Introduction of Beacon Technology in Real Estate Market Outlook: Ken Research

The latest technology evolution is the Internet of things (IoT). Inter of things is a network of physical devices, home appliances, vehicles and other devices embedded with electronics, software, sensors, actuators which enable these devices to connect and exchange data. Some of the most prominent devices are wearable devices, smart home appliances and connected cars. The recent development in the internet of things is the innovation of beacon technology. Beacons are simple devices that emit any URL the provider wishes to. When a person is within the range of a beacon, their app equipped phone will automatically pick up with Bluetooth signal and notify the customer that there is a beacon nearby. One of the major problems with real estate industry is the contact that needs to be established by the customer with the service provider. Real Estate Industry Research and Market Reports suggests that the people prefer to establish connect via email or message rather than a physical or phone contact. Using a Beacon, information about a home is transmitted to anyone nearby with a mobile device. Beacons aren't a sign with a phone number to call or an app requiring a user to send a text to receive information. The visitor doesn't have to initiate contact, the Beacon does that. The Real Estate Business Review reveals that the global real estate market is growing at an annual rate of 5.8% reaching nearly USD 4,235 Billion by 2022. On the other hand IT in real estate market is expected to grow at a CAGR of 12.3% during the period 2016-2021 reaching nearly USD 8.8 Billion and alongside, global beacon technology is currently estimated at USD 175 Million expected to grow at CAGR of 80% during the period of 2016-2024. Combining these two factors reveal huge untapped potential in this industry.

The advantages of beacon technology are innumerable with significantly less number of cons. The marketers are able to put proximity marketing to its best use as companies can decide on what information needs to be sent by saving up on costs of print proximate marketing. The beacons are themselves proactive and initiate contact with the buyer rather than requiring the customer to contact the firm. Thus, combining technology with convenience. It allows for automatic information dissemination to the prospective client even before the human interaction has begun. The beacon not only ensures customer attraction but also provides customer engagement. In order to save time and effort on part of all the parties involved, beacon technology even sends link to virtual videos to the potential buyer. It helps in tapping into instant opportunities as some buyers are keen on making a purchase or gathering pricing information as they tour the property. Analytics also form a major task in the real estate market. Beacon technology enables detection of features of a property that are viewed frequently by buyer thus, increasing the efficiency of push notifications. Footfall can be analyzed for a particular site which can assist in better marketing or scheduling.

Beacon technology is dominant in developed countries where top real estate companies like Makelaardij Hoekstra (Netherland), Redfin (US), Mobile Doorman (US), Spiceheart (UK), A Vendre, A louer (France) are making use of this technology. Using this innovative technology shall enable these companies to emerge as global leader in this sector.

The high growth rates in Both IT and Beacon technology industry combined with the huge market size of the real estate industry could prove to be a goldmine for investors and entrepreneurs. The future of this industry seems to be bright with real estate firms partnering with IT companies to deploy these beacon technologies. The focus however could still remain mostly to developed or fast paced developing nations and companies with huge financial resources.

Key Topics Covered in the Report

Real Estate Market Research Reports

Real Estate Industry Analysis

Market Research Reports for Real Estate

Real Estate Industry Research Report

Real Estate Market Research Reports Consulting

Real Estate Business Review

Real Estate Industry Research and Market Reports

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Future Scope Of Autonomous Car Market Outlook: Ken Research

According to the study “Autonomous Vehicles - Thematic Research” suggests that the pioneers of autonomous vehicles, Germany, USA and UK have passed various legislations. 33 States in USA currently allow the operation of autonomous cars on public roads. In UK, The government passed a bill to determine the liability and has also been working policies concerning insurance with respect to autonomous vehicles. A law was passed by the German parliament to test the autonomous cars on public roads. Various other countries have also identifies the inevitable future. With Volvo setting up its self driving car project in Sweden and Netherlands allowing autonomous car testing back in 2015.

