Owing to Increasing Terror Attacks and Need to Safeguard Critical Data Biometrics Technology Market to Reach US$23.3 billion by 2019

2024-12-26 05:04:44 News & Society

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Biometrics assists in authenticating a person?s identity based on unique biological characteristics. Particularly, conventional authentication methods such as personal identification cards, magnetic cards, keys, or passwords are susceptible to attacks and could be easily stolen. Biometrics technology recognizes a person on the basis of their face, fingerprints, signature, DNA, typing rhythms, iris pattern, etc., and imparts secure and convenient authentication. The flourishing prospects of internet-based commerce have led to a growing need for precise verification during accessing accounts. In these and several other applications, biometrics technology is the simplest and most convenient solution. These are the major factors that would support the growth of the global biometrics technology market till 2019.

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The global biometrics market is expanding at an outstanding CAGR of 20.8% between 2013 and 2019 and is predicted to reach US$23.3 billion by the end of the forecast period.

Non-AFIS Application Segment Led Global Biometrics Market in 2012

On the basis of application segments, the market for biometrics technology is segmented into iris, non-AFIS, hand geometry, voice, signature, AFIS, and others. In 2012, among all application segments, the non-AFIS segment governed the biometrics market. This was because of its user-friendly and cost-efficient nature. Adding to these benefits, non-AFIS systems are more convenient as well as flexible in comparison with other recognition systems and need lower maintenance.

Nonetheless, iris recognition systems have an immense untapped market as a developing technology with increased utilization majorly in access control areas as well as applications with high-end security. This is owing to their safe, contactless, and unobtrusive biometric identification systems, with the capacity to demonstrate extensive security by executing one-to-many identification. Iris identification systems are sturdy systems with smaller and adaptable structure, which can be easily integrated into a number of electronic systems.

Another factor propelling the iris biometrics market is their rising utilization for network and system access control in banking and financial services, and national ID programs. Hence, iris recognition systems are predicted to expand at a rapid rate in the near future.

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Transport/Visa/Logistics End Use Segment Held biggest Share in Demand

Biometrics systems are utilized across various industries, including defense services, government, banking and finance, healthcare, transport/visa/logistics, consumer electronics, home safety and security, and commercial safety and security, among others. Among these, in 2012, the end use segment of transport/visa/logistics represented the biggest market share. This was because of the rising need for the inspection of travelers? credentials for establishing their identity, which is an essential requirement in border security. The end-use segment of BFSI is predicted to expand at the highest growth rate in the coming future.

On the basis of geography, the global biometrics technology market has been segmented into regions such as Europe, North America, Asia Pacific, and RoW. The market for biometrics technology in Europe and North America is comparatively developed. Increasing security concerns because of growing incidence of crimes and terror attacks as well as increasing government projects such as e-passports, national identification programs, etc., are majorly accountable for the development of biometrics technology in Asia Pacific. A few of the countries that have adopted these programs are China, India, Indonesia, South Korea, and Israel.

The major players in the market for biometrics technology include Safran Morpho, 3M Cogent, BIO-Key International, DigitalPersona, and NEC Corporation.

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