Biometrics market: Key market research findings
- Advent of finger vein authentication technology like Vein ID to promote the shift from fingerprint to finger vein recognition technology
- Increasing applicability of vein recognition technology to foster growth of this market in the BFSI sector
Technavio has added a new market research report on the global biometrics market in the BFSI sector, to its IT security portfolio. Technavio’s market research analysts estimate this market to surpass US$ 3,000 million during the period of 2014-2019. North America dominates this market due to the presence of numerous global financial institutions and large companies and accounts for nearly 36% of the total market.
The new market research report from Technavio discusses in detail the key drivers and trends responsible for growth, as well as the segments with the maximum growth potential.
“As fingerprints can be easily replicated, many companies in the BFSI sector prefer using finger vein recognition biometric technology as it can easily overcome the security issues pertaining to fingerprinting technology. Analysts envisage the security threats associated with fingerprinting technology to result in the shift from conventional fingerprint to finger vein recognition. For instance, the introduction of Vein ID by Barclays Bank will enable customers to use their vein patterns in place of passwords or PINs to access their accounts,” says Navin Rajendra, Lead Analyst, IT Security, Technavio Research.
The vein recognition technology segment accounts for close to 15% of the global biometrics market in the BFSI sector. The finger vein readers are highly reliable when it comes to banking purposes and can be extensively used in ATMs. These devices identify an individual’s unique vein patterns in the finger, which helps to reduce instances of identity fraud and theft of personal information.
Global biometrics market in BFSI sector by technology 2014-2019
Source: Technavio, 2015
This is an exciting time for all vendors of this market because of the thriving growth rate. A segment to look out for is the fingerprint identification technology segment, which analysts predict is going to grow due to its early adoption by law enforcement agencies and the BFSI sector. The leading companies in this market are 3M Cogent, Cross Match Technologies, FUJITSU, HID Global, Safran, and 4G Identity Solutions.
More detailed analysis is available in the Technavio report Global Biometrics Market in BFSI Sector 2015-2019.
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