A self-driving car or an autonomous car is a vehicle that uses a combination of sensors, cameras, radar and artificial intelligence (AI) to travel between destinations without a human operator.  For a car to be fully called as autonomous, a vehicle must be able to navigate without human intervention to a predetermined destination over roads that have not been adapted for its use due to frequent testing.

There are numerous technologies used in the autonomous vehicles. Onboard cameras and sensors collect vast amounts of data which are processed in real time enabling the vehicle to travel in the correct lane and operating safely. Artificial intelligence continuously improves vehicular performance aided by frequent software updates and new algorithms via the cloud. Software that automatically performs real-time calculations enables high-speed decision-making on the road. Satellite-based global positioning system tracks the vehicle’s location and guides it to its destination. Cloud based data processing and management tool that analyzes real-time data such as vehicle speed and surrounding car proximity signaling the need for actions like braking or lane-switching. Light Detection and Ranging (LIDAR) technology senses brake lights and changing road conditions. Radar that is an object detection system using radio waves determines the presence, distance, angle, and velocity of surrounding objects.

With a more complex and diversified mobility industry landscape, small players will be forced to compete on multiple fronts or would be forced to cooperate with competitors. New market entrants are expected to initially target only specific, economically attractive segments before potentially exploring further fields.

The market introduction of autonomous cars has witnessed that the primary challenges impeding faster market penetration are consumer understanding, pricing or safety and security concern. There are various technological hindrances involved with self driving industry and would likely be the reason of delay between conditionally autonomous cars which allow the driver to take control in certain situations and fully autonomous cars, which require no driver intervention. Industry veterans suggest that the role in achieve the reduction of this difference shall be majorly played by tech players and startups.

The major competition in this field can be seen from various companies all around the globe. The competition is intensifying as the technology is being developed further and innovations take place. Various technologies as well as car manufacturing companies are entering this attractive segment trying to gain the first mover advantage. Some major players in this industry are automobile manufacturing giants like General Motors, Daimler – Bosch, Ford and Renault to name a few. While on the other hand we have Tech giants namely Google and Apple trying to perfect this technology. This landscape has even witnessed collaboration between these two sectors when BMW partnered with Intel to work on their new automotive venture. One thing to be stated without a doubt is that the future of the automobile industry will definitely transform into autonomous automobile industry.

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The Future Of Ireland’s Power Industry Market Outlook: Ken Research

According to the study “Ireland Power Market Outlook To 2030 Update 2018” The Single Electricity Market is the wholesale electricity market for the island of Ireland whose goal is to provide for the least cost source of electricity generation to meet customer demand at any one time across the island, while also maximizing long-term sustainability and reliability. One main commercial change is that suppliers (which are basically companies that provide electricity to their residential and industrial customers) and wind generators can trade in the market. The second major change relates to the introduction of a day ahead market in which electricity generators, financial traders and suppliers can position their portfolios at the day ahead stage. The Irish power industry is changing constantly and 2018 has seen the beginning of a radical change for Ireland’s electricity system. Several recent developments have taken place and focus is on establishing new units of power production. The introduction of the Integrated Single Electricity Market (I-SEM) and the accompanying reforms will shift value, accelerate asset closures and create new opportunities.

The electricity market price, which generators and suppliers get matched, and cross-border electricity flows will be decided by a European-wide algorithm called EUPHEMIA. The aim of the algorithm is to maximize social welfare. One way in which it achieves this is by ensuring that electricity flows from low priced regions to higher priced regions until either the interconnection capacity is congested or until the prices in the regions match. Even natural gas is being procured and the recently established Corrib gas field is said to greatly enhance the country’s security of supply. It is expected to cater to a significant portion of Ireland’s gas needs at the peak of its production capacity, powering Irish homes and business. Renewable energy is also being promoted because despite Ireland having operations in diverse fields of the power sector, it is mainly a net importer in this respect with heavy dependence on Britain. Wind, bio-energy and solar energy all have immense potential and this had been realized by the country long ago as the Renewable Energy Directive of 2009 commits Ireland to meet a considerable amount of its energy demand from renewable energy sources by 2020.

