| Study Period | 2019 - 2030 |
| Base Year For Estimation | 2024 |
| Forecast Data Period | 2025 - 2030 |
| Market Size (2025) | USD 3.26 Billion |
| Market Size (2030) | USD 6.96 Billion |
| CAGR (2025 - 2030) | 16.40 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
North America BFSI Biometrics Market Analysis
The North America BFSI Biometrics Market size is estimated at USD 3.26 billion in 2025, and is expected to reach USD 6.96 billion by 2030, at a CAGR of 16.4% during the forecast period (2025-2030).
- Biometrics in the banking and financial sector helps to protect against identity fraud while delivering a secure and seamless customer experience. Biometrics are transforming banking and financial services; they are implemented to secure ATM services, know-your-customer (KYC) services, manage access for authorized users to secured areas and systems, and regulatory compliance.
- In the banking sector, biometrics play a pivotal role in payments. Today, customers can seamlessly authorize phone transactions with just a fingerprint or facial scan. Particularly for substantial transactions, biometric verification shines. It offers businesses a swift and reliable method to validate the account owner's identity for high-risk transactions. In such cases, customers only need to re-verify their biometrics, allowing the bank to ensure the transaction's authenticity.
- Banks in North America are turning to biometrics for identity authentication to increase efficiencies, strengthen security, and improve the user experience. For instance, in October 2023, American Express revealed its plans to incorporate facial and fingerprint recognition into its SafeKey authentication tool. This enhancement aims to enhance security measures against fraud and simplify the checkout process.
- Furthermore, account opening and online digital onboarding have increased post-pandemic as many branches were temporarily closed. Organizations have been developing mobile user-friendly onboarding processes, including fingerprint identification and facial recognition, as critical features for identity verification.
- As biometric data is collected and processed, it becomes more vulnerable to hacking, mainly due to the rapidly growing potential of fraud, further hindering the market growth.
- The BFSI biometrics market in North America is fragmented, with a large number of players occupying a small market share. Vendors operating in the market focus on new product development, strategic partnership, acquisition, and expansion to meet the growing customer demand, further supporting the market growth.
- For instance, in May 2023, Veridium announced that MTRIX selected it as a new partner for trusted digital identities. It provides businesses with a simple, uniform, passwordless authentication user experience across various platforms and environments. MITRIX (MTRIX America Inc. in the US and MTRIX GmbH in Germany) specializes in providing authentication solutions. MTRIX serves organizations such as BFS Health Finance, VGH, Pfisterer, BMW, and Heckler & Koch.
- With cyber threats growing in sophistication, banks, and financial institutions are increasingly adopting biometric authentication alongside traditional passwords and tokens. This multi-factor authentication strategy has gained traction, particularly with the increasing popularity of mobile banking apps. Moreover, biometric data is poised to extend its reach, making its way into in-branch hardware, offering customers a secure means of identification, thus driving the market growth.
- Additionally, the biometrics market has been influenced by macroeconomic factors like government regulations, increased interest rates, and geopolitical tensions, all of which have impacted the demand for biometrics adoption and the market's growth.
- The growing prevalence and widespread adoption of facial recognition and other biometric technologies have led to heightened regulatory scrutiny, as well as increased concerns regarding compliance and potential legal challenges. One of the most well-known statutes governing biometric data in the United States is the Illinois Biometric Information Privacy Act of 2008 ('BIPA'). Enacted over a decade ago, BIPA was among the pioneering state laws aimed at regulating the collection of biometric information by businesses.
North America BFSI Biometrics Market Trends
Facial Recognition Segment witnessed Increasing Demand
- The North American BFSI biometric market is expected to witness high growth due to rising financial crime and money laundering. With the help of biometrics, banks and fintech companies can make customer KYC (know your customer) mandatory for quick and efficient verification through biometrics.
