric solutions leverage artificial intelligence (AI) and machine learning algorithms to improve the precision of identity verification processes. For example, AI-driven facial recognition systems can detect and analyze facial features in real-time, even under challenging conditions such as poor lighting or changes in appearance. Additionally, the integration of biometric authentication with mobile devices has made it more convenient for customers to access banking services securely from anywhere. Multi-factor authentication, which combines biometrics with other security measures such as OTPs (one-time passwords) and behavioral analytics, further enhances the security framework, making it increasingly difficult for malicious actors to compromise financial systems.

The growth in the biometrics for banking and financial services market is driven by several factors. The increasing incidence of cyber threats and fraud in the financial sector has necessitated the adoption of more robust security measures, with biometrics emerging as a preferred solution due to their high level of accuracy and difficulty to replicate. The growing instances of identity thefts, security breaches and other frauds are leading to the increasing need for reliable personal identification and authentication systems for the BFSI sector. Regulatory mandates and compliance standards related to data protection and identity verification are also pushing financial institutions to implement biometric technologies. Additionally, the rise of digital banking and the growing preference for seamless and secure online transactions are fueling demand for biometric solutions. Technological advancements in AI and machine learning are enhancing the capabilities of biometric systems, making them more reliable and user-friendly. Furthermore, the global push towards financial inclusion is driving the adoption of biometrics to facilitate access to banking services for unbanked and underbanked populations. These factors, coupled with continuous innovation and the need for enhanced customer experience, are expected to drive sustained growth in the biometrics for banking and financial services market in the coming years.

SCOPE OF STUDY:

The report analyzes the Biometrics for Banking and Financial Services market in terms of units by the following Segments, and Geographic Regions/Countries:

Segments:

Type (Fingerprint, Face, Other Types)

Geographic Regions/Countries:

World; USA; Canada; Japan; China; Europe; France; Germany; Italy; UK; Rest of Europe; Asia-Pacific; Rest of World.

Select Competitors (Total 63 Featured) -

  • Fujitsu Ltd.
  • Bioenable Technologies Pvt., Ltd.
  • Fujitsu Frontech Ltd.
  • Cognitec Systems GmbH
  • ASSA ABLOY AB
  • Daon, Inc.
  • 4G Identity Solutions Pvt., Ltd.
  • BIO-key International, Inc.
  • Dermalog Identification Systems GmbH
  • Fulcrum Biometrics LLC
  • BioID AG
  • Aware, Inc.
  • Facephi Biometria SA
  • Bayometric
  • Fingo

AI INTEGRATIONS

We're transforming market and competitive intelligence with validated expert content and AI tools.

Instead of following the general norm of querying LLMs and Industry-specific SLMs, we built repositories of content curated from domain experts worldwide including video transcripts, blogs, search engines research, and massive amounts of enterprise, product/service, and market data.

TARIFF IMPACT FACTOR

Our new release incorporates impact of tariffs on geographical markets as we predict a shift in competitiveness of companies based on HQ country, manufacturing base, exports and imports (finished goods and OEM). This intricate and multifaceted market reality will impact competitors by increasing the Cost of Goods Sold (COGS), reducing profitability, reconfiguring supply chains, amongst other micro and macro market dynamics.

