Auto ID and Security in Financial Services: A Global Multi-Client Research Initiative
San Jose, California (PRWEB) October 11, 2013
Follow us on LinkedIn – GIA invites senior industry executives, domain experts, technologists and market strategists to participate in a comprehensive global research initiative studying the market for “Auto ID and Security in Financial Services”. The study will examine key drivers and trends impacting the market such as rising incidence of financial crimes against a backdrop of taut economic conditions in most countries worldwide; stricter enforcement of anti-money laundering legislations; increased regulatory and compliance pressure on banks and financial institutions; robust growth in e-commerce and m-commerce and resulting escalation in security issues; growing number of electronic funds transfer at point of sale (EFTPOS) transactions, and increased investments in biometric technologies and smart cards to secure operations.
Auto-ID technologies, defined as automatic identification without human intervention, have played instrumental roles in revolutionizing the concept of cashless transactions. Technologies such as, magnetic stripe cards, readers, smart cards and optical memory cards, have resulted in the explosion of financial transaction cards (FTC) such as debit cards and credit cards. The continuously rising number of online Business-to-Consumer (B2C), Business-to-Business (B2B), and Business-to-Government (B2G) transactions is resulting in higher value of e-commerce transactions thus benefiting the market for auto-ID and security solutions. Growth in the market is also driven by the growing need for companies in the BFSI (Banking, Financial Services and Insurance) sector to adopt advanced authentication and verification technologies in order to comply with stringent government regulations.
The growing need for faster access to financial services is emerging as a key factor driving growth of next-generation auto-ID technologies. Emerging over the horizon is the use of biometrics in ensuring the safety and security of financial transactions. Defined as automatic identification and verification based on physiological traits, biometrics is increasingly being used in banking and finance. Know-Your-Customer (KYC) requirements legislated as part of anti-money laundering regulations worldwide is additionally pushing up the need for financial institutions to track and monitor borrowers. Biometric ATM cards, Biometric ATMs, and biometric signature verification on credit cards for verification of electronic signatures for authenticating online payments, are all expected to gain in popularity in the coming years. Biometric ATMs that epitomize non-card and non-PIN based verification, especially will witness strong adoption in rural areas in developing countries. Driven by the need to expand the reach of financial services in rural areas and strengthen flow of funds between rural and urban areas, government efforts in these countries to bring uneducated masses into the banking community will additionally drive gains in this space.
The study estimates Auto ID and Security in Financial Services to be a multi-million dollar market worldwide, while more precise market-size and growth projections will be made available during the 2nd stage of report preparation, and data analysis.
The research and analyses will be released shortly in the form of a comprehensive research report. The report by design, will attempt to provide exhaustive analysis, data, trends, market share, market size, statistics, forecasts and competitive intelligence. The report is modeled to offer precise and unbiased, actionable market insights including in-depth segmentation of market sub-sectors, demand estimates and projections and analysis of trends in each of the sectors, identification of leading players, and the competitive structure, among others.
Developed for Manufacturers/Vendors, Strategic Planners, Business Development Executives, Management Consultants, Investment Bankers, Consulting Firms, Marketing & Sales Executives, C-Level Decision Makers, Market Strategists and Technology Domain Experts, the report helps identify the biggest opportunities in this space and offers accurate latent demand forecasting that empowers quantitative decision making among existing market players and new entrants.
For more details about how you can participate, please click here
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Global Industry Analysts, Inc., (GIA) is a leading publisher of off-the-shelf market research. Founded in 1987, the company currently employs over 800 people worldwide. Annually, GIA publishes more than 1300 full-scale research reports and analyzes 40,000+ market and technology trends while monitoring more than 126,000 Companies worldwide. Serving over 9500 clients in 27 countries, GIA is recognized today, as one of the world's largest and reputed market research firms.
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