- Banks are now using facial recognition technology to provide better and smoother customer experience at every customer touchpoint: mobile onboarding at the ATM, VIP identification, access management, regulatory compliance for KYC, and Anti-Money Laundering (AML), branch, or mobile banking.
- Facial recognition can be leveraged through virtually any PC camera or smartphone, enabling end users to verify their identity with a selfie photo and images of their official identity documents. It can also be combined with other biometric modalities, such as multi-factor authentication, including fingerprint scans, to confirm sensitive transactions.
- Banks and financial institutions may require users to complete a facial recognition scan to access their applications. Facial verification checks that the user opening the app and accessing the account is the device's rightful owner. Significant banks (Chase, JP Morgan, Wells Fargo, City National Bank of Florida) in the region now use facial verification to allow new consumers to open an account from anywhere with their mobile devices.
- Several players are focusing on new product development to meet the growing demand. For instance, in August 2023, CyberLink Corp. introduced the FaceMe Platform, a comprehensive API solution designed to streamline the integration of facial recognition technology into various applications, including ID verification processes like secure system login and access control. The FaceMe Platform offers BFSI customers a reliable biometric identity verification tool for customer login and account creation, ensuring secure transactions and safeguarding against fraudulent activities.
- Furthermore, the demand for online payment in the region is increasing, thus driving the growth of the facial recognition segment. Facial Recognition Payment Systems (FRPS) are being introduced as an innovative method for cashless transactions, utilizing biometric technology to provide a smooth and potentially more secure transaction process.
- Through the use of facial recognition technology, FRPS strives to remove the necessity of physical cards, cash, or passwords, providing a quicker and more touchless payment process. According to ACI Worldwide, By 2027, it was forecasted that real-time payments in the United States would increase, with instant payments accounting for about 1% of total payments in 2023. It is expected that around five percent of the total payments mix in the country, encompassing both cash and cashless transactions, will be instant payments by 2028.
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United States to Register Fastest Growth
- The country is one of the largest markets for BFSI biometrics due to the country's significant dependence on digital payments. The country's high support for online payments and recovering banking infrastructure urged banks to implement biometric solutions to prevent financial data breaches.
- The BFSI sector in the United States witnessed the increased adoption of biometrics technology due to the increasing number of fraud cases. In North America, G+D Mobile Security introduced its FIDO-compliant Convegno Mobile Authentication in conjunction with Samsung SDS. The solution leverages biometrics such as fingerprint, face, iris, and voice credentials to provide security solutions with multi-factor authentication.
- Moreover, the rising need to protect information from hackers has propelled the adoption of BFSI biometrics in the country. The country is also expected to witness healthy growth due to various government initiatives demanding better security solutions.
- Furthermore, the increasing number of smartphones in the country will support the market growth. Smartphones have displaced the traditional method of desktop PCs for day-to-day banking, such as money transfers, online payments, accessing online accounts, and P2P payments. Customers are signing up for more bank services via smartphones using online ID verification technologies such as fingerprint identification, facial recognition, and others, further expanding biometrics in the banking sector.
- Moreover, several banks and financial services companies are focusing on prioritizing and strengthening their investments in technology to increase resiliency and speed and drive cost efficiency. For instance, in March 2023, JP Morgan announced the introduction of palm and face recognition technology in the US to make payments more secure and convenient and increase loyalty program take-up. The country's bank's payments division runs the pilot with selected retail stores and has included the Formula 1 Grand Prix in Miami. Customers can pay for purchases through palm or face scans without needing a phone, card, or cash.
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North America BFSI Biometrics Industry Overview
The North American BFSI biometrics market is fragmented, with the presence of major players like Thales Group, Fujitsu, Veridium, Aware Inc., and AllTrust Networks, among others. Players in the market are adopting strategies such as partnerships, mergers, innovations, investments, and acquisitions to enhance their product offerings and gain sustainable competitive advantage.
