Market Report, "Global Biometrics Market in BFSI Sector 2015-2019", published

From: Fast Market Research, Inc.
Published: Tue Sep 01 2015

Biometrics helps identify individuals based on their physical or behavioral features. It involves verification and identification of physiological traits through fingerprints, face recognition, DNA, palm vein prints, hand geometry, and iris recognition, and of behavioral traits through keystroke patterns and speech pattern/voice recognition. Biometrics technologies are considered more reliable compared to physical devices and numeric codes, as biometric traits will not change. Biometrics performs verification and identification processes to authenticate an individual. In a verification process, a one-to-one matching method is used to verify the biometrics traits of an individual against a particular template in a database, whereas in an identification process, a one-to-many matching method is used wherein the biometrics traits of an individual is matched against all templates in the database to determine an individual's identity.

Biometrics is used for security purposes in the BFSI sector to prevent data breaches and identity theft. Finger scan, facial scan, iris scan, retina scan, signature scan, voice scan, and vein scan biometrics have been deployed worldwide in the BFSI sector for secure transaction and authentication of account and network access in banks.

Technavio's analysts forecast the global biometrics market in the BFSI sector to grow at a CAGR of 21.83% during 2014-2019.

Commenting on the report, an analyst from Technavio's team said: "Banks and financial institutions in developing regions are ready to adopt voice biometrics to confirm and verify the identity of their customers. Also, in the BFSI sector, voice recognition is likely to find greater adoption in the next two years, specifically in mobile banking, because voice biometrics is affordable and user-friendly, and also does not require any hardware investment. Voice biometrics enable the comparison of person's voice such as pitch, vocal tract, harmonics, and dialect to verify customer's identity through their voice patterns. Voice biometric solutions are increasingly becoming popular in the BFSI sector because it eliminates the need for PIN-based password. The adoption of voice biometrics in the BFSI sector is low in APAC because of lack of awareness. However, the adoption of voice biometrics is expected to increase in developing countries such as China and India. For instance, in India, ICICI Bank is the first adopter of voice recognition technology for biometric authentication in the country."

According to the report, facial recognition is one of the most user-friendly biometric authentication technologies, which provides a high level of accuracy. The adoption of facial recognition is expected to be high in the BFSI sector with the introduction of 3D facial recognition. 2D recognition technology has already been adopted by the BFSI sector because of its operational ease and low installation cost. 3D recognition technology overcomes the disadvantages of 2D recognition by its complex algorithms, improved 3D imaging devices, and high-level security.

Further, the report states that the biometrics market in the BFSI sector is expected to experience decline in year-over-year growth after 2015 because of its early global adoption among financial institutions like large banks, capital markets, and transaction banking.

The key players in the Global Biometrics Market in BFSI Sector are 3M Cogent, 4G Identity Solutions, Cross Match Technologies, FUJITSU, HID Global and Safran while other prominent vendors include ACTAtek, BioEnable, BioID, EyeVerify, Face Data, Fulcrum Biometrics, Hitachi, M2SYS Technology, Nuance Communications and TENBIO

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.

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