DUBLIN, October 27, 2016 /PRNewswire/ --
Research and Markets has announced the addition of the "Global Biometrics Market in BFSI Sector 2016-2020" report to their offering.
The report forecasts the global biometrics market in BSFI sector to grow at a CAGR of 20% during the period 2016-2020.
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.
According to the report, 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.
Further, the report states that high cost of deployment restricts adoption of biometrics in the BSFI sector.
- Cross Match Technologies
- HID Global
- M2SYS Technology
Key Topics Covered:
PART 01: Executive summary
PART 02: Scope of the report
PART 03: Market research methodology
PART 04: Introduction
PART 05: Market description
PART 06: Market landscape
PART 07: Technology life cycle
PART 08: Market developments
PART 09: Market segmentation by technology
PART 10: Geographical segmentation
PART 11: Market drivers
PART 12: Impact of drivers
PART 13: Market growth inhibitors
PART 14: Impact of drivers and challenges
PART 15: Market trends
PART 16: Five forces model
PART 17: Vendor landscape
PART 18: Appendix
For more information on this topic, check out the Biometrics section of the Research and Markets' blog.
For more information about this report visit http://www.researchandmarkets.com/research/3nzn34/global_biometrics
Research and Markets
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SOURCE Research and Markets