The North America Biometric Banking Market would witness market growth of 15.8% CAGR during the forecast period (2023-2030).
The rapid adoption of artificial intelligence (AI) and machine learning (ML) presents a significant opportunity for the market. Algorithms that utilize machine learning aid to adapt to user behavior, thereby enhancing accuracy and efficiency. In addition, advancements in biometric sensors and algorithms increase the precision and dependability of biometric authentication. However, security concerns and high implementation costs are significant obstacles to the market's expansion. Integrating biometric solutions into existing banking infrastructure is complex and requires substantial investment.
Biometric banking provides customers enhanced security and convenience during login, transactions, and account access. In addition, the widespread utilization of smartphones equipped with biometric sensors, like fingerprint scanners and facial recognition cameras, has facilitated biometrics. As users become accustomed to using biometrics to activate devices and receive biometric authentication tokens for financial services, they will become more comfortable with the technology. Additionally, financial companies and banks are adopting novel security technologies consistent with regulatory guidelines, secure, cost-effective, and contributing to increased consumer satisfaction. Biometric authentication addresses consumers' three most important needs: convenience, efficiency, and security. It eliminates the need to memorize passwords or PINs, thereby maximizing comfort. A simple biometric scan is sufficient to prove an individual's identity, which is significantly more secure than tapping a card.
North American banks and financial institutions are increasingly interested in biometric technologies to enhance security and convenience for their customers. Biometric authentication methods, such as fingerprint, facial, and voice recognition, are being explored for various banking applications. Some banks in North America are experimenting with biometric authentication at ATMs. Customers can use their fingerprints or palm prints to access ATM services, making it more secure and convenient than traditional PIN-based systems.
The US market dominated the North America Biometric Banking Market, by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $4,028.1 Million by 2030. The Canada market is exhibiting a CAGR of 18.4% during (2023 - 2030). Additionally, The Mexico market would experience a CAGR of 17.4% 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 U.S., Mexico, Canada, and Rest of North America.
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.
Scope of the Study
Market Segments Covered in the Report:
By Type
- Fingerprint
- Facial Recognition
- Hand Geometry
- Iris Recognition
- Others
By Vertical
- Retail
- Transportation
- Hospitality
- Government
- Healthcare
- Others
By Component
- Hardware
- Software
- Services
By Country
- US
- Canada
- Mexico
- Rest of North America
Key Market Players
List of Companies Profiled in the Report:
- Google LLC
- NEC Corporation
- Apple, Inc.
- The Charles Schwab Corporation
- Mastercard Inc.
- Barclays Plc
- Visa Inc.
- PayPal Holdings, Inc.
- Samsung Electronics Co. Ltd.