The global Irish giant DCC has subsidiaries like DCC LPG and DCC Retail & Oil are key players with the former being prominent in Europe with a developing business in natural gas and the latter specializing in retailing of fuels and oil products along with their transportation. ESB is Ireland’s leading sustainable energy company comprising power generation, networks and supply. Tullow Oil is an independent oil and gas exploration and production company that has gone beyond Europe to monetizing oil in Africa and the Atlantic margins. Tedcastle Holdings is one of the largest fuel importers and distributors with a diverse range of businesses right across Ireland.

The Irish electricity and power market is fully liberalized in line with the European Union (EU) energy framework. The Department of Communications, Climate Action and Environment (DCCAE) has overall responsibility for development and implementation of energy policy in Ireland. The fundamental objectives of Irish energy policies are to ensure the security, sustainability and competitiveness of energy supply for the economy and society. These objectives have been set firmly in the context of the EU energy framework and the global energy and climate change landscape.

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Lifecycle Management Strategies in Pharmaceutical Market Outlook: Ken Research

Pharmaceutical lifecycle Management (LCM) went through business transformation in 2017; it is the process of managing the entire lifecycle of a product from its design, research, and manufacturing to service and disposal. LCM manages product related intellectual capital from the beginning of an idea till its withdrawal. Knowledge, skill and strategic planning in the process are prerequisite for improving patient satisfaction, maximizing sale, revenue growth and Cost and clinical benefits. LCM is the driving force of pharmaceutical industry. The biggest challenge of the industry is increased drug patient cliffs, development cost, and pricing pressure, stringent regulatory and declining R&D productivity. The driving team must be thorough with different approaches to deal with different timescale, geographical location, probability of success and common issues attached to it. Major threat to pharmaceutical sector is generic and biosimilar competition.

According to “Pharmaceutical Lifecycle Management Strategies in 2017” Life cycle management strategies play an important role in supporting such extensive and complex activities whereas in terms of new drug products Contract development and manufacturing organizations (CDMOs) is professionally expert in both development and commercialization which thereby reduce the risk associated to it. Traditional lifecycle management primarily focused on drug product from launch to expiration assuming that revenues are minimal post exclusivity period. In improvised LCM it was held that post patent protection drug sale account to 30% of that of small molecule drugs. Therefore now pharmaceutical manufacturers have holistic approach towards product lifecycle management starting from its discovery to post market exclusively. Strategies of 2017 focus on generic competition planning on development stage rather than when product is launched. It leads to lower cost and higher yields n the market. Modern LCM strategies consist of combinations of method and formulation to drive multiple expiration date as per different geographical location. Diverse delivery methods, manufacturing processes and logistic and marketing activities are part of it. Pharmaceutical lifecycle management strategies 2017 is highly systematic and effective that design optimal synthetic sequence beginning from developing initial process. Moreover testing and evaluating results into better quality, yield and processability.

All the users whether government, physician or patent they all look for demonstrated value that is evidence based medicine and have high expectation towards its benefits and rely on it meeting their medical needs. Demonstrated value is extremely easy to use and has reduced side effects. Integrated approach leads to discovery of new market and technologies due to its cross functioning LCM team consisting of marketing, R&D manufacturing and engineering representatives.

In developed countries such as Europe and America generic holds majority share of small molecule drug. Increase in income is leading to rise in disposable income e of the user thus people seek medical treatment often resulting fierce competition in the market. Leading drug manufacturers such as Eisai, Merck & Co, Johnson & Johnson, Takeda and AbbVie must be profitable to continue investing towards discovery of potential, cost- effective new drugs. Market leaders are committed to integrated LCM strategies in order to provide real benefits to patient along with maximizing revenues. CDMOs are like fuel to the fire sponsoring companies to successfully implement these strategies.

