Growing Number of Online Transactions Coupled with Increasing Security Threats to Propel the Global Two-Factor Biometrics Market Through 2020, Reports Technavio

LONDON--()--Technavio analysts forecast the global two-factor biometrics market is expected to grow at a CAGR of almost 23% during the forecast period, according to their latest report.

The research study covers the present scenario and growth prospects of the global two-factor biometrics market for 2016-2020. To calculate the market size, the report considers revenue generated from the sales of two-factor biometric products and services.

Technavio ICT analysts highlight the following four factors that are contributing to the growth of the global two-factor biometrics market:

  • Increasing use of mobile devices
  • Growing number of online transactions
  • Increasing security threats
  • Growing demand in BFSI sector

Increasing use of mobile devices

With the growing need for uninterrupted connectivity with corporate networks, employees are using their personal portable devices such as smartphones, tablets, and laptops to gain access to confidential information. The rise in employee mobility is also leading to the use of mobile devices to access company systems. The increased use of mobile devices to access critical information has created a greater need for security solutions. “As these mobile devices are generally not secure, it is easy for hackers to gain unauthorized access to corporate networks through these devices. This may lead to fraudulent activities and misuse of critical corporate and business data. So, enterprises are increasingly adopting two-factor biometrics to secure their networks from growing security threats while providing their employees with secure access to their systems,” says Amrita Choudhury, a lead analyst at Technavio, specializing in research on automatic identification system.

Growing number of online transactions

Consumers are becoming increasingly dependent on the internet for financial transactions as it is convenient. Internet-based financial transactions are vulnerable to cyber-attacks and security threats. The volume of cyber-attacks is increasing in line with the rising number of online transactions, especially in sectors such as BFSI, PCI, healthcare, and retail. “To make online transactions more secure, organizations are using hardware OTP token authentication methods. The increasing number of online transactions is likely to fuel the growth of the global two-factor biometrics market during the forecast period,” says Amrita.

Increasing security threats

A major factor that is contributing to the growth of the market is the increasing instances of business information theft and insider fraud. Cyber-attacks are becoming increasingly advanced and sophisticated. With rapid changes in IT infrastructure, attackers have found new methods of stealing valuable information and disrupting businesses. Rising dependency on websites and web applications for transactions and purchases is resulting in an increase in cases of theft of credentials. Technavio predicts that 65%-70% of cyber-attacks are insider fraud or security breaches. These cyber-attacks compel organizations to adopt two-factor biometrics to enhance the security of confidential data and databases.

Growing demand in BFSI sector

Online banking is gaining significant acceptance among users for checking the bank balance, requesting for bank statements and checkbooks, and upgrading debit cards among others. According to Technavio researchers, 65% of the total cases of fraud faced by banks in 2015 were technology-related. These fraudulent activities are committed through internet banking channels, ATMs, and payment channels such as credit/debit/prepaid cards. Adoption of new technologies is making financial institutions more vulnerable to security risks such as identity theft, phishing, card skimming, and cyber stalking. Rising online transactions are leading to an increase in card-related fraud attempts and insurance claim fraud. These factors drive the demand for two-factor biometrics in the BFSI sector.

Browse Related Reports:

Purchase these three reports for the price of one by becoming a Technavio subscriber. Subscribing to Technavio’s reports allows you to download any three reports per month for the price of one. Contact enquiry@technavio.com with your requirements and a link to our subscription platform.

About Technavio

Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.

Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.

If you are interested in more information, please contact our media team at media@technavio.com.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 630 333 9501
UK: +44 208 123 1770
www.technavio.com

Release Summary

Technavio analysts forecast the global two-factor biometrics market is expected to grow at a CAGR of almost 23% during the forecast period, according to their latest report.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 630 333 9501
UK: +44 208 123 1770
www.technavio.com