- Aliph Brands
Chapter 1. Market Scope & Methodology
1.1 Market Definition
1.2 Objectives
1.3 Market Scope
1.4 Segmentation
1.4.1 North America Biometric Banking Market, by Type
1.4.2 North America Biometric Banking Market, by Vertical
1.4.3 North America Biometric Banking Market, by Component
1.4.4 North America Biometric Banking Market, by Country
1.5 Methodology for the research
Chapter 2. Market at a Glance
2.1 Key highlights
Chapter 3. Market Overview
3.1 Introduction
3.1.1 Overview
3.1.1.1 Market Composition and Scnerio
3.2 Key Factors Impacting the Market
3.2.1 Market Drivers
3.2.2 Market Restraints
Chapter 4. Competition Analysis - Global
4.1 KBV Cardinal Matrix
4.2 Recent Industry Wide Strategic Developments
4.2.1 Partnerships, Collaborations and Agreements
4.2.2 Product Launches and Product Expansions
4.2.3 Acquisition and Mergers
4.3 Top Winning Strategies
4.3.1 Key Leading Strategies: Percentage Distribution (2019-2023)
4.3.2 Key Strategic Move: (Partnerships, Collaborations, and Agreements: 2020, Jul – 2023, Jun) Leading Players
4.4 Porter’s Five Forces Analysis
Chapter 5. North America Biometric Banking Market, by Type
5.1 North America Fingerprint Market, by Country
5.2 North America Facial Recognition Market, by Country
5.3 North America Hand Geometry Market, by Country
5.4 North America Iris Recognition Market, by Country
5.5 North America Others Market, by Country
Chapter 6. North America Biometric Banking Market, by Vertical
6.1 North America Retail Market, by Country
6.2 North America Transportation Market, by Country
6.3 North America Hospitality Market, by Country
6.4 North America Government Market, by Country
6.5 North America Healthcare Market, by Country
6.6 North America Others Market, by Country
Chapter 7. North America Biometric Banking Market, by Component
7.1 North America Hardware Market, by Country
7.2 North America Software Market, by Country
7.3 North America Services Market, by Country
Chapter 8. North America Biometric Banking Market, by Country
8.1 US Biometric Banking Market
8.1.1 US Biometric Banking Market, by Type
8.1.2 US Biometric Banking Market, by Vertical
8.1.3 US Biometric Banking Market, by Component
8.2 Canada Biometric Banking Market
8.2.1 Canada Biometric Banking Market, by Type
8.2.2 Canada Biometric Banking Market, by Vertical
8.2.3 Canada Biometric Banking Market, by Component
8.3 Mexico Biometric Banking Market
8.3.1 Mexico Biometric Banking Market, by Type
8.3.2 Mexico Biometric Banking Market, by Vertical
8.3.3 Mexico Biometric Banking Market, by Component
8.4 Rest of North America Biometric Banking Market
8.4.1 Rest of North America Biometric Banking Market, by Type
8.4.2 Rest of North America Biometric Banking Market, by Vertical
8.4.3 Rest of North America Biometric Banking Market, by Component
Chapter 9. Company Profiles
9.1 Google, LLC (Kaggle Inc.)
9.1.1 Company Overview
9.1.2 Financial Analysis
9.1.3 Segmental and Regional Analysis
9.1.4 Research & Development Expenses
9.1.5 Recent strategies and developments:
9.1.5.1 Partnerships, Collaborations, and Agreements:
9.1.5.2 Product Launches and Product Expansions:
9.1.6 SWOT Analysis
9.2 NEC Corporation
9.2.1 Company Overview
9.2.2 Financial Analysis
9.2.3 Segmental and Regional Analysis
9.2.4 Research & Development Expenses
9.2.5 SWOT Analysis
9.3 Apple Inc.
9.3.1 Company Overview
9.3.2 Financial Analysis
9.3.3 Regional Analysis
9.3.4 Research & Development Expenses
9.3.5 Recent strategies and developments:
9.3.5.1 Partnerships, Collaborations, and Agreements:
9.3.6 SWOT Analysis
9.4 Alibaba Cloud (Alibaba Group Holding Limited)
9.4.1 Company Overview
9.4.2 Financial Analysis
9.4.3 Regional Analysis
9.4.4 Recent strategies and developments:
9.4.4.1 Partnerships, Collaborations, and Agreements:
9.4.5 SWOT Analysis
9.5 Mastercard, Inc.
9.5.1 Company Overview
9.5.2 Financial Analysis
9.5.3 Regional Analysis
9.5.4 Recent strategies and developments:
9.5.4.1 Partnerships, Collaborations, and Agreements:
9.5.4.2 Product Launches and Product Expansions:
9.5.5 SWOT Analysis
9.6 Barclays PLC
9.6.1 Company Overview
9.6.2 Financial Analysis
9.6.3 Segmental and Regional Analysis
9.6.4 Recent strategies and developments:
9.6.4.1 Product Launches and Product Expansions:
9.6.5 SWOT Analysis
9.7 Visa, Inc.
9.7.1 Company Overview
9.7.2 Financial Analysis
9.7.3 Recent strategies and developments:
