The report, now available on ASDReports, recognizes the following companies as the key players in the Global Biometrics Market in BFSI Sector: 3M Cogent, 4G Identity Solutions, Cross Match Technologies, FUJITSU, HID Global and Safran
The other prominent vendors are: ACTAtek, BioEnable, BioID, EyeVerify, Face Data, Fulcrum Biometrics, Hitachi, M2SYS Technology, Nuance Communications and TENBIO
Commenting on the report, an analyst 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 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.
Source: ASDReports - Market Research
Date: Aug 21, 2015