Industry News

Precise Biometric Acquired NexID Biometric

Sweden: Precise Biometric, one of the leading company in fingerprint software, recently acquired the asset of NexID biometric, a specialist in spoof mitigation and liveness detection solution for biometric authentication industry. NexID biometric is widely known to develop and licenses liveness detection software to provide secure fingerprint authentication which significantly lowers the risk for fraud.

Precise Biometric acquired NexID in USD3.76 million in cash to strengthen its position in fingerprint software solutions market. The acquisition of NexID will complement Precise Biometrics’ fingerprint algorithm software resulting in increased security of customer information with advanced liveness detection solutions.

Precise Biometric will soon introduced this technology in mobiles and other embedded devices. The combination of resources and technology will provide greater convenience and security for consumer who make mobile payments with their smartphone

TechSci Research depicts that recent acquisition by Precise Biometric will pave way for increased security to its fingerprint authentication solutions. Biometric technology is also gaining traction in mobile devices and online payment system to lower the risk of fraud while making online payment.

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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