Biometrics Banking Market Scope
Biometric technology in the Indian banking sector is unrepeatable features such as facial features, fingerprints, and voice. These types of features are called biometric data and they are becoming increasingly important when it comes to security in digital banking. The benefits of Biometric banking are an Increase in The Supply Of Online Services, increased security, reduced identity Fraud, Protect sensitive information, and quick access to banking.
|Unit||Value (USD Million)|
|Key Companies Profiled||Fujitsu Limited (Japan), NEC Corporation (Japan), Suprema Inc. (South Korea), 3M Cogent, Inc (United States), Morpho SA (Safran) (France), Iris Guard, Inc (United Kingdom), Daon, Inc (United States), Cognitec System, GMbh (Germany), IDTECk (South Korea) and Accu-time System, Inc (United States)|
Biometric banking market companies operating in these industries are focusing more on efficient growth, improvement of operational efficiency and productivity, achieving high safety standards, and focusing on maintaining sustainable development. The market is highly competitive with a few players occupying the major share. The companies are coming up with partnerships or agreements along with planning strategic activities such as partnerships, product launches, mergers, and acquisitions which will help them to sustain in the market and maintain their competitive edge.
Fujitsu Limited (Japan), NEC Corporation (Japan), Suprema Inc. (South Korea), 3M Cogent, Inc (United States), Morpho SA (Safran) (France), Iris Guard, Inc (United Kingdom), Daon, Inc (United States), Cognitec System, GMbh (Germany), IDTECk (South Korea) and Accu-time System, Inc (United States) are some of the key players that are part of study coverage.
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.
The study have segmented the market of Global Biometrics Banking market by Type , by Application (Finger print, Facial recognition, Hand geometry, Iris recognition and Others) and Region with country level break-up.
On the basis of geography, the market of Biometrics Banking has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). region held largest market share in the year 2022.
In June 2021, HID Global launched its HID Signo biometric reader 25B, designed to capture and read fingerprints in real-world applications and conditions. The reader is the latest addition to the company’s line of HID Signo readers and adds an API for integration with access control software solutions from HID partners.
Influencing Trend:Increasingly used as an advanced and safe multi-factor authentication method.
Market Growth Drivers:Rising demand for new tools to secure digital transaction.
Challenges:Lack of awareness.
Restraints:Biometric databases can still be hacked and Significant investment is needed in biometrics for security
Opportunities:An important development in biometric systems for authentication and identification applications
Key Target AudienceGovernment Agencies, Biometric banking company, Government regulatory authorities, End User Industry, Customer and Others