The Europe Biometric Banking Market would witness market growth of 16.4% CAGR during the forecast period (2023-2030).
The shift from traditional to digital channels and increasing consumer awareness of the benefits of biometric authentication drive the market growth for biometric banking. The proliferation of Internet of Things (IoT) devices and edge computing is anticipated to create lucrative growth opportunities for the market in the coming years.
The market is a growing and evolving sector within the broader financial technology (FinTech) industry. Biometric authentication methods are gaining popularity in banking because they enhance security and provide a more convenient and frictionless customer experience. Biometric authentication is often more convenient for customers. Customers can use their biometric traits to access their accounts instead of remembering complex passwords or carrying physical tokens like smart cards. The market is experiencing steady growth as more banks and financial institutions adopt biometric technology to enhance security and improve customer experience. The market is also driven by increasing consumer acceptance of biometrics due to its prevalence in smartphones and other consumer devices.
European banks have been increasingly adopting biometric authentication methods, such as fingerprint recognition, iris scanning, and facial recognition, to enhance the security of customer accounts. These technologies provide customers with a more secure and suitable way to access their accounts and transact. Many European banks have integrated biometric authentication into contactless payment methods. Customers can make payments using their fingerprints or facial recognition through smartphones or smart cards, adding an extra layer of security to contactless transactions.
The Germany market dominated the Europe Biometric Banking Market, by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $1,096.1 Million by 2030. The UK market is showcasing a CAGR of 15.4% during (2023 - 2030). Additionally, The France market would register a CAGR of 17.3% during (2023 - 2030).
Based on Type, the market is segmented into Fingerprint, Facial Recognition, Hand Geometry, Iris Recognition and Others. Based on Vertical, the market is segmented into Retail, Transportation, Hospitality, Government, Healthcare and Others. Based on Component, the market is segmented into Hardware, Software and Services. Based on countries, the market is segmented into Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
Free Valuable Insights: The Worldwide Biometric Banking Market is Projected to reach USD 16.2 Billion by 2030, at a CAGR of 16.6%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Google LLC, NEC Corporation, Apple, Inc., The Charles Schwab Corporation, Mastercard Inc., Barclays Plc, Visa Inc., PayPal Holdings, Inc., Samsung Electronics Co. Ltd. and Aliph Brands.
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