BFSI Biometrics to See CAGR of Almost 20 Percent Through 2020: Technavio

Technavio expects strong growth for the BFSI biometrics market. In a new report, the market research firm predicts growth of almost 20 percent for the next three years.

BFSI Biometrics to See CAGR of Almost 20 Percent Through 2020: TechnavioIn a report synopsis, Technavio highlighted the proliferation of smartphone fingerprint sensors as a factor in the BFSI biometrics market, and indeed, many companies have embraced Apple’s Touch ID and other fingerprint scanning systems for their mobile apps and services. Technavio lead analyst Amrita Choudhury also pointed to an “increase in instances of security breaches and transaction frauds” as a market driver.

Looking beyond mobile fingerprint scanning to emerging trends in the sector’s embrace of biometrics, Technavio points to voice and facial recognition as key modalities, multimodal solutions, and a rise in the use of vein pattern recognition in POS terminals and ATMs.

The report arrives in the wake of this year’s Money20/20 expo in Las Vegas, where biometric security once again proved to be a hot topic, with a panel discussion on the subject having drawn a sold-out crowd of about a thousand people. Other market reports may vary in their specific predictions, but there’s no denying the biometrics boom underway in BFSI.

November 4, 2016 – by Alex Perala