According to the latest market research study released by Technavio, the global biometrics market in the BFSI sector is expected to grow at a CAGR of close to 20% during the forecast period 2016-2020.
This market research report by Technavio provides an in-depth analysis of the market in terms of revenue and emerging market trends. The report also includes an up-to-date analysis and forecasts for various market segments and all geographical regions.
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Technavio research analysts categorize the global biometrics market in the BFSI sector market based on technology:
Global biometrics market in the BFSI sector share by technology 2015
|
Fingerprint identification |
60.50% |
|
Facial recognition |
18.33% |
|
Vein recognition |
12.36% |
|
Iris recognition |
4.42% |
|
Voice recognition |
2.27% |
|
Others |
2.12% |
Source: Technavio
The top four revenue contributing technology segments are discussed below:
Global fingerprint identification market in BFSI sector
In 2015, the fingerprint identification segment accounted for around 61% of the global biometrics market in the BFSI sector. This technology is the oldest biometric technique, mostly used in ATMs to validate transactions, eliminate passwords, and protect customer information. The fingerprint technology was used immensely in BFSI sector, in 2015, for physical and logical access control, ATMs, and mobile banking because of the low cost of hardware systems and fingerprint readers and modules. For instance, Unibank of Haiti has implemented fingerprint biometric technology from M2SYS for secure banking, in a way to help the bank to expand its customer base.
“Fingerprint identification technology is used extensively in ATMs, mobile banking, POS terminals, and in online payment transactions, which is the primary reason for its market dominance. In the BSFI sector, this biometric technology is popular as it is user friendly and is much lower priced than other biometric readers. These factors also drive huge growth in the market,” says Amrita Choudhury, a lead analyst at Technavio for research on automatic identification system.
Global facial recognition biometrics market in BFSI sector
The facial recognition segment accounted for around 18% of the global biometrics market in the BFSI sector in 2015. The reason for the growing deployment of facial recognition by BFSI sector is authenticating access control, financial transactions, ATMs, and mobile payments and to address the growing data theft and security threats. The segment is mainly driven by the incorporation of data analytics and facial recognition technology with the surveillance infrastructure. For mass surveillance to identify employees and track a visitor’s activities, facial biometrics has wide usage in the BSFI sector. For instance, in 2016, Samsung launched smartphones with facial recognition technology, owing to its growing popularity in mobile and PC authentication.
Global vein recognition biometrics market in BFSI sector
The vein recognition segment accounted for around 12% of the global biometrics market in the BFSI sector in 2015. The benefits like user-friendly and low false rejection rate has made this technology popular in the BSFI sector. According to Technavio, vein readers and sensors are technically progressive and are extremely difficult to furnace, providing an extra layer of security to the sector. Moreover, more accuracy and versatility is ensured in vein recognition biometrics due to the advanced authentication algorithms in the solutions.
Global iris recognition biometrics market in BFSI sector
The iris recognition segment accounted for around 4% of the global biometrics market in the BFSI sector in 2015. Unlike other technologies where repeated enrollment is required, iris technology requires to be registered only once. The technology is also preferred in the global BFSI sector as it is non-intrusive and non-invasive. Owing to the harmful effects of the infrared light in the devices, the adoption and use of iris recognition biometrics may get affected. Besides, it is difficult to adjust the scanning devices according to the varying height of individuals.
The top leading vendors operating in the global biometrics market in the BSFI sector are:
- Cross Match Technologies
- Fujitsu
- HID Global
- M2SYS Technology
- Safran
Other prominent vendors in the market include ACTAtek, BioEnable, BioID, BioLink Solutions, Hitachi, 4G Identity Solutions, Nuance Communications, and Suprema.
A more detailed analysis is available in the Technavio report titled, ‘Global Biometrics Market in the BFSI sector 2016-2020’. Technavio also customizes reports by other regions and specific segments upon request.
Other related reports:
- Biometrics Market in North America 2016-2020
- Global Biometric Sensors Market 2016-2020
- Global Vein Recognition Biometrics Market in BFSI Sector 2015-2019
- Global Voice Recognition Biometrics Market 2015-2019
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