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Product Code: MCP-7867

TABLE OF CONTENTS

I. METHODOLOGY

II. EXECUTIVE SUMMARY

  • 1. MARKET OVERVIEW
    • Influencer Market Insights
    • Tariff Impact on Global Supply Chain Patterns
    • Competitive Market Presence - Strong/Active/Niche/Trivial for Players Worldwide in 2025 (E)
    • Biometrics for Banking and Financial Services - Global Key Competitors Percentage Market Share in 2025 (E)
    • An Introduction to Biometrics Technology
    • Types of Biometrics Technologies
    • Biometrics: A Growing Solution to Address Financial Fraud and Security Breaches
    • Growing Role of Biometrics in Banking and Financial Institutions
    • Application of Biometrics Technology in Financial Services Sector
    • Global Market Prospects & Outlook
    • Fingerprint Scan Technology Leads, Vein Recognition Gains Traction
    • Developing Economies Spearhead Adoption of Biometrics in BFSI Industry
    • Competition
    • Recent Market Activity
  • 2. FOCUS ON SELECT PLAYERS
  • 3. MARKET TRENDS & DRIVERS
    • Digitization of Banking Services and Need for Stricter Identification Protocols to Prevent Security Breaches Drives Market
    • Unreliability and Vulnerability of Traditional Authentication Methods Fuels Adoption of Biometrics Solutions
    • Biometric Technology Vs Conventional ID Authentication Methods
    • Biometrics Enable Banks to Improve Customer Engagement Levels
    • Growing Adoption of Mobile Banking Spurs Opportunities for Biometrics
    • Global Online Banking Market Size (in US$ Billion) for the Years 2019, 2021, 2023 and 2025
    • Increasing Availability of Biometrics-Enabled Smartphones Transforms Mobile Banking Services
    • Global Penetration Rate (In %) of Fingerprint Sensor in Smartphones
    • Expanding Social Network Footprint of Financial Organizations: Opportunities for Biometrics Technology
    • Biometric Payment Cards Propel Biometrics Adoption in BFSI Sector
    • Biometrics Technology Facilitates Financial Inclusion of Unbanked Population
    • Global Breakdown of Unbanked Adult Population (in %) by Country
    • Global Breakdown of Unbanked Adult Population (in %) by Gender
    • Top Factors Cited as Barrier to Account Ownership: % of Adults Citing the Reason for Being Unbanked
    • Biometrics-based Authentication at ATMs on the Rise
    • Worldwide Installed Base of ATMs in Millions for the Years 2015, 2017, 2019, 2021, 2023, and 2025
    • Future Financial Transactions to be Password-less, Contact-less and Friction-less
    • Amidst Digital Transformation of Banking Operations, Behavioral Biometrics Witnesses Growth
    • Keystroke Dynamics Authentication Overcomes Challenges Related to Conventional Authentication Methods
    • Multi-Modal Biometrics Gain Momentum
    • Biometric Multi-Factor Authentication: Providing Greater Security to Transactions
    • Digital Onboarding Initiatives of Banks Present Favorable Outlook for Biometrics Technologies
    • Voice Biometrics Continues to Gain Growth
    • Contactless Iris Biometrics Technology Poised for Strong Growth
    • Facial Recognition Growing in Popularity
    • Banks See More Deployment of Vein Recognition Biometrics
    • Dual Biometrics Finds Acceptance among Banks
    • Identity Verification: A Major Growth Area for Biometrics Use in Banks
    • Access Control: A Potential Application Area
    • Fintech Banking Addresses Drawbacks of Conventional Banking
    • On-Cloud Biometrics Gain Popularity
    • Innovations in Biometrics for Banking and Financial Services Sector: A Review
    • Select Innovations in Banking Biometrics Space
    • Partnerships: Order of the day for BFSI
    • Regulatory Mandates Promote Adoption Biometrics Technology in Banking Sector
    • Challenges Facing Banks in Implementing Biometric Security Systems
  • 4. GLOBAL MARKET PERSPECTIVE
    • TABLE 1: World Recent Past, Current & Future Analysis for Biometrics for Banking and Financial Services by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Revenues in US$ Thousand for Years 2024 through 2030 and % CAGR
    • TABLE 2: World Historic Review for Biometrics for Banking and Financial Services by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Revenues in US$ Thousand for Years 2015 through 2023 and % CAGR
    • TABLE 3: World 15-Year Perspective for Biometrics for Banking and Financial Services by Geographic Region - Percentage Breakdown of Value Revenues for USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets for Years 2015, 2025 & 2030
    • TABLE 4: World Recent Past, Current & Future Analysis for Fingerprint by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Revenues in US$ Thousand for Years 2024 through 2030 and % CAGR
    • TABLE 5: World Historic Review for Fingerprint by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Revenues in US$ Thousand for Years 2015 through 2023 and % CAGR
    • TABLE 6: World 15-Year Perspective for Fingerprint by Geographic Region - Percentage Breakdown of Value Revenues for USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World for Years 2015, 2025 & 2030
    • TABLE 7: World Recent Past, Current & Future Analysis for Face by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Revenues in US$ Thousand for Years 2024 through 2030 and % CAGR
    • TABLE 8: World Historic Review for Face by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Revenues in US$ Thousand for Years 2015 through 2023 and % CAGR
    • TABLE 9: World 15-Year Perspective for Face by Geographic Region - Percentage Breakdown of Value Revenues for USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World for Years 2015, 2025 & 2030
    • TABLE 10: World Recent Past, Current & Future Analysis for Other Types by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Revenues in US$ Thousand for Years 2024 through 2030 and % CAGR
    • TABLE 11: World Historic Review for Other Types by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World Markets - Independent Analysis of Annual Revenues in US$ Thousand for Years 2015 through 2023 and % CAGR
    • TABLE 12: World 15-Year Perspective for Other Types by Geographic Region - Percentage Breakdown of Value Revenues for USA, Canada, Japan, China, Europe, Asia-Pacific and Rest of World for Years 2015, 2025 & 2030
    • TABLE 13: World Biometrics for Banking and Financial Services Market Analysis of Annual Sales in US$ Thousand for Years 2015 through 2030

