Industry Insights
The global Biometrics Technology Market size is expected to reach USD 59.31 billion by 2025, with a CAGR of 19.5% during the forecast period. This technology has its applications in public, commercial and private sectors. Biometrics is related to human characteristics which identify fingerprint, palm veins, face recognition, hand geometry, retina for its authorization. To avoid security breaches, this technology is applied in various sectors and it provides high degree of security and accuracy.
To avoid security breaches, this technology is applied in various sectors and it provides high degree of security and accuracy.
The security concerns are anticipated to drive the market demand over the forecast period. Biometrics technology is accessed in the computer industry for identification and access control. To protect the most important data, old techniques are not robust enough as a result of which this technology is being used widely. It has applications in government offices, border control, airports, financial institutions, healthcare industry and law on account of which the demand is expected to increase rapidly.
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Application Insights
The biometrics technology finds usage in applications such as face recognition, hand geometry, signatures, automated fingerprint identification systems (AFIS), voice recognition, iris, and non-AFIS. Hand recognition is very widely used a form of application in biometrics technology.
Palm veins and print are contactless applications which are expected to grow over forecast period owing to the security concerns. AFIS finds application in conducting background checks of the workforce of an organization. These all will be used for civil applications.
Iris application is majorly used in government programs. It also used in ATM facilities and financial institutions. These applications will see growth over the forecast period.
End-Use Insights:
The demand in the government sector is expected to grow rapidly over the forecast period to prevent issues such as illegal immigration and identity theft. The commercial sector is anticipated to experience increased demand on account of growing application in defense and security end-use.
For recent implementations in mobile and online payments, it is protected by biometrics over its security concerns. This technology also has end-use in consumer electronics, healthcare, security, and defense.
Regional Insights:
Biometrics technology is majorly used around the world to counter the threats posed by terrorists worldwide. North America is expected to be the major market where U.S. is the most dominant country and will grow rapidly over the forecast period. Asia Pacific is expected to be the fastest growing market owing to the significant demand in China and India over the forecast period. Initiatives such as UIDAI in India which use face, fingerprint and iris biometrics are expected to augment demand over the forecast period.
Competitive Insights:
The industry participants in the market comprise of companies such as Precise Biometrics AB, NEC Corporation, 3M Cogent, Fujitsu Limited, FaceFirst, Nuance Communications, and Hitachi. 3M Cognet has recently introduced a wide range of palm print and fingerprint identification products with innovative features.
The market is characterized by high merger and acquisition activity. 3M Cogent has entered into partnerships with companies such as Siemens, BlackBerry, Accenture, Sun Microsystems, and Lockheed Martin for the application of bluetooth-enabled portable fingerprint scanner, which is highly preferred mobile biometric industry.
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