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Digital and Advanced Technology to Boost Global Aerospace and Defense Industry-Ken Research

Global aerospace and defense industry involves various establishments for developing aviation prototypes, manufacturing, assembling of complete aircrafts, aircraft parts, radars, weapons and ground vehicles for civilians, vehicles for military purpose, maintenance, repair, overhauling services to the aircrafts and other after sales services. The demand for aerospace and defense equipment has increased drastically with the advent of advanced technology and notably developing economies around the globe. Defense spending has increased in few countries, but the developed economies are neglecting their military budgets due to budget constraints and other rising factors.

According to the study “Aerospace & Defense Global Industry Almanac 2017-2021”, aerospace and defense industry around the globe is the leading producers of carbon dioxide emissions. CO2 reducing measures and energy savings methods are implemented in the aerospace and defense equipment manufacturing industry due to the rising challenges of global warming and climate changes. These regulations are to control and manage greenhouse gas emissions which have adverse environmental effects. Few initiatives are implemented to substantially reduce fuel consumptions during flight, landing, and taxiing of aircraft. Majority of the manufacturers of the aerospace and defense equipment are employing lightweight materials with high mechanical and multifunctional properties in the design and are making significant investments in adopting nanotechnology. The introduction of nanocomposites in the manufacturing of aerospace and defense equipment is driving the global aerospace and defense industry.

The major markets in the global aerospace and defense industry are aircrafts, aircraft components, repair services, radars weapons, guided missile, space vehicle and military ground vehicles. The leading players in global aerospace and defense industry are The Boeing Company, Airbus Group, Lockheed Martin Corporation, United Technologies Corp., General Electric Company, BAE Systems PLC, Raytheon Company, Northrop Grumman Corporation, General Dynamics Corporation and Thales Group. Geographically, the global aerospace and defense industry is spread across Asia Pacific, North America, Western Europe, Eastern Europe, South America, Middle East and Africa. Globally, North America accounts for a largest share in the aerospace and defense market due to strong air travel market and presence of major aircraft manufacturers, aircraft components manufacturers. It was observed that North America also dominates the global radars and weapons market in terms of expenditure as well as technological advances. Asia Pacific is the second largest consumer in the aerospace and defense industry followed by South America.

Global aerospace and defense industry is considered as the major revenue generating sector. The capital expenditure on the military aircraft, military vehicles, naval vessels, systems and ordnance, and other defense segments is very huge on a worldwide basis.  Majority of the nations are investing heavily on research and development (R&D), procurement, other military equipment and maintenance of weaponry, such as equipment, parts, and maintenance. Global aerospace and defense industry utilizes 3D printing technology to produce parts for aircrafts and aircraft engines. It is a digital design application that is simpler and offers more design features than conventional parts. Advanced technology in digital design enables manufacturers to create high performance aircraft engines and components. GE Aviation, Airbus and Boeing introduced 3D printed parts in its aircraft engines and printed titanium parts in the construction to save maximum construction costs.

It was estimated that the aerospace and defense sector will adopt data-driven manufacturing plants such as 3D printing, nanotechnology, augmented reality, drilling, robotics, and computer-aided technology that will contribute to the growth of global aerospace and defense industry over the next few years.

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Solar-Powered Uav’s To Encourage Global Military Uav Market : Ken Research

According to the study “Global Military UAV Market 2018-2028”, advanced technology is implemented in manufacture of military UAV’s for various combat missions that are too challenging for a manned aircraft. The introduction of microelectronics components in UAV’s is an added advantage and vendors offer modern tactical UAVs that are smaller and lighter which drives the growth in military UAV market. Miniaturized UAVs are adopted in surveillance applications and manufacturers are focussed on developing cost-efficient equipment which enhances the operational capability of small UAVs. With the advent of advanced technology in materials science, composite-based materials are used in the manufacture of lightweight UAV. It was estimated that UAVs will soon replace combat planes and helicopters in the military sector.