III. MARKET ANALYSIS

  • UNITED STATES
    • Biometrics for Banking and Financial Services Market Presence - Strong/Active/Niche/Trivial - Key Competitors in the United States for 2025 (E)
    • Biometrics Technology Finds Favor in BFSI Sector
    • US Biometrics Technology Market by End-Use (In %): 2023
    • TABLE 14: USA Recent Past, Current & Future Analysis for Biometrics for Banking and Financial Services by Type - Fingerprint, Face and Other Types - Independent Analysis of Annual Revenues in US$ Thousand for the Years 2024 through 2030 and % CAGR
    • TABLE 15: USA Historic Review for Biometrics for Banking and Financial Services by Type - Fingerprint, Face and Other Types Markets - Independent Analysis of Annual Revenues in US$ Thousand for Years 2015 through 2023 and % CAGR
    • TABLE 16: USA 15-Year Perspective for Biometrics for Banking and Financial Services by Type - Percentage Breakdown of Value Revenues for Fingerprint, Face and Other Types for the Years 2015, 2025 & 2030
  • CANADA
    • TABLE 17: Canada Recent Past, Current & Future Analysis for Biometrics for Banking and Financial Services by Type - Fingerprint, Face and Other Types - Independent Analysis of Annual Revenues in US$ Thousand for the Years 2024 through 2030 and % CAGR
    • TABLE 18: Canada Historic Review for Biometrics for Banking and Financial Services by Type - Fingerprint, Face and Other Types Markets - Independent Analysis of Annual Revenues in US$ Thousand for Years 2015 through 2023 and % CAGR
    • TABLE 19: Canada 15-Year Perspective for Biometrics for Banking and Financial Services by Type - Percentage Breakdown of Value Revenues for Fingerprint, Face and Other Types for the Years 2015, 2025 & 2030
  • JAPAN
    • Biometrics for Banking and Financial Services Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Japan for 2025 (E)
    • Market Overview
    • TABLE 20: Japan Recent Past, Current & Future Analysis for Biometrics for Banking and Financial Services by Type - Fingerprint, Face and Other Types - Independent Analysis of Annual Revenues in US$ Thousand for the Years 2024 through 2030 and % CAGR
    • TABLE 21: Japan Historic Review for Biometrics for Banking and Financial Services by Type - Fingerprint, Face and Other Types Markets - Independent Analysis of Annual Revenues in US$ Thousand for Years 2015 through 2023 and % CAGR
    • TABLE 22: Japan 15-Year Perspective for Biometrics for Banking and Financial Services by Type - Percentage Breakdown of Value Revenues for Fingerprint, Face and Other Types for the Years 2015, 2025 & 2030
  • CHINA
    • Biometrics for Banking and Financial Services Market Presence - Strong/Active/Niche/Trivial - Key Competitors in China for 2025 (E)
    • Market Overview
    • Finger-Vein Authentication Offers Additional Security to Chinese ATMs
    • TABLE 23: China Recent Past, Current & Future Analysis for Biometrics for Banking and Financial Services by Type - Fingerprint, Face and Other Types - Independent Analysis of Annual Revenues in US$ Thousand for the Years 2024 through 2030 and % CAGR
    • TABLE 24: China Historic Review for Biometrics for Banking and Financial Services by Type - Fingerprint, Face and Other Types Markets - Independent Analysis of Annual Revenues in US$ Thousand for Years 2015 through 2023 and % CAGR
    • TABLE 25: China 15-Year Perspective for Biometrics for Banking and Financial Services by Type - Percentage Breakdown of Value Revenues for Fingerprint, Face and Other Types for the Years 2015, 2025 & 2030
  • EUROPE
    • Biometrics for Banking and Financial Services Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Europe for 2025 (E)
