The global market for biometrics technologies in the banking, financial services and insurance (BFSI) sector will rise significantly in the coming years, with an expected compound annual growth rate (CAGR) of nearly 20% from 2016 to 2020, according to market research firm Technavio Research.

The BFSI sector is increasingly focusing on providing the highest level of security to customers by reducing identity duplication, the report said.

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