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BIOMETRICS FOR BANKING AND FINANCIAL SERVICES

Global Market Trajectory & Analytics

MCP-7867

VALIDATED EXECUTIVE ENGAGEMENTS

POOL + OUTREACH

2841
Number of executives repeatedly engaged by snail & email outreach

INTERACTIONS

511
Interactions with Platform & by Email

PARTICIPANTS

83
Unique # Participated

VALIDATIONS

37
Responses Validated*
* Login to view program details and full enterprise executive list.

DATE

SEPTEMBER 2020

TABLES

51

PAGES

326

EDITION

17

PRICE

USD $5600


The global market for Biometrics for Banking and Financial Services is projected to reach US$10.8 billion by 2025, 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. The advent of the internet and digital banking has significantly pushed up the burden of banking fraud. Digital identity theft and fraud is the single most risk factor in banking and finance related frauds. Responding to banking fraud in the modern digital world needs more powerful, foolproof technologies. Biometrics is a powerful weapon to combat the growing threat of financial frauds. The technology is therefore 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 back office authentication workloads, among others. Behavioral biometrics is being explored for preventing "new account fraud". Fingerprint, finger vein, palm vein, iris, and facial recognition are popular biometric ways for banks to identify & authenticate customers. Biometrics is increasingly being implemented in ATMs, internet banking, mobile banking and branch banking.

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 smart phone, 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 smart phones with fingerprint sensors and scanners, retina scanning, and facial identification will also help boost growth in the market. Banks presently are widely deploying vein recognition biometrics, a technology providing efficient and accurate way of providing protection from identity and data theft. Financial institutions in South Africa, Brazil, Argentina, China, India, and Mexico are adopting vein recognition biometrics. Among the vein recognition biometrics technology, finger vein recognition accounts for the largest share, while palm vein recognition is forecast to witness the fastest growth. Meanwhile, eye vein recognition also holds a small share of the market. Regionally, East Asia and Europe are expected to witness increased adoption of the technology. Business customers authorize transactions by merely placing a finger in a small desktop scanner rather than entering PINs and passwords. The technology uses the unique vein patterns on customer's fingers for authenticating and the vein patterns remain mostly unchanged through life. Asia-Pacific including China is a major market 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.
AllTrust Networks; CashFlows Europe Limited; Fujitsu Frontech North America Inc.; Gemalto N.V; HID Global; IDEMIA; Nuance Communications Inc.; Precise Biometrics AB; VoiceVault Inc.
» Type (Fingerprint, Face, Other Types)
» World » USA » Canada » Japan » China » Europe » France » Germany » Italy » UK » Rest of Europe » Asia-Pacific » Rest of World