9.7.3.1 Partnerships, Collaborations, and Agreements:
9.7.4 SWOT Analysis
9.8 PayPal Holdings, Inc.
9.8.1 Company Overview
9.8.2 Financial Analysis
9.8.3 Regional Analysis
9.8.4 Research & Development Expenses
9.8.5 Recent strategies and developments:
9.8.5.1 Product Launches and Product Expansions:
9.8.5.2 Acquisition and Mergers:
9.8.6 SWOT Analysis
9.9 Samsung Electronics Co., Ltd. (Samsung Group)
9.9.1 Company Overview
9.9.2 Financial Analysis
9.9.3 Segmental and Regional Analysis
9.9.4 Recent strategies and developments:
9.9.4.1 Product Launches and Product Expansions:
9.9.5 SWOT Analysis
9.10. Aliph Brands LLC (JawBone)
9.10.1 Company Overview
9.10.2 SWOT Analysis
TABLE 1 North America Biometric Banking Market, 2019 - 2022, USD Million
TABLE 2 North America Biometric Banking Market, 2023 - 2030, USD Million
TABLE 3 Partnerships, Collaborations and Agreements– Biometric Banking Market
TABLE 4 Product Launches And Product Expansions– Biometric Banking Market
TABLE 5 Acquisition and Mergers– Biometric Banking Market
TABLE 6 North America Biometric Banking Market, by Type, 2019 - 2022, USD Million
TABLE 7 North America Biometric Banking Market, by Type, 2023 - 2030, USD Million
TABLE 8 North America Fingerprint Market, by Country, 2019 - 2022, USD Million
TABLE 9 North America Fingerprint Market, by Country, 2023 - 2030, USD Million
TABLE 10 North America Facial Recognition Market, by Country, 2019 - 2022, USD Million
TABLE 11 North America Facial Recognition Market, by Country, 2023 - 2030, USD Million
TABLE 12 North America Hand Geometry Market, by Country, 2019 - 2022, USD Million
TABLE 13 North America Hand Geometry Market, by Country, 2023 - 2030, USD Million
TABLE 14 North America Iris Recognition Market, by Country, 2019 - 2022, USD Million
TABLE 15 North America Iris Recognition Market, by Country, 2023 - 2030, USD Million
TABLE 16 North America Others Market, by Country, 2019 - 2022, USD Million
TABLE 17 North America Others Market, by Country, 2023 - 2030, USD Million
TABLE 18 North America Biometric Banking Market, by Vertical, 2019 - 2022, USD Million
TABLE 19 North America Biometric Banking Market, by Vertical, 2023 - 2030, USD Million
TABLE 20 North America Retail Market, by Country, 2019 - 2022, USD Million
TABLE 21 North America Retail Market, by Country, 2023 - 2030, USD Million
TABLE 22 North America Transportation Market, by Country, 2019 - 2022, USD Million
TABLE 23 North America Transportation Market, by Country, 2023 - 2030, USD Million
TABLE 24 North America Hospitality Market, by Country, 2019 - 2022, USD Million
TABLE 25 North America Hospitality Market, by Country, 2023 - 2030, USD Million
TABLE 26 North America Government Market, by Country, 2019 - 2022, USD Million
TABLE 27 North America Government Market, by Country, 2023 - 2030, USD Million
TABLE 28 North America Healthcare Market, by Country, 2019 - 2022, USD Million
TABLE 29 North America Healthcare Market, by Country, 2023 - 2030, USD Million
TABLE 30 North America Others Market, by Country, 2019 - 2022, USD Million
TABLE 31 North America Others Market, by Country, 2023 - 2030, USD Million
TABLE 32 North America Biometric Banking Market, by Component, 2019 - 2022, USD Million
TABLE 33 North America Biometric Banking Market, by Component, 2023 - 2030, USD Million
TABLE 34 North America Hardware Market, by Country, 2019 - 2022, USD Million
TABLE 35 North America Hardware Market, by Country, 2023 - 2030, USD Million
TABLE 36 North America Software Market, by Country, 2019 - 2022, USD Million
TABLE 37 North America Software Market, by Country, 2023 - 2030, USD Million
TABLE 38 North America Services Market, by Country, 2019 - 2022, USD Million
TABLE 39 North America Services Market, by Country, 2023 - 2030, USD Million
TABLE 40 North America Biometric Banking Market, by Country, 2019 - 2022, USD Million
TABLE 41 North America Biometric Banking Market, by Country, 2023 - 2030, USD Million
TABLE 42 US Biometric Banking Market, 2019 - 2022, USD Million
TABLE 43 US Biometric Banking Market, 2023 - 2030, USD Million
TABLE 44 US Biometric Banking Market, by Type, 2019 - 2022, USD Million
TABLE 45 US Biometric Banking Market, by Type, 2023 - 2030, USD Million
TABLE 46 US Biometric Banking Market, by Vertical, 2019 - 2022, USD Million
TABLE 47 US Biometric Banking Market, by Vertical, 2023 - 2030, USD Million
