Global Biometrics Market in BFSI Sector 2015-2019

August 19, 2015

About biometrics
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.

Covered in this Report
This report covers the present scenario and the growth prospects of the global biometrics market in the BFSI sector for 2015-2019. 

To calculate the market size, the report considers revenue generated from the hardware, software, and integrated solutions segments. The revenue generated from aftersales services is not included in the market size calculation.

The report provides a detailed analysis of the following:
• Technology: fingerprint identification, voice recognition, facial recognition, vein recognition, and iris recognition
• Geography: North America, APAC, Europe, Latin America, and MEA

Technavio's report, Global Biometrics Market in BFSI Sector 2015-2019, 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 in the coming years. The report includes a discussion of the key vendors operating in this market.

Key vendors
• 3M Cogent
• 4G Identity Solutions
• Cross Match Technologies
• HID Global
• Safran

Other prominent vendors
• ACTAtek 
• BioEnable
• BioID 
• EyeVerify
• Face Data 
• Fulcrum Biometrics 
• Hitachi 
• M2SYS Technology 
• Nuance Communications 

Market risk factor
• Security issues of biometric data
• For a full, detailed list, view our report

Market trend
• Emergence of mobile biometric payments
• For a full, detailed list, view our report

Key questions answered in this report
• What will the market size be in 2019 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?