Europe Biometrics Banking Market Value & Growth Rate:
The Europe Biometrics Banking Market is projected to grow at a CAGR of 12.4% during the forecast period 2022-2027.
Europe Biometrics Banking Market Overview:
Biometric authentication is the method of confirming a person's identity using the physical traits that make each unique. The goal of biometric authentication in banking is to provide customers with access to an online service.
Europe Biometrics Banking Market Drivers:
The rising demand for biometrics in the banking sector in Europe is the main factor driving the growth of the Europe Biometrics Banking Market during the forecast period. In Europe, banks and financial services firms are aggressively collaborating with software developers and tech vendors to increase compliance procedures, boost fraud protection, and use biometrics. The rising technological advancements in the banking industry in Europe focussing on the security of the banks and customers are further accelerating the growth of the Europe Biometrics Banking Market. The Europe banking sectors are aiming at providing their customers with an enhanced digital-first user experience and improving fraud protection. The main causes of the rise in fraud events in the banking industry are the widespread use of remote working models and the rise in customers utilizing non-branch banking channels which is generating a need for the digital era to protect the customers. The enhanced focus of the Europe banking industries is to provide their customers with a digital user experience. Moreover, the increasing penetration of smartphones among customers is generating a demand for digital banking systems in Europe. The large population from millennials to Gen Z are preferring digital banking over physical banking for easy and safe banking. Digital banking requires biometric systems for authentication and security purposes. Hence, the increasing population preferring digital banking is generating a demand for the biometric banking market in Europe. Additionally, the EU legislation promoting the use of biometrics in the banking sector for safety and security is boosting the Europe Biometrics Banking Market growth.
The growing demand for digital banking in Europe is boosting the growth of the Europe Biometrics Banking Market:
Digital banks provide banking to customers' smartphones or laptops, doing away with the necessity for physical branches. Although many neo-banks provide their customers with web applications, customers prefer smartphones app for accessing digital banking. Since 2020, there has been a 23% increase in digital users in the banking industry in Europe. Around 87% of users who switched to online banking prefer not to shift back to physical banking. Digital banking requires high security to avoid fraudulent transactions. Hence, the demand for biometrics in banking is expected to increase rapidly during the forecast period.
Europe Biometrics Banking Market Restraints:
The high costs associated with the advancements in biometric technologies may restrain the growth of the Europe Biometrics Banking Market to a certain extent. However, the increasing adoption rate of biometrics technology in the European banking sector is expected to boost the Europe Biometrics Banking Market during the forecast period.
Europe Biometrics Banking Market Key Development:
In May 2022, Verint signed a partnership with Intelligent Voice Limited to offer financial institutions more thorough voice analytics services. To achieve this, Verint will incorporate voice analytics technology from Intelligent Voice into its Verint Financial Compliance portfolio.
In December 2021, Precise Biometrics acquired EastCoast Solutions, a top supplier of visitor management systems, and completed multiple YOUNiQ installations, including the first for Algeco in Germany.
In April 2020, Fujitsu Frontech, a top provider of cutting-edge technology and IT-based business strategies and applications acquired Fulcrum Biometrics a Texas-based developer of biometric hardware, software, and solutions. This acquisition was made to support the company's biometrics business and the global identity management market, which includes multi-factor authentication requirements imposed by new state and federal laws regarding the sharing of patient information by financial institutions and healthcare providers.
This research report includes the segmentation of the Europe Biometrics Banking Market during the forecast period (2022 - 2027) with calculated size, share, trends, landscape, and growth report:
Europe Biometrics Banking Market - By Authentication
Based on authentication, the Europe Biometrics Banking Market is segmented into single-factor authentication, multi-factor authentication, and others. The multi-factor authentication segment is expected to dominate the Europe biometrics banking market during the forecast period. The increasing demand for two-factor or multi-modal authentication for enhanced safe banking is driving the multi-factor authentication segment’s growth. Moreover, the banking advanced security technologies offered by the banking industries are further accelerating the growth of the multi-factor authentication segment during the forecast period.
Europe Biometrics Banking Market - By Offering Type
Based on offering type, the Europe Biometrics Banking Market is segmented into software and hardware. The software segment is expected to dominate the Europe biometrics banking market during the forecast period. The growing adoption of advanced biometric software in banking institutions is boosting the growth of the software segment during the forecast period. Additionally, the widespread awareness of digital banking in Europe is further driving the software segment growth during the forecast period.
Europe Biometrics Banking Market - By End-User
Based on end-user, the Europe Biometrics Banking Market is segmented into branch banking, automated teller machines, internet banking, mobile banking, and others. The mobile banking segment is expected to grow at the highest CAGR during the forecast period. The increasing penetration of smartphones among millennials to gen z is the main factor driving the growth of the mobile banking segment during the forecast period. Furthermore, the large number of customers preferring easy banking is propelling the mobile banking segment growth during the forecast period.
Europe Biometrics Banking Market - By Country
Based on country, the UK is expected to dominate the Europe Biometrics Banking Market during the forecast period. The increasing adoption of digital banking in the UK is the main factor accelerating the growth of the biometrics banking market in the country. Since 2020, more than 76% of the population in the UK is shifting towards internet banking in the UK. The majority of the millennials and Gen Z population are preferring cashless payments which in turn require a biometric system for security purposes. Hence the biometric banking market in the UK is expected to grow during the forecast period.
Europe Biometrics Banking Market Key Players
Impact of COVID-19 on the Europe Biometrics Banking Market
The COVID-19 epidemic has certainly accelerated the uptake of digital financial services. Since the start of the pandemic, there has been a 23% increase in digital users in the banking industry in Europe. Approximately, 87% of users who switched to online banking during the outbreak want to keep using the applications even after the pandemic is over. Hence, the increasing penetration of digital banking in Europe since the pandemic has accelerated the growth of the Biometrics Banking Market in Europe.
Frequently Asked Questions
The Europe Biometrics Banking Market is projected to grow at a CAGR of 12.4% during the forecast period 2022-2027.
The rising demand for biometrics in the banking sector in Europe is the main factor driving the growth of the Europe Biometrics Banking Market during the forecast period.
In May 2022, Verint signed a partnership with Intelligent Voice Limited to offer financial institutions more thorough voice analytics services. In December 2021, Precise Biometrics acquired EastCoast Solutions. In April 2020, Fujitsu Frontech acquired Fulcrum Biometrics a Texas-based developer of biometric hardware, software, and solutions.
Some of the key industry players which are contributing to the growth of the Europe Biometrics Banking Market are Verint, Fujitsu Frontech, HID Global Corporation, IDEMIA, and Ingenico.
The UK is expected to dominate the Europe Biometrics Banking Market during the forecast period.
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