Biometrics Market in BFSI Sector 2016-2020 market report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors. The report provides actionable intelligence on major factors influencing the Biometrics Market in BFSI Sector 2016-2020 market (drivers, opportunities, industry specific challenges, and other critical issues) along with the Biometrics Market in BFSI Sector 2016-2020 market size of various segments.
In BSFI SectorSecurity 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.
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On the grounds of comprehensive, reliable data derived from extensive research of multiple sources (both primary and secondary) and in-depth market analysis with inputs from industry experts, Biometrics Market in BFSI Sector 2016-2020 market projected to grow at a CAGR of 20% during the period 2017-2021.
Biometrics Market in BFSI Sector 2016-2020 Market Drivers, Challenges and Trends: –
Market Driver: – 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.
Market Challenge: – 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.
Market trend: – 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
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Market segmentation by technology:- Fingerprint identification market in BFSI sector, facial recognition biometrics market in BFSI sector, vein recognition biometrics market in BFSI sector, iris recognition biometrics market in BFSI sector, voice recognition biometrics in BFSI sector
Geographic Segmentation: – APAC, Europe, MEA, North America, South America
To calculate the Biometrics Market in BFSI Sector 2016-2020 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 report covers the market landscape and its growth prospects over the coming years. Further it converses about key vendors operating in Biometrics Market in BFSI Sector 2016-2020 market like Cross Match Technologies, Fujitsu, HID Global, M2SYS Technology, Safran and many more.
Some of the Exhibits included in Biometrics Market in BFSI Sector 2016-2020 Market report: –
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
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With geographic breakdown of the Biometrics Market in BFSI Sector 2016-2020 market in terms of detailed analysis and impact, this report provides business dimensions with an eye on growth opportunities and contribution of upcoming market segments.