Unmanned Aerial Vehicles are known as UAV which are battery powered aerial vehicles or drones operated without the presence of pilot. UAV is used in military intelligence, commercial, recreational, scientific, surveillance, and agricultural applications. UAVs assist in the rapid deployment of troops and high mobility military operations in battlefields. The adoption of UAV’s has increased drastically that has led to the development of low-cost alternatives. Unmanned combat aerial vehicle (UCAV) is one such development that is used to fire small bombs that are significantly less expensive than the large air-to-surface missiles. Small bombs are more flexible and allow commanders to use them on soft targets like hostile ground troops or unarmored military trucks. Therefore, UCAVs are used extensively by the military agencies and missiles suppliers are investing in small bombs that are more effective during a combat. Alternative energy-powered UAVs are the latest equipment used globally. Manufactures are experimenting with alternative fuel cell technologies to reduce the dependence on fossils fuels.

The global unmanned aerial vehicle (UAV) market is geographically spread across Americas, APAC, and EMEA. The leading players in the global unmanned aerial vehicle (UAV) market are Israel Aerospace Industries, EMT Ingenieurgesellschaft, AAI Corporation, BlueBird Aero Systems, Singapore Technologies Aerospace, Airbus, Boeing, General Atomics Aeronautical Systems Inc., AeroVironment, Aeronautics Ltd., Elbit Systems Ltd., Northrop Grumman Corporation, Dassault Aviation SA., Sunbirds, Denel Dynamics, Korea Aerospace Industries, BAE Systems and Saab. Global UAV market is highly competitive due to many prominent players. The entry of new players is restricted in the military UAV market due to uncompromising safety and regulatory policies and requirements.

Sunbirds is one of the global leading manufacturer of UAV’s and has launched a solar-powered UAV that is embedded with a primary sensor or camera with thermal imaging property which is useful in military. Solar powered UAVs are adopted by militaries, defense agencies, paramilitary forces, and other national security agencies for intelligence, surveillance, and reconnaissance (ISR) missions because they can perform activities beyond the scope of human ability. Global military sector industry accounts for a large quantity of CO₂ emissions during military operations that have led to the development of innovative solar energy-based UAVs. The concern over depletion of fossil fuels is directly related to climate change which is driving the need for solar energy in various applications.

The need for round-the-clock vigilant surveillance to detect incoming threats is driving the global military UAV’s market. New-age solar-powered UAVs are used to fight insurgencies and to provide ISR assistance. Globally, Americas is the major revenue contributor in the military UAV market due to the increased need for surveillance and security operations. This trend has resulted in the deployment of long-endurance UAVs within all military forces. As per the global statistics, Americas account for a major share in the solar-powered unmanned aerial vehicle market over the next few years. Lightweight UAV’s consume less power compared to the existing UAV avionics systems. The introduction of lightweight UAV’s is to minimize the financial wastage involved during any destruction of the drones in large numbers on various missions.

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Industrialization And Globalization To Drive The Global Commercial Aircraft Market : Ken Research

According to the study “The Global Commercial Aircraft Market 2018-2028”, the global commercial aircraft market is categorized based on type of engine such as turbofan and turboprop. On the basis of commercial aircraft components such as airframe, engine, systems, avionics, interior, and landing gear. The various types of aircrafts available in the global market are large widebody, medium widebody, small widebody, narrow body, regional jets, and business jets.Global commercial aircraft market consists of five categories such as single-aisle aircraft, twin-aisle aircraft, regional jets, cargo aircraft, and business jets. Single-aisle aircrafts segment will witness a drastic growth over the next few years, followed by twin-aisle and regional jets segments.

Commercial aircrafts are used in the transportation sector to ferry millions of passengers from one corner of the globe to the other or used in transporting huge volumes of cargo. Commercial aviation market has boomed after the Second World War with the use of modified ex-military aircrafts to transport cargo or passengers. Narrow body commercial aircrafts are spacious enough to ferry more number of passengers compared to the wide body aircrafts. The global commercial aircraft market is driven by the increasing demand for single-aisle, narrow-body aircraft and expanding projects in the commercial aircraft sector. Industrialization in the emerging economies is likely to drive the growth in global commercial aircraft market due to a huge demand for low-cost airlines. Globally, jets account for a moderate revenue share in the commercial aircraft market.

