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World Financial Biometrics Markets
Frost & Sullivan, Nov 2007, Pages: 94
This Frost & Sullivan research service titled World Financial Biometrics Markets provides market trends and revenue forecasts for each technology, along with the critical drivers and challenges faced by vendors. In this research, Frost & Sullivan's expert analysts thoroughly examine the following markets: physical access, logical access, and transaction authentication applications.
Market Overview
Government Mandates Driving Adoption
The financial services vertical is set to emerge as one of the most exciting markets for biometrics vendors. The wide variety of applications for the technology means each biometric modality can carve its niche within this segment. Government mandates in North America and Europe are encouraging rapid adoption for customer account authentication as well as employee data access. Across Asia Pacific, the use of biometrics for self-service kiosks and ATMs will be a driving factor. Vendors need to adopt the right pricing strategy and communicate the ROI effectively to take advantage of the burgeoning opportunities for biometrics in the financial sector.
However, limited interoperability between the various applications such as physical access control, logical access control, and transaction authentication is a significant threat to greater adoption. Biometrics systems from different vendors are mostly proprietary in nature, and communication between disparate components such as the hardware and software is limited. 'This lack of interoperability has led to delays in adoption because end users prefer to wait until this issue is resolved before they make the investment,' notes the analyst of this research service. 'Vendors should move toward an open architecture to allow easier integration and interoperability. Doing so is expected to speed adoption from the trend of logical and physical access control convergence.'
Fingerprint Recognition Expected to Remain Dominant Technology
Fingerprinting recognition is expected to remain the dominant technology in terms of revenues and number of deployments in the financial sector. Its advantages of high accuracy, low hardware costs, and wide applicability to different financial applications will drive its dominance. In the long term, major growth is expected to come from developing regions such as Asia Pacific and Latin America, where the stringent privacy laws and negative impressions of fingerprinting do not restraint adoption. In 2006, fingerprint applications cornered an overwhelming 88.7 percent of revenues in logical access control (LAC) applications, which are expected to see the fastest growth of all applications within the financial segment.
Among the various regions, the North American region, consisting of the United States and Canada, had the highest share of revenues in 2006 with 38.4 percent. Europe, Middle East, and Africa (EMEA) came in a close second with 36.2 percent, benefiting from the high growth in transactional authentication, especially in the voice biometrics domain. There has also been demand for high-security access control technology such as iris recognition from the high-end Swiss private banks. 'Going forward, Asia Pacific is expected to be the fastest growing region in the financial biometrics sector,' says the analyst. 'With the economies of most Asian countries booming, the demand for financial services is high. Moreover, banks are also looking to differentiate themselves from the competition by offering value-added services and more self-service banking options.'
Technologies
The following technologies are covered in this service:
-Finger-scan, also known as non-automated fingerprint identification systems (non-AFIS)
-Face recognition
-Iris recognition
-Hand geometry
-Voice verification
-Signature verification
-Vein recognition
Market Sectors
Expert Frost & Sullivan analysts thoroughly examine the following market sectors in this research:
-Physical access control
-Logical access control
-Transactional authentication
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