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 analysts forecast the global biometrics market in BSFI sector to grow at a CAGR of 20% during the period 2016-2020.
Covered in this report
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:
- North America
- South America
The report, 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.
- Cross Match Technologies
- HID Global
- M2SYS Technology
Other prominent vendors
- BioLink Solutions
- 4G Identity Solutions
- Nuance Communications
- Increase in digitization of banking services
- High cost of deployment restricts adoption
- Adoption of vein recognition in ATMs and POS terminals
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?
You can request one free hour of our analyst’s time when you purchase this market report. Details are provided within the report.
PART 03: Market research methodology
- Research methodology
- Economic indicators
- Key market highlights
- Applications of biometrics in BFSI sector
- Biometrics authentication in smartphones
- Biometrics workflow
- Components of biometrics
- Comparison of biometrics technologies in BFSI sector
- Advantages and disadvantages of biometrics
- Market overview
- Technology life cycle in BFSI sector
- Global biometrics market
- Share of BFSI sector in global biometrics market
- Global biometrics market in BFSI sector
PART 09: Market segmentation by technology
- Global biometrics market in BFSI sector by technology
- Global fingerprint identification market in BFSI sector
- Global facial recognition biometrics market in BFSI sector
- Global vein recognition biometrics market in BFSI sector
- Global iris recognition biometrics market in BFSI sector
- Global voice recognition biometrics in BFSI sector
- Global biometrics market in BFSI sector by geography
- Global biometrics market in BFSI sector by geography (revenue)
PART 12: Impact of drivers
PART 13: Market growth inhibitors
PART 14: Impact of drivers and challenges
PART 15: Market trends
PART 16: Five forces model
- Five forces model
- Competitive scenario
- Vendor matrix
- Vendor competitive rating
- Description of major vendors
- Other prominent vendors
- List of abbreviations
List of Exhibits
Exhibit 01: Major countries considered
Exhibit 02: Applications of biometrics in banking
Exhibit 03: Biometrics workflow
Exhibit 04: Comparison of biometrics technologies in BFSI sector
Exhibit 05: FAR and FRR comparison of biometrics technologies 2015
Exhibit 06: Overview of global biometrics market in BFSI sector
Exhibit 07: Technology life cycle in BFSI sector in 2015
Exhibit 08: Global biometrics market 2015-2020 ($ billions)
Exhibit 09: Share of BFSI sector in global biometrics market 2015-2020 (% share)
Exhibit 10: Global biometrics market in BFSI sector 2015-2020 ($ billions)
Exhibit 11: Adoption of Apple smartwatch among banks
Exhibit 12: Global biometrics market in BFSI sector by technology 2015-2020 (% share)
Exhibit 13: Global fingerprint identification market in BFSI sector 2015-2020 ($ billions)
Exhibit 14: Global facial recognition biometrics market in BFSI sector 2015-2020 ($ billions)
Exhibit 15: Global vein recognition biometrics market in BFSI sector 2015-2020 ($ billions)
Exhibit 16: Global iris recognition biometrics market in BFSI sector 2015-2020 ($ billions)
Exhibit 17: Global voice recognition biometrics in BFSI sector 2015-2020 ($ billions)
Exhibit 18: Global biometrics market in BFSI sector by geography 2015-2020 (% share)
Exhibit 19: Global biometrics market in BFSI sector by geography 2015-2020 ($ billions)
Exhibit 20: Impact of drivers
Exhibit 21: Impact of drivers and challenges
Exhibit 22: Five forces model
Exhibit 23: Product offerings
Exhibit 24: Features and applications of products offered by vendors
Exhibit 25: Vendor matrix: Applications
Exhibit 26: Vendor matrix: Technologies
Exhibit 27: Vendor competitive rating
Exhibit 28: Vendor key news
Exhibit 29: Mergers and acquisitions
Exhibit 30: Other prominent vendors
The author of the report recognizes the following companies as the 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.
Commenting on the report, an analyst from the research team said: “One trend gaining popularity in the market is Multimodal biometrics in BFSI sector. Multimodal biometrics uses a combination of two or more biometric technologies to identify and verify individuals. In many situations, one form of biometric identification does not yield accurate and exact match of the identity of an individual. The combination of biometric like fingerprint and finger vein pattern or a combination of fingerprint, iris, and voice pattern, is more reliable, accurate, secure, and capable of avoiding spoofing attacks. This is likely to lead to higher adoption of this system in the BFSI sector in countries across the world.”
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.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.