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.