    • TABLE 26: Europe Recent Past, Current & Future Analysis for Biometrics for Banking and Financial Services by Geographic Region - France, Germany, Italy, UK and Rest of Europe Markets - Independent Analysis of Annual Revenues in US$ Thousand for Years 2024 through 2030 and % CAGR
    • TABLE 27: Europe Historic Review for Biometrics for Banking and Financial Services by Geographic Region - France, Germany, Italy, UK and Rest of Europe Markets - Independent Analysis of Annual Revenues in US$ Thousand for Years 2015 through 2023 and % CAGR
    • TABLE 28: Europe 15-Year Perspective for Biometrics for Banking and Financial Services by Geographic Region - Percentage Breakdown of Value Revenues for France, Germany, Italy, UK and Rest of Europe Markets for Years 2015, 2025 & 2030
    • TABLE 29: Europe Recent Past, Current & Future Analysis for Biometrics for Banking and Financial Services by Type - Fingerprint, Face and Other Types - Independent Analysis of Annual Revenues in US$ Thousand for the Years 2024 through 2030 and % CAGR
    • TABLE 30: Europe Historic Review for Biometrics for Banking and Financial Services by Type - Fingerprint, Face and Other Types Markets - Independent Analysis of Annual Revenues in US$ Thousand for Years 2015 through 2023 and % CAGR
    • TABLE 31: Europe 15-Year Perspective for Biometrics for Banking and Financial Services by Type - Percentage Breakdown of Value Revenues for Fingerprint, Face and Other Types for the Years 2015, 2025 & 2030
  • FRANCE
    • Biometrics for Banking and Financial Services Market Presence - Strong/Active/Niche/Trivial - Key Competitors in France for 2025 (E)
    • TABLE 32: France Recent Past, Current & Future Analysis for Biometrics for Banking and Financial Services by Type - Fingerprint, Face and Other Types - Independent Analysis of Annual Revenues in US$ Thousand for the Years 2024 through 2030 and % CAGR
    • TABLE 33: France Historic Review for Biometrics for Banking and Financial Services by Type - Fingerprint, Face and Other Types Markets - Independent Analysis of Annual Revenues in US$ Thousand for Years 2015 through 2023 and % CAGR
    • TABLE 34: France 15-Year Perspective for Biometrics for Banking and Financial Services by Type - Percentage Breakdown of Value Revenues for Fingerprint, Face and Other Types for the Years 2015, 2025 & 2030
  • GERMANY
    • Biometrics for Banking and Financial Services Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Germany for 2025 (E)
    • TABLE 35: Germany Recent Past, Current & Future Analysis for Biometrics for Banking and Financial Services by Type - Fingerprint, Face and Other Types - Independent Analysis of Annual Revenues in US$ Thousand for the Years 2024 through 2030 and % CAGR
    • TABLE 36: Germany Historic Review for Biometrics for Banking and Financial Services by Type - Fingerprint, Face and Other Types Markets - Independent Analysis of Annual Revenues in US$ Thousand for Years 2015 through 2023 and % CAGR
    • TABLE 37: Germany 15-Year Perspective for Biometrics for Banking and Financial Services by Type - Percentage Breakdown of Value Revenues for Fingerprint, Face and Other Types for the Years 2015, 2025 & 2030
  • ITALY
    • TABLE 38: Italy Recent Past, Current & Future Analysis for Biometrics for Banking and Financial Services by Type - Fingerprint, Face and Other Types - Independent Analysis of Annual Revenues in US$ Thousand for the Years 2024 through 2030 and % CAGR
    • TABLE 39: Italy Historic Review for Biometrics for Banking and Financial Services by Type - Fingerprint, Face and Other Types Markets - Independent Analysis of Annual Revenues in US$ Thousand for Years 2015 through 2023 and % CAGR
    • TABLE 40: Italy 15-Year Perspective for Biometrics for Banking and Financial Services by Type - Percentage Breakdown of Value Revenues for Fingerprint, Face and Other Types for the Years 2015, 2025 & 2030