Geographically, the global commercial aircraft market is spread across Europe, North America, Asia Pacific, and Rest of the World. The leading players in the global commercial aircraft market report are The Boeing Co., Airbus SE, Embraer SA, Bombardier, Textron, Dassault Aviation, General Dynamics Corporation, Piaggio Aero Industries, Pilatus Aircraft Ltd., Avions de Transport, Embraer, Commercial Aircraft Corporation of China Ltd. (COMAC), GE Aviation (General Electric Corporation), Rolls-Royce Holdings Plc., and Pratt and Whitney (United Technologies Corporation).

Asia-Pacific and North America hold the greatest potential in the commercial aircraft market due to well-developed air infrastructure, minimal rail connectivity and a vast landscape. These factors compel the travellers to fly when they need to travel from coast to coast. The growing investments in aircraft infrastructure, initiatives to connect more number of secondary cities across all the countries, increase in air traffic, demand for low cost carriers and increase in passengers in emerging countries are the major factors driving the global commercial aircraft market. Commercial aircraft market is focussing to enhance operational efficiency by reducing fuel consumption which is encouraging more investments worldwide.

Global commercial aircraft market is expected to show a beneficial growth over the next few years due to need for availing the fastest mode of transportation, impact of globalization that leads to increased business trips, and the rapid rate of urbanization. Therefore, global commercial aircraft market will witness a steady growth over the next few years.

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Existing and Emerging Trends in Payment Industry, New Zealand: Ken Research

Transactions made in New Zealand using electronic modes are responsible for roughly two thirds of the revenue in the core industries. This share in revenue has been growing in the past years as compared to other payment modes primarily cash. While New Zealand Dollar remains the most prominent payment retail currency, New Zealand has one of the lowest cash to GDP ratio in the world. Electronic payments provides a number key benefits this including reduced risk of fraud, greater accountability, better tax revenue and convenience.

According to the study, ‘Payment Landscape in New Zealand: Opportunities and Risk to 2021’, there are number of payment mechanisms in New Zealand namely credit cards, contactless scheme cards, proprietary EFTPOS system and swiped/inserted. Most adults in the New Zealand’s economy possess cards and it is used more frequently thus resulting in the highest share in revenue by volume. Although cards has the largest share in the market however, according to Ministry of business innovation and employment huge additional cost associated with credit cards are to be borne by the economy due to usage of credit card in place of lower cost EFTPOS network. Positive market dynamics are emerging apart from New Zealand’s proprietary EFPOT system with contactless and online scheme debit card causing this payment gain momentum as compared to other payment modes. The growth of scheme debit products provides many benefits such as additional security and the ability to make contactless and online transactions in contrast to proprietary EFTPOS which has suffered from a sustained lack of investment. Nevertheless, such benefits come with additional cost, as schemes have introduced interchange fees on contactless (and online) debit transactions, in contrast to proprietary EFTPOS, which does not attract such fees.

Car payments in the New Zealand are of primarily 3 types. Proprietary EFTPOS which are swiped, scheme debit which are swiped, inserted or contactless and open or closed credit cards which are also swiped, inserted or contactless.

Proprietary EFTPOS is the traditional form of debit payment card used in New Zealand.  In contrast to other countries such as Australia and Canada – EFTPOS as a technology in New Zealand remains fundamentally unchanged from when it was introduced in the 1980s. Proprietary EFTPOS transactions are processed via a ‘switch to issuer’ model. The first standard scheme debit card (named as such to distinguish it from contactless scheme debit – see below) was introduced to New Zealand in 2006. The cards are issued by a consumer’s bank using the technology and standards set by a card scheme – at present, either Visa or MasterCard. In addition to a magnetic strip, scheme debit cards also contain a chip that is inserted into a terminal, which provides greater security. Open credit card schemes provide functionality similar to that of debit cards, with the difference that they involve credit- rather than debit-based transactions. It is the banks rather than card schemes that provide consumers with credit.

