Albany, NY -- (SBWIRE) -- 01/09/2017 -- Security of data and financial assets have been a key concern for banks as well as for customers. Numeric keypads, keys, and identity badges were widely used to prevent unauthorized access to data and premises. With technological advancements, two-factor authentication was introduced, where individuals could gain access to secure premises after they are authenticated twice, via hardware devices and numeric codes. However, hackers can gain access to hardware devices and obtain numeric codes, which increases the security risks, especially in the BFSI sector.

Technavios analysts forecast the global biometrics market in BSFI sector to grow at a CAGR of 20% during the period 2016-2020.

Covered in this report

The report covers the present scenario and the growth prospects of the global biometrics market in BSFI sector for 2016-2020. To calculate the market size, the report considers the revenue generated from the sales of biometric solutions in the BFSI sector, including insurance companies to mitigate insurance claim frauds.

The market is divided into the following segments based on geography:
APAC
Europe
MEA
North America
South America

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Technavio's report, Global Biometrics Market in BSFI Sector 2016-2020, 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 over the coming years. The report also includes a discussion of the key vendors operating in this market.

Key vendors

Cross Match Technologies
Fujitsu
HID Global
M2SYS Technology
Safran

Other prominent vendors

ACTAtek
BioEnable
BioID
BioLink Solutions
Hitachi,
4G Identity Solutions
Nuance Communications
Suprema

Market driver

Increase in digitization of banking services
For a full, detailed list, view our report

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Market challenge
High cost of deployment restricts adoption
For a full, detailed list, view our report

Market trend

Adoption of vein recognition in ATMs and POS terminals
For a full, detailed list, view our report

Key questions answered in this report

What will the market size be in 2020 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?

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