Biometric Market Will Be Worth $23.54 Billion by 2020 at an Estimated CAGR of 17.6%

[352 Pages Report] Next Generation Biometric Market categorizes global market by Technology, Function & Application.


Dallas, TX -- (SBWIRE) -- 09/02/2014 -- The leading companies in the biometric market covered in the report are 3M (U.S.), Cross Match Technologies (U.S.), Facebanx (U.K.), Fingerprint Cards AB (Sweden), Fujitsu Ltd (Japan), Fulcrum Biometrics (U.S.), NEC Corporation (Japan), RCG Holdings LTD. (Hong Kong), Saffran SA (France), Siemens Ag (Germany), Suprema Inc. (South Korea), Thales Group SA (France), Validsoft (U.K.).

Biometric technology is the verification of humans by their characteristics such as face, fingerprint, voice, iris, palm, signature, vein, and DNA. DNA and vein recognition are the latest and most advanced types of biometric authentication. Fingerprint, face, and iris recognition are commonly used in almost all the application areas. The demand for biometric technologies has increased manifolds in the recent years. The basic reason behind this is the rise in the number of terrorist activities, coupled with multiplicity of theft on the part of crucial data and information which have raised concerns regarding the national security. Today, biometric technologies are used in several verticals such as consumer electronics, government organizations, airports, corporations, and so on, where security remains the prime concern.

Biometric technology market can be categorized into different applications such as government, travel and immigration, banking and finance, consumer electronics, home security, commercial security, and healthcare. The most common application areas in the field of biometric technology are government, banking, finance, travel and immigration, and defense.

Biometrics provides a high degree of security and convenience which ensures confidentiality of personal information. This is superior to traditional passwords/PINs as these are easily guessed, forgotten, or copied; tokens can be stolen or misplaced. Biometric technology helps in preventing theft as the information is stored in the form of a digital record in the database which makes it highly impossible to reconstruct, decrypt, or manipulate. Biometric uses biological characteristics or features which are inseparable from a person, thus, reducing the threat of loss or theft.

This report describes the various types of biometric technology such as face, fingerprint, iris, voice, signature, vein, and DNA recognition that are being used for different applications. Out of all the above types, face, fingerprint, and iris recognition are commonly used in most of the applications. Fingerprint recognition is the oldest type of biometric authentication and can be seen at banks, ATMs, and various government offices.

Scope of the report

This research report categorizes the global biometric technology based on types and applications market; it also covers the forecasted revenue from 2014 to 2020 and future applications of the biometric technology. This report also shows the various activities that are being conducted by different institutes and universities. It describes the deployments of the biometric technology in various regions. The report describes the applications mapping the biometric technology market with respect to the growth potential and adoption by the users.

On the basis of types

The global biometric technology market is categorized into various types such as face, fingerprint, iris/retina, voice, vein, signature, palm-print, and DNA recognition. This report also describes keystroke and GAIT recognition.

The report also throws light on the various application areas of biometric technology such as government, banking and finance, travel and immigration, defense, consumer electronics, home security, commercial security, and healthcare. Biometric technology is slowly spreading across all the industries wherever security is of the prime concern. Biometric technology is largely deployed in the application areas such as government, travel and immigration, banking and finance, and defense. The government applications cover voting, personal ID, license, building access, and so on, whereas, travel and immigration use biometric authentication for border access control, immigration, detection of explosives at the airports, and so on. Banking and finance sector use biometric authentication for account access, ATM security, and so on.

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