TABLE 48 US Biometric Banking Market, by Component, 2019 - 2022, USD Million
TABLE 49 US Biometric Banking Market, by Component, 2023 - 2030, USD Million
TABLE 50 Canada Biometric Banking Market, 2019 - 2022, USD Million
TABLE 51 Canada Biometric Banking Market, 2023 - 2030, USD Million
TABLE 52 Canada Biometric Banking Market, by Type, 2019 - 2022, USD Million
TABLE 53 Canada Biometric Banking Market, by Type, 2023 - 2030, USD Million
TABLE 54 Canada Biometric Banking Market, by Vertical, 2019 - 2022, USD Million
TABLE 55 Canada Biometric Banking Market, by Vertical, 2023 - 2030, USD Million
TABLE 56 Canada Biometric Banking Market, by Component, 2019 - 2022, USD Million
TABLE 57 Canada Biometric Banking Market, by Component, 2023 - 2030, USD Million
TABLE 58 Mexico Biometric Banking Market, 2019 - 2022, USD Million
TABLE 59 Mexico Biometric Banking Market, 2023 - 2030, USD Million
TABLE 60 Mexico Biometric Banking Market, by Type, 2019 - 2022, USD Million
TABLE 61 Mexico Biometric Banking Market, by Type, 2023 - 2030, USD Million
TABLE 62 Mexico Biometric Banking Market, by Vertical, 2019 - 2022, USD Million
TABLE 63 Mexico Biometric Banking Market, by Vertical, 2023 - 2030, USD Million
TABLE 64 Mexico Biometric Banking Market, by Component, 2019 - 2022, USD Million
TABLE 65 Mexico Biometric Banking Market, by Component, 2023 - 2030, USD Million
TABLE 66 Rest of North America Biometric Banking Market, 2019 - 2022, USD Million
TABLE 67 Rest of North America Biometric Banking Market, 2023 - 2030, USD Million
TABLE 68 Rest of North America Biometric Banking Market, by Type, 2019 - 2022, USD Million
TABLE 69 Rest of North America Biometric Banking Market, by Type, 2023 - 2030, USD Million
TABLE 70 Rest of North America Biometric Banking Market, by Vertical, 2019 - 2022, USD Million
TABLE 71 Rest of North America Biometric Banking Market, by Vertical, 2023 - 2030, USD Million
TABLE 72 Rest of North America Biometric Banking Market, by Component, 2019 - 2022, USD Million
TABLE 73 Rest of North America Biometric Banking Market, by Component, 2023 - 2030, USD Million
TABLE 74 Key Information – Google, LLc
TABLE 75 KEY INFORMATION – NEC Corporation
TABLE 76 Key Information – Apple Inc.
TABLE 77 Key Information – Alibaba Cloud
TABLE 78 Key Information – Mastercard, Inc.
TABLE 79 Key Information – Barclays PLC
TABLE 80 Key Information – Visa, Inc.
TABLE 81 Key Information – PayPal Holdings, Inc.
TABLE 82 Key Information – Samsung Electronics Co., Ltd.
TABLE 83 Key Information – Aliph Brands LLC
List of Figures
FIG 1 Methodology for the research
FIG 2 North America Biometric Banking Market, 2019 - 2030, USD Million
FIG 3 Key Factors Impacting Biometric Banking Market
FIG 4 KBV Cardinal Matrix
FIG 5 Key Leading Strategies: Percentage Distribution (2019-2023)
FIG 6 Key Strategic Move: (Partnerships, Collaborations, and Agreements: 2020, JuL – 2023, Jun) Leading Players
FIG 7 Porter’s Five Forces Analysis - Biomatric Banking Market
FIG 8 North America Biometric Banking Market share, by Type, 2022
FIG 9 North America Biometric Banking Market share, by Type, 2030
FIG 10 North America Biometric Banking Market, by Type, 2019 - 2030, USD Million
FIG 11 North America Biometric Banking Market share, by Vertical, 2022
FIG 12 North America Biometric Banking Market share, by Vertical, 2030
FIG 13 North America Biometric Banking Market, by Vertical, 2019 - 2030, USD Million
FIG 14 North America Biometric Banking Market share, by Component, 2022
FIG 15 North America Biometric Banking Market share, by Component, 2030
FIG 16 North America Biometric Banking Market, by Component, 2019 - 2030, USD Million
FIG 17 North America Biometric Banking Market share, by Country, 2022
FIG 18 North America Biometric Banking Market share, by Country, 2030
FIG 19 North America Biometric Banking Market, by Country, 2019 - 2030, USD Million
FIG 20 Recent strategies and developments:Google,LLc
FIG 21 SWOT Analysis: Google LLC.
FIG 22 SWOT Analysis: NEC Corporation
FIG 23 SWOT Analysis: Apple, Inc.
FIG 24 SWOT Analysis: Alibaba Cloud
FIG 25 Recent strategies and developments:Mastercard,Inc.
FIG 26 SWOT Analysis: Mastercard, Inc.
FIG 27 SWOT Analysis: Barclays Plc
FIG 28 SWOT Analysis: Visa, Inc.
FIG 29 Recent strategies and developments: PayPal Holdings, Inc.
FIG 30 SWOT Analysis: PayPal Holdings, Inc.
FIG 31 SWOT Analysis: Samsung Electronics Co., Ltd
FIG 32 SWOT Analysis: Aliph Brands LLC