New Examine from StrategyR Highlights a $10.2 Billion World Marketplace for Biometrics for Banking and Monetary Providers by 2026

SAN FRANCISCO, March 21, 2022 /PRNewswire/ — A brand new market examine revealed by World Trade Analysts Inc., (GIA) the premier market analysis firm, immediately launched its report titled “Biometrics for Banking and Monetary Providers – World Market Trajectory & Analytics”. The report presents contemporary views on alternatives and challenges in a considerably remodeled submit COVID-19 market.

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Version: 18; Launched: February 2022

Government Pool: 2871

Firms: 63 – Gamers lined embrace AllTrust Networks; Cyber-SIGN, Inc.; Fujitsu Frontech North America, Inc.; HID World Company ; IDEMIA; Ingenico Group SA; Nuance Communications, Inc.; Exact Biometrics AB; Thales Group; Verint VoiceVault and Others.

Protection: All main geographies and key segments

Segments: Sort (Fingerprint, Face, Different Sorts)

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

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ABSTRACT-

World Biometrics for Banking and Monetary Providers Market to Attain $8.9 Billion by 2026

The flip of subsequent decade is anticipated to be more difficult for banks and monetary establishments as safety breaches turn into extra refined with expertise developments. Cash laundering has turn into extra widespread representing about 2%-5% of world GDP. One of many measures being actively pursued by banks is biometrics, for the reason that expertise assists within the creation of safe banking atmosphere by lowering situations of identification fraud, establishing audit path of transactions, and defending monetary knowledge. The shift in the direction of biometrics can be being pushed by the shortcoming of conventional safety measures corresponding to PINs, passwords and tokens to successfully supply safety, notably in opposition to the rising sophistication of intruder assaults. The rising realization amongst banking clients about inadequacies of PINs and passwords in providing safety in opposition to refined financial institution frauds and on-line threats is resulting in excessive demand for robust safety options corresponding to these involving biometrics. Additional, regular enhance within the variety of password hacks in latest occasions displays insufficient safety related to the usage of passwords as entry technique. Pushed by the rising want to supply safety in opposition to the rising situations of fraudulent transactions and identification thefts together with the ever-widening scale of frauds, banks are opting to speculate into robust authentication measures.

Amid the COVID-19 disaster, the worldwide marketplace for Biometrics for Banking and Monetary Providers estimated at US$5.2 Billion within the yr 2022, is projected to achieve a revised measurement of US$8.9 Billion by 2026, rising at a CAGR of 12.8% over the evaluation interval. Fingerprint Biometrics, one of many segments analyzed within the report, is projected to develop at a 13.4% CAGR to achieve US$6.2 Billion by the top of the evaluation interval. After an intensive evaluation of the enterprise implications of the pandemic and its induced financial disaster, progress within the Face Biometrics section is readjusted to a revised 11.6% CAGR for the following 7-year interval. This section at the moment accounts for a 22.8% share of the worldwide Biometrics for Banking and Monetary Providers market. Among the many numerous forms of biometrics options, fingerprint scans are thought of as probably the most frequent and distinctive forms of biometric identifiers, that are additionally extraordinarily immune to forgery or counterfeiting. Because of the low value of fingerprint printers, {hardware} methods and modules, the fingerprint expertise is used extensively in numerous areas/purposes within the BFSI sector together with ATMs, cellular banking and bodily and logical entry management methods. Additionally the general value incurred in deploying a fingerprint resolution is discovered to be considerably low in comparison with the recurrent prices related to alternative of stolen playing cards or value of forgotten passwords.

The U.S. Market is Estimated at $1.1 Billion in 2022, Whereas China is Forecast to Attain $1.8 Billion by 2026

The Biometrics for Banking and Monetary Providers market within the U.S. is estimated at US$1.1 Billion within the yr 2022. The nation at the moment accounts for a 22.84% share within the international market. China, the world’s second largest financial system, is forecast to achieve an estimated market measurement of US$1.8 Billion within the yr 2026 trailing a CAGR of 17.1% via the evaluation interval. Among the many different noteworthy geographic markets are Japan and Canada, every forecast to develop at 7.6% and 9.9% respectively over the evaluation interval. Inside Europe, Germany is forecast to develop at roughly 10.9% CAGR whereas Remainder of European market (as outlined within the examine) will attain US$2.2 Billion by the shut of the evaluation interval.

World marketplace for biometrics in BFSI sector continues to develop at a sturdy price pushed by the growing focus of BFSI corporations on providing highest safety to buyer transactions via use of biometrics-based authentication measures. Using biometrics expertise has the potential to scale back situations of fraud attributed to identification duplication. As client preferences change and new cost strategies are launched, banks are being compelled to maneuver in the direction of digital transformation of funds and playing cards operations. Expertise developments are additionally resulting in a rise in variety of forgeries and frauds, whereby the necessity for resolution that can not be replicated is gaining prominence within the banking and monetary companies {industry}. Within the monetary sector, the rise in fraudulent entry to account because of growing use of cellular and on-line banking companies is enhancing the significance of entry and identification administration; governance of data safety; and data safety roadmap as essential safety initiatives carried out for monetary organizations. Nevertheless, rising complexity of threats and the shortage of sufficient budgets are difficult efficient implementation of such safety applications.

Face Biometrics Phase to Attain $1.9 Billion by 2026

Face Biometrics makes use of distinctive facial traits to acknowledge and determine people. Face recognition is essentially the most profitable type of human surveillance and it consists of the measurement of eyes, nostril, mouth, and different facial options. Commercialization of face recognition methods elevated owing to an upsurge within the utilization of multimedia video expertise. This expertise is mostly used for purposes corresponding to surveillance, screening, legal and regulation enforcement that embrace kiosks and reserving stations. It might be additionally utilized in passport issuance purposes, driver`s licensing and registration of voters. World marketplace for Face Biometrics is estimated at US$1.2 Billion in 2022, and is projected to achieve US$1.9 Billion by 2026 reflecting a compounded annual progress price of 11.6% over the evaluation interval. Asia-Pacific constitutes the most important regional marketplace for Face section, accounting for 23.1% of the worldwide gross sales. China is poised to register the quickest compounded annual progress price of 15.2% over the evaluation interval, to achieve US$483.1 Million by the shut of the evaluation interval.

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