  • UNITED KINGDOM
    • Biometrics for Banking and Financial Services Market Presence - Strong/Active/Niche/Trivial - Key Competitors in the United Kingdom for 2025 (E)
    • Growing Popularity of Biometrics in Banking Operations
    • TABLE 41: UK Recent Past, Current & Future Analysis for Biometrics for Banking and Financial Services by Type - Fingerprint, Face and Other Types - Independent Analysis of Annual Revenues in US$ Thousand for the Years 2024 through 2030 and % CAGR
    • TABLE 42: UK Historic Review for Biometrics for Banking and Financial Services by Type - Fingerprint, Face and Other Types Markets - Independent Analysis of Annual Revenues in US$ Thousand for Years 2015 through 2023 and % CAGR
    • TABLE 43: UK 15-Year Perspective for Biometrics for Banking and Financial Services by Type - Percentage Breakdown of Value Revenues for Fingerprint, Face and Other Types for the Years 2015, 2025 & 2030
  • REST OF EUROPE
    • TABLE 44: Rest of Europe Recent Past, Current & Future Analysis for Biometrics for Banking and Financial Services by Type - Fingerprint, Face and Other Types - Independent Analysis of Annual Revenues in US$ Thousand for the Years 2024 through 2030 and % CAGR
    • TABLE 45: Rest of Europe Historic Review for Biometrics for Banking and Financial Services by Type - Fingerprint, Face and Other Types Markets - Independent Analysis of Annual Revenues in US$ Thousand for Years 2015 through 2023 and % CAGR
    • TABLE 46: Rest of Europe 15-Year Perspective for Biometrics for Banking and Financial Services by Type - Percentage Breakdown of Value Revenues for Fingerprint, Face and Other Types for the Years 2015, 2025 & 2030
  • ASIA-PACIFIC
    • Biometrics for Banking and Financial Services Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Asia-Pacific for 2025 (E)
    • Australia
    • India
    • Growth of Biometrics in Banking Industry
    • UIDAI: Ambitious Biometrics Project and Opportunities for Financial Services
    • Singapore
    • TABLE 47: Asia-Pacific Recent Past, Current & Future Analysis for Biometrics for Banking and Financial Services by Type - Fingerprint, Face and Other Types - Independent Analysis of Annual Revenues in US$ Thousand for the Years 2024 through 2030 and % CAGR
    • TABLE 48: Asia-Pacific Historic Review for Biometrics for Banking and Financial Services by Type - Fingerprint, Face and Other Types Markets - Independent Analysis of Annual Revenues in US$ Thousand for Years 2015 through 2023 and % CAGR
    • TABLE 49: Asia-Pacific 15-Year Perspective for Biometrics for Banking and Financial Services by Type - Percentage Breakdown of Value Revenues for Fingerprint, Face and Other Types for the Years 2015, 2025 & 2030
  • REST OF WORLD
    • Latin America
    • Santander Mexico Starts Registering Biometric Data of Customers to Secure Bank Transactions
    • Neon Introduces a New Banking Approach, Facial Biometric for Authentication in Brazil
    • TABLE 50: Rest of World Recent Past, Current & Future Analysis for Biometrics for Banking and Financial Services by Type - Fingerprint, Face and Other Types - Independent Analysis of Annual Revenues in US$ Thousand for the Years 2024 through 2030 and % CAGR
    • TABLE 51: Rest of World Historic Review for Biometrics for Banking and Financial Services by Type - Fingerprint, Face and Other Types Markets - Independent Analysis of Annual Revenues in US$ Thousand for Years 2015 through 2023 and % CAGR
    • TABLE 52: Rest of World 15-Year Perspective for Biometrics for Banking and Financial Services by Type - Percentage Breakdown of Value Revenues for Fingerprint, Face and Other Types for the Years 2015, 2025 & 2030

IV. COMPETITION

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