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Find Out What Trends are Driving the US$10.8 Billion Opportunity Projected for Biometrics for Banking and Financial Services

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.

Global Industry Analysts, Inc. (GIA) launches comprehensive analysis of industry segments, market trends, growth drivers, market share, size and demand forecasts on the global Biometrics for Banking and Financial Services market. Report segmentation includes Type (Fingerprint, Face, Other Types).

7 June 5:41 A.M., California/Marketwire/ - According to the new market research report, 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.

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.

Key Competitors Covered in the Report
AllTrust Networks
CashFlows Europe Limited
Fujitsu Frontech North America Inc.
Gemalto N.V
HID Global
IDEMIA
Nuance Communications Inc.
Precise Biometrics AB
VoiceVault Inc.

Geographies Analyzed in the Report
USA
Canada
Japan
China
Europe (France, Germany, Italy, UK, and Rest of Europe)
Asia-Pacific
Rest of World

More details

Research Methodology
This latest edition of the research study is conducted and published by Global Industry Analysts, Inc., in close collaboration with senior executives in the industry driving strategy, business development, marketing, sales, product management, technology and operations. All analysis and findings published in the report are based on validated engagements from a total executive pool size of 2841. Among this pool, 511 direct interactions with domain experts were carried out via our proprietary market research platform, MarketGlass. Among the 83 unique participations, a total of 37 validated responses were received as part of this report's primary research outreach program.We are unique in the industry to provide our clients with the validated list executive engagements and the complete project data stack.

About Global Industry Analysts, Inc.
Global Industry Analysts, Inc., (GIA) (www.strategyr.com) is the world's only influencer driven AI powered market research company. Serving more than 41,000 clients from 36 countries, GIA is recognized for accurate forecasting of markets and industries for 33 years, offering the widest coverage of topics, geographic markets, competitive brands, and companies profiled.

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