According to a new report, published by KBV research, The Global Biometric Banking Market size is expected to reach $16.2 billion by 2030, rising at a market growth of 16.6% CAGR during the forecast period.
The Facial Recognition segment is exhibiting a CAGR of 16.3% during (2023 - 2030). Banks use facial recognition for customer onboarding and identity verification processes. Facial biometrics help ensure that individuals opening new accounts are who they claimed to be, thus enhancing compliance with Know Your Customer (KYC) regulations. Facial recognition data is sometimes used for analytics, helping banks understand customer behavior and preferences, which could inform marketing and service improvement efforts.
The Retail segment is generating the highest revenue in the Global Biometric Banking Market, by Vertical in 2022; thereby, achieving a market value of $5.27 Billion by 2030. The retail industry is adopting multimodal biometrics techniques such as voice, eyes, fingerprint, and facial recognition. In addition, biometric authentication ensures a high level of security by identifying physical characteristics and behavioral patterns, thereby preventing unauthorized access, identity theft, and fraudulent communication on a seamless level.
The Software segment is experiencing a CAGR of 17.1% during (2023 - 2030). Utilizing software components in the biometric banking market offers many significant advantages that contribute to enhanced security, convenience, and productivity in the banking industry. Biometric software components provide a high level of security by employing physiological or behavioral traits unique to each user for authentication. This significantly reduces the risk of identity theft, unauthorized access, and fraud.
The North America region dominated the Global Biometric Banking Market, by region in 2022; thereby, achieving a market value of $5.62 Billion by 2030. The Europe region is anticipated to grow a CAGR of 16.4% during (2023 - 2030). Additionally, The Asia Pacific region would witness a CAGR of 17.4% during (2023 - 2030).
Full Report: https://www.kbvresearch.com/biometric-banking-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country-wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of 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.
By Type
By Vertical
By Component
By Geography
Companies Profiled
Unique Offerings 