- In May 2024, Uniken unveiled the launch of Palm Vein Authentication for in-branch, rural, and inclusive banking on its REL-ID platform. By introducing palm vein authentication on the REL-ID platform, customers can authenticate themselves with a simple hand placement above a sensor, providing a completely contactless solution.
- In March 2024, JPMorgan Chase revealed plans to introduce biometric payment options with American retailers in the near future, allowing customers to complete transactions by scanning their palms or faces.
North America BFSI Biometrics Market Leaders
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Thales Group
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Fujitsu
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Veridium
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Aware, Inc.
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AllTrust Networks
- *Disclaimer: Major Players sorted in no particular order
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North America BFSI Biometrics Market News
- January 2024: Mastercard revealed plans to introduce an authentication service that is expected to allow customers to utilize fingerprint and facial recognition to log in or adjust their accounts rather than relying on vulnerable passwords.
- December 2023: Fingerprint Cards (Fingerprints) unveiled the creation of an updated version of Thales Gemalto biometric payment cards, prepared for widespread global distribution. The latest Thales innovation, incorporating Fingerprints’ T-Shape sensor (T2) and biometric payment software platform, provides users faster transaction speeds, increased power efficiency, and heightened security measures.
North America BFSI Biometrics Industry Segmentation
Biometrics are unique physical characteristics such as voice, vein, facial, iris, and fingerprints that can be used for automated recognition. It is the most suitable means of authenticating and identifying a person in a fast and reliable way through unique biological characteristics.
The study tracks the revenue accrued through the sale of biometrics products in the BFSI sector by various players in North America. The study also tracks the key market parameters, underlying growth influencers, and major vendors operating in the industry, which supports the market estimations and growth rates over the forecast period. The study further analyses the overall impact of COVID-19 aftereffects and other macroeconomic factors on the market. The report's scope encompasses market sizing and forecasts for the various market segments.
The North American BFSI biometrics market is segmented by authentication type (single authentication factor, multi-factor authentication), by contact type (contact-based, non-contact based), by product type (voice recognition, facial recognition, fingerprint identification, vein recognition, iris recognition), by application (door security, ATM, internet banking, mobile banking, payment authentication), and country (United States and Canada). The market sizes and forecasts are provided in value (USD) for all the above segments.
| By Authentication Type | Single Authentication Factor |
| Multi-Factor Authentication | |
| By Contact Type | Contact-based |
| Non-contact Based | |
| By Product Type | Voice Recognition |
| Facial Recognition | |
| Fingerprint Identification | |
| Vein Recognition | |
| Iris Recognition | |
| By Application | Door Security |
| ATM | |
| Internet Banking | |
| Mobile Banking | |
| Payment Authentication | |
| By Country | United States |
| Canada |
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North America BFSI Biometrics Market Research FAQs
How big is the North America BFSI Biometrics Market?
The North America BFSI Biometrics Market size is expected to reach USD 3.26 billion in 2025 and grow at a CAGR of 16.40% to reach USD 6.96 billion by 2030.
What is the current North America BFSI Biometrics Market size?
In 2025, the North America BFSI Biometrics Market size is expected to reach USD 3.26 billion.
Who are the key players in North America BFSI Biometrics Market?
Thales Group, Fujitsu, Veridium, Aware, Inc. and AllTrust Networks are the major companies operating in the North America BFSI Biometrics Market.
What years does this North America BFSI Biometrics Market cover, and what was the market size in 2024?
In 2024, the North America BFSI Biometrics Market size was estimated at USD 2.73 billion. The report covers the North America BFSI Biometrics Market historical market size for years: 2019, 2020, 2021, 2022, 2023 and 2024. The report also forecasts the North America BFSI Biometrics Market size for years: 2025, 2026, 2027, 2028, 2029 and 2030.
North America BFSI Biometrics Industry Report
Statistics for the 2025 North America BFSI Biometrics market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. North America BFSI Biometrics analysis includes a market forecast outlook for 2025 to 2030 and historical overview. Get a sample of this industry analysis as a free report PDF download.
