Global Biometrics Market in BSFI Sector to grow at a CAGR of 20% during the period 2016 - 2020; Finds New Report

Report forecast the global biometrics market in BSFI sector to grow at a CAGR of 20% during the period 2016-2020.

Security of data and financial assets have been a key concern for banks as well as for customers. Numeric keypads, keys, and identity badges were widely used to prevent unauthorized access to data and premises. With technological advancements, two-factor authentication was introduced, where individuals could gain access to secure premises after they are authenticated twice, via hardware devices and numeric codes. However, hackers can gain access to hardware devices and obtain numeric codes, which increases the security risks, especially in the BFSI sector.

The report covers the present scenario and the growth prospects of the global biometrics market in BSFI sector for 2016-2020. To calculate the market size, the report considers the revenue generated from the sales of biometric solutions in the BFSI sector, including insurance companies to mitigate insurance claim frauds.

The market is divided into the following segments based on geography:

• APAC
• Europe
• MEA
• North America
• South America

According to the report, increase in digitization of banking services will drive growth in the biometrics market in BSFI sector. The increased use of smart devices and smartphones and tablets have led a digital reformation of the banking sector. The BFSI sector is one of the prominent users of portable devices for digital payments and cashless financial transactions. With the growing transaction volumes and the introduction of new digital payment solutions, the banking sector is challenged with the need to keep the magnitude of fraudulent activities low, without compromising on the convenience of the customers.

Further, the report states that high cost of deployment restricts adoption of biometrics in the BSFI sector.  The major inhibitor for the adoption of biometric technologies in the BFSI sector is its high cost. Alternative security solutions such as swipe cards, access cards, tokens, and keypads are relatively cheaper than biometric systems. Therefore, these traditional security solutions are popular with SMEs in the BFSI sector in developing and under-developed countries. Installation and maintenance of some biometric systems on a small scale is inexpensive, whereas the lifetime cost of other sophisticated systems used in large-scale operations is costly. Costs for such large-scale systems include not only the initial capital expenditure (CAPEX) for hardware and software, but also includes the cost of issuing identity documents, training and employing staff, maintaining equipment, and managing databases. Also, the adoption of biometric technology involves hidden costs associated with the implementation of middleware, application software, and system integration, which is further inhibiting the growth of the market.

Global Biometrics Market in BSFI Sector 2016-2020, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.

key players in the global biometrics market in BSFI sector: Cross Match Technologies, Fujitsu, HID Global, M2SYS Technology, and Safran.

Other prominent vendors in the market are: ACTAtek, BioEnable, BioID, BioLink Solutions, Hitachi, 4G Identity Solutions, Nuance Communications, and Suprema.

Market driver

• Increase in digitization of banking services
• For a full, detailed list, view our report

Market challenge

• High cost of deployment restricts adoption
• For a full, detailed list, view our report

Market trend

• Adoption of vein recognition in ATMs and POS terminals
• For a full, detailed list, view our report

Key questions answered in this report

• What will the market size be in 2020 and what will the growth rate be?
• What are the key market trends?
• What is driving this market?
• What are the challenges to market growth?
• Who are the key vendors in this market space?
• What are the market opportunities and threats faced by the key vendors?
• What are the strengths and weaknesses of the key vendors?

Spanning over 72 pages and 30 Exhibits “Global Biometrics Market in BFSI Sector 2016 - 2020” report covers Executive summary, Scope of the report, Market research methodology, Introduction, Market landscape, Market description, Technology life cycle, Market developments, Market segmentation by technology, Geographical segmentation, Market drivers, Impact of drivers, Market growth inhibitors, Impact of drivers and challenges, Market trends, Five forces model, Vendor landscape, Appendix.

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