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05
1. MARKET OVERVIEW
Biometrics Gains Recognition as an Effective Solution to Address Financial Fraud and Security Breaches
Major External & Internal Breaches in Financial Services Sector
Growing Role of Biometrics
EXHIBIT: Global Biometrics Market (2019): Percentage Breakdown of Revenues by End-Use Sector
Financial Services Firms and Banks Actively Pursue Deployment of Biometrics Solutions
Outlook
Geographic Market Analysis
Fingerprint Scan Technology Leads, Vein Recognition Gains Traction
Application of Biometrics Technology in Financial Services Sector
Competition
RECENT MARKET ACTIVITY
Impact of Covid-19 and a Looming Global Recession
2. FOCUS ON SELECT PLAYERS
AllTrust Networks (USA)
Cyber-SIGN, Inc. (Japan)
Fujitsu Frontech North America, Inc. (USA)
Gemalto N.V (The Netherlands)
HID Global (US)
IDEMIA (France)
Ingenico Group SA (France)
Nuance Communications, Inc. (USA)
Precise Biometrics AB (Sweden)
Verint VoiceVault (USA)
3. MARKET TRENDS & DRIVERS
Banks See More Deployment of Vein Recognition Biometrics
Multi-modal Biometrics Gain Momentum
Partnerships: Order of the day for BFIS
Behavioral Biometrics Witness Growth Amid Digital Transformation of Banking Activities
Biometrics-enabled Smartphones Transform Mobile Banking Services
Unreliability and Vulnerability of Traditional Authentication Methods Fuels Adoption of Biometrics Solutions
Biometrics to Deal with Card-Not-Present (CNP) Fraud
Banks Focus on Mobile Devices for Convenient and Secure Authentication
Biometric Payment Cards: Drive Growth
Growing Prominence of Mobile Banking Spurs Opportunities for Biometrics
Biometrics-enabled Smartphones Transform Mobile Banking Services
EXHIBIT: Global Penetration Rate (In %) of Fingerprint Sensor in Smartphones for Years 2014, 2016, 2018 and 2020
Biometrics for Enterprise Mobile Banking Apps
Biometrics Enable Banks to Improve Customer Engagement Levels
Voice Biometrics Continues to Gain Growth
Iris Biometrics Poised for Strong Growth
Facial Recognition Growing in Popularity
Select Innovations in Biometrics for Banking and Financial Services Sector: A Review
Identity Verification: A Major Growth Area for Biometrics Use in Banks
On-Cloud Biometrics Gain Popularity
Biometrics-based Authentication at ATMs on Rise
Rise in ATM Installations: Opportunity for Biometrics Technology
EXHIBIT: Worldwide Installed Base of ATMs in Millions for the Years 2015, 2017, 2019, 2021, 2023, and 2025
Biometrics Enables Financial Inclusion
Expanding Social Network Footprint of Financial Organizations: Opportunities for Biometrics Technology
Access Control: A Potential Application Area
Biometrics: An Introduction
Summary of Biometric Recognition Techniques
Technology that Links Payment Accounts to Users Biometrics Directly
4. GLOBAL MARKET PERSPECTIVE
Biometrics for Banking and Financial Services Global Market Estimates and Forecasts in US$ Thousand by Region/Country: 2018-2025
Biometrics for Banking and Financial Services Global Retrospective Market Scenario in US$ Thousand by Region/Country: 2015-2017
Biometrics for Banking and Financial Services Market Share Shift across Key Geographies Worldwide: 2015 VS 2019 VS 2025
Fingerprint (Type) World Market by Region/Country in US$ Thousand: 2018 to 2025
Fingerprint (Type) Historic Market Analysis by Region/Country in US$ Thousand: 2015 to 2017
Fingerprint (Type) Market Share Breakdown of Worldwide Sales by Region/Country: 2015 VS 2019 VS 2025
Face (Type) Potential Growth Markets Worldwide in US$ Thousand: 2018 to 2025
Face (Type) Historic Market Perspective by Region/Country in US$ Thousand: 2015 to 2017
Face (Type) Market Sales Breakdown by Region/Country in Percentage: 2015 VS 2019 VS 2025
Other Types (Type) Geographic Market Spread Worldwide in US$ Thousand: 2018 to 2025
Other Types (Type) Region Wise Breakdown of Global Historic Demand in US$ Thousand: 2015 to 2017
Other Types (Type) Market Share Distribution in Percentage by Region/Country: 2015 VS 2019 VS 2025
GEOGRAPHIC MARKET ANALYSIS
United States
United States Biometrics for Banking and Financial Services Market Estimates and Projections in US$ Thousand by Type: 2018 to 2025
Biometrics for Banking and Financial Services Market in the United States by Type: A Historic Review in US$ Thousand for 2015-2017
United States Biometrics for Banking and Financial Services Market Share Breakdown by Type: 2015 VS 2019 VS 2025
Canada
Canadian Biometrics for Banking and Financial Services Market Estimates and Forecasts in US$ Thousand by Type: 2018 to 2025
Canadian Biometrics for Banking and Financial Services Historic Market Review by Type in US$ Thousand: 2015-2017
Biometrics for Banking and Financial Services Market in Canada: Percentage Share Breakdown of Sales by Type for 2015, 2019, and 2025
Japan
