Biometric Passport Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2018 - 2026
Albany, NY -- (SBWIRE) -- 05/16/2019 -- A biometric passport is well-found with improved security structures to verify the citizenship of tourists. For previous few years, many countries have announced a wide range of measures and electronic methods to avert passport scams to address the anxieties related to worldwide business and personal security. A biometric passport has complicatedly designed passport pages, a data chip and complex watermarks. This chip contains all critical information associated to the passport holder such as digital signature data, which helps in confirming the passport. The biometrics are measured more reliable and personal than a passport PIN or photo, as it uses personal characters such as eye maps, facial and fingerprints as primary credentials features. These biometric features were recognized by The International Civil Aviation Organization (ICAO) after examining multiple other biometrics including retinal scan.
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It can be used as a replacement for the user-name and password as a convenient log-in, or as a simple alternative to password re-sets. It can also be deployed for enhancing on boarding and KYC (Know Your Customer) methods. It has a tremendous benefit in improving a brand's user experience. Increase in innovation of advanced verification means to detect identity frauds, existence of advanced airport infrastructure facilitates, and growth in travelers to cross-border destinations drive the growth of the global biometric passport market. However, initial high cost of deployment and availability of cost-effective biometric passport are expected to impede the market growth. Increased adoption of biometric passport among developing economies and technological advancements are expected to present numerous opportunities for the market expansion.
The global biometric passport market is segmented on the basis of type, end use industry and geographical region. On the basis of type, the biometric passport market is segmented into facial recognition, fingerprint recognition, IRIS recognition and others. The biometric passport market for fingerprint recognition is predictable to grow at the highest CAGR during forecast period. On the basis of end use industry, the global market is segmented into BFSI, defense, healthcare, IT and telecommunication, government and public sector and others. By geographical region the global biometric passport market is split up into North America, Europe, Asia Pacific, Middle East & Africa and South America. North America is expected to have largest market share during estimated period and is expected to witness significant growth owing to the presence of large manufacturing of BFSI in this region. The region, along with Europe, is one of the developers in adopting new technologies, which is also one of the key factors for the high CAGR in this region.
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Acquisitions and Merger, new product introductions, investments, and corporations & developments are the key strategies adopted by market companies to ensure their growth in the biometric passport market. The key players he global biometric passport market is dominated by key players such as Aware, Inc, BIO-Key International, Inc, Cognitec Systems GmbH, Cross Match Technologies, Facebanx , Fujitsu Ltd, Fulcrum Biometrics, Daon, Inc, IDEMIA LLC, NEC corporation, Neurotechnology, NXP Semiconductor, Precise Biometrics AB, Secunet Security Networks AG, Thales SA Gemalto N.V., Mühlbauer Group, Entrust Datacard Corporation , HID Global Corporation, Infineon Technologies AG, Safran S.A. , Eastcompeace Technology Co., CardLogix Corporation, 4G Identity Solutions, ASK. are some major players in the biometric passport market.