Industry News

Gemalto Acquired 3M Identity Management Business for USD850 Million.

United States: Gemalto, one of the leader in digital security, entered an agreement to acquire 3M’s Identity management business for USD850 million.

3M’s Identity Management Business is comprised of 3M Cogent Inc, to deliver full spectrum of   biometric solutions to focus on civil identification, law enforcement and border control and is widely known to develop proven biometric algorithm (iris, finger, face etc.)

The acquisition of 3M Identity management will enable Gemalto to expand its business and offerings in the public sectors to manage check on enrolment, identification of individuals, flow of passenger, and border control to provide stringent national security and thereby inhibiting strong biometric authentication for the digital economy.

TechSci Research depicts that adaptation of biometric with the increased usage of online and mobile transaction coupled with multi-factor authentication and identification to validate physical ID document will pave way for biometric market in future as it provides security and protection of information from theft.

According to the recent report published by TechSci Research, “Global Biometrics Market By Type (Fingerprint Recognition, Facial Recognition, Hand/Palm Recognition, Iris Scanner, Voice Recognition, Vein Scanner & Others), By End Use Sector, By Region, Competition Forecast and Opportunities, 2011 – 2021” the global biometrics market is projected to cross US $ 24.8 billion by 2021. Fingerprint recognition biometric systems are the most preferred type of biometric systems used across the globe, owing to their ease of use, low cost, high speed and accurate results. However, in terms of growth, vein scanner biometrics systems segment is anticipated to outpace fingerprint recognition biometrics systems over the next five years.

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