Japanese Market for Biometrics for Banking and Financial Services: Annual Sales Estimates and Projections in US$ Thousand by Type for the Period 2018-2025
Biometrics for Banking and Financial Services Market in Japan: Historic Sales Analysis in US$ Thousand by Type for the Period 2015-2017
Japanese Biometrics for Banking and Financial Services Market Share Analysis by Type: 2015 VS 2019 VS 2025
China
Finger-Vein Authentication Offers Additional Security to Chinese ATMs
Chinese Biometrics for Banking and Financial Services Market Growth Prospects in US$ Thousand by Type for the Period 2018-2025
Biometrics for Banking and Financial Services Historic Market Analysis in China in US$ Thousand by Type: 2015-2017
Chinese Biometrics for Banking and Financial Services Market by Type: Percentage Breakdown of Sales for 2015, 2019, and 2025
Europe
Market Facts & Figures
European Biometrics for Banking and Financial Services Market: Competitor Market Share Scenario (in %) for 2018 & 2025
European Biometrics for Banking and Financial Services Market Demand Scenario in US$ Thousand by Region/Country: 2018-2025
Biometrics for Banking and Financial Services Market in Europe: A Historic Market Perspective in US$ Thousand by Region/Country for the Period 2015-2017
European Biometrics for Banking and Financial Services Market Share Shift by Region/Country: 2015 VS 2019 VS 2025
European Biometrics for Banking and Financial Services Market Estimates and Forecasts in US$ Thousand by Type: 2018-2025
Biometrics for Banking and Financial Services Market in Europe in US$ Thousand by Type: A Historic Review for the Period 2015-2017
European Biometrics for Banking and Financial Services Market Share Breakdown by Type: 2015 VS 2019 VS 2025
France
Biometrics for Banking and Financial Services Market in France by Type: Estimates and Projections in US$ Thousand for the Period 2018-2025
French Biometrics for Banking and Financial Services Historic Market Scenario in US$ Thousand by Type: 2015-2017
French Biometrics for Banking and Financial Services Market Share Analysis by Type: 2015 VS 2019 VS 2025
Germany
Biometrics for Banking and Financial Services Market in Germany: Recent Past, Current and Future Analysis in US$ Thousand by Type for the Period 2018-2025
German Biometrics for Banking and Financial Services Historic Market Analysis in US$ Thousand by Type: 2015-2017
German Biometrics for Banking and Financial Services Market Share Breakdown by Type: 2015 VS 2019 VS 2025
Italy
Italian Biometrics for Banking and Financial Services Market Growth Prospects in US$ Thousand by Type for the Period 2018-2025
Biometrics for Banking and Financial Services Historic Market Analysis in Italy in US$ Thousand by Type: 2015-2017
Italian Biometrics for Banking and Financial Services Market by Type: Percentage Breakdown of Sales for 2015, 2019, and 2025
United Kingdom
Growing Popularity of Biometrics in Banking Operations
United Kingdom Market for Biometrics for Banking and Financial Services: Annual Sales Estimates and Projections in US$ Thousand by Type for the Period 2018-2025
Biometrics for Banking and Financial Services Market in the United Kingdom: Historic Sales Analysis in US$ Thousand by Type for the Period 2015-2017
United Kingdom Biometrics for Banking and Financial Services Market Share Analysis by Type: 2015 VS 2019 VS 2025
Rest of Europe
Rest of Europe Biometrics for Banking and Financial Services Market Estimates and Forecasts in US$ Thousand by Type: 2018-2025
Biometrics for Banking and Financial Services Market in Rest of Europe in US$ Thousand by Type: A Historic Review for the Period 2015-2017
Rest of Europe Biometrics for Banking and Financial Services Market Share Breakdown by Type: 2015 VS 2019 VS 2025
Asia-Pacific
Australia
India
Growth of Biometrics in Banking Industry
UIDAI: Ambitious Biometrics Project and Opportunities for Financial Services
Singapore
Biometrics for Banking and Financial Services Market in Asia-Pacific by Type: Estimates and Projections in US$ Thousand for the Period 2018-2025
Asia-Pacific Biometrics for Banking and Financial Services Historic Market Scenario in US$ Thousand by Type: 2015-2017
Asia-Pacific Biometrics for Banking and Financial Services Market Share Analysis by Type: 2015 VS 2019 VS 2025
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 Brazilian Market
Rest of World Biometrics for Banking and Financial Services Market Estimates and Forecasts in US$ Thousand by Type: 2018 to 2025
Rest of World Biometrics for Banking and Financial Services Historic Market Review by Type in US$ Thousand: 2015-2017
Biometrics for Banking and Financial Services Market in Rest of World: Percentage Share Breakdown of Sales by Type for 2015, 2019, and 2025
Total Companies Profiled : 51

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