Ecommerce payments have expended in the recent times and although use traditional cards and cash on delivery but also accept newer improved modes of payments. Ecommerce payments are led by POLi which is a real time bank transfer service that allows customers with New Zealand bank accounts to make purchases without the possession of a physical credit card. Payment Express Acccount2Account offers a similar service to POLipay as an alternative to accepting credit cards online.

The emerging payment modes that are gaining traction in New Zealand are Apple Pay, Android Pay, goMoney wallet, ASB virtual, Paytag, PayPal, Visa checkout and master pass. Some of these payment mechanisms rely on existing payment rails and some which do not, involving ‘direct entry’ to a consumer’s bank account, otherwise known as a bank-to-bank transfer. Ewallets has also grained some market share especially in the Ecommerce segment owing to the convenience factor.

Digital payment systems are subject to relatively lower regulation in terms of oversight by regulatory authorities but still Reserve Bank of New Zealand, Payment New Zealand, and Commerce Commission has framed some rules and regulations.

Card payments in the New Zealand payment market have the largest share. New Zealand can witness an upsurge in other payment mechanisms like direct bank to bank transfer or wallets due to the disadvantages in terms of cost, convenience, safety associated with traditional cards.

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Integration of Biometrics in Remittance Industry Market Outlook: Ken Research

Traditionally biometrics has been used for identification in government and law enforcement agencies. Biometrics is considered highly efficient and reliable due to the uniqueness this technology possesses. We can witness a simultaneous increase in both remittance and biometric industry and simultaneously their integration into one single technology has been phenomenal especially with the development of biometrics within smart cards and mobile devices that provide a more secure and convenient method of transferring monetary resources unlike orthodox means of PIN verification. There have been various forms of cross over’s between the remittance market and biometric industry. Some of the forms are fingerprint scanning, retina scanning, and facial recognition among the many with fingerprint scanning currently leading the market segment. Many companies are also investing in the voice recognition technology that could further expand the scope of this industry. Remittance Industry Analysis suggests that global biometric mobile remittance transfers shall hit 1 trillion transactions by 2022 and grow to roughly USD 51.6 Billion in revenue terms with approximately 5.5 Billion devices in use.

The impact can be witnessed in the benefits that biometric technology offers in remittance market. Biometric transaction makes the payment more secure since no two people have the same fingerprint, voice or facial features. This feature of enhanced security can motivate people to use digital remittance transfer rather than physical transfer of money. Apart from security, the customers look for convenience associated with a particular transfer mode. In biometric technology there is no need to remember complex passwords or PINs, users require tapping their finger, smiling at the camera or saying a few words that automatically authorize the payment. Biometric technology in remittance industry also saves on time and money. Remittance Market Research Reports reveals that the biometric technology is easy to use, difficult to forge and cost effective since it reduces password administration costs or increases ROI in areas like fraud prevention or time and attendance.  There are various factors driving the growth of this industry. Massive capital behind FinTechs is causing innovation in areas especially authentication and security. Increasing demand by customers for newer better payment modes like mobiles, wearable’s, contactless devices has cultivated the need for integration of biometrics with these devices to make the process much more efficient.

ICICI bank, one of India’s largest private banks has launched voice based international remittance on its Money2India application. The bank has been able to integrate Apple’s voice assistance Siri with its payment mechanism allowing users to authenticate payments via voice recognition. Mobilis Networks Limited (New Zealand) had launched finger print authentication for international money transfer via mobile phones. Azimo is an online remittance transfer

Setup based in London which features biometric verification and in app chatbots to allow quick and easy transfer of money.

There are numerous companies working in this domain combining the growth potential of both biometric and remittance industry. Digital biometric remittances can help people everywhere make their lives easier by allowing them to do what they want with their money, more securely, efficiently and affordably. The growth of overall industry will only increase with even governments pushing payment mechanism to digital modes with special emphasis on biometrics in order to improve both convenience and accountability.

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