Allied Market Research recently published a report on the biometric technology market. It is an in-depth study on the basis of market type, end user and geography for the period of 2015-2022.
Portland, OR -- (SBWIRE) -- 09/15/2017 -- The report covers aspects of market scope, the key findings, value chain analysis, Porter's Five Forces analysis, market share analysis, drivers, opportunities, and restraints. As mentioned in the report, the biometric technology market will garner $10.72 billion by 2022, registering a CAGR of 19.4% during the period 2015-2022.
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On the basis of geography, the global biometric technology market is classified into North America, Europe, Asia-Pacific, and LAMEA. The study reveals that North America led the market towards a prolific growth in 2015, generating the highest revenue. The key growth drivers in the region include factors such as increasing adoption of advanced security and authentic solutions and service in the government and commercial sector. It is expected that the region will continue to exhibit its dominance throughout the forecast period on account of increasing need for multilevel biometric solutions and services in various end-user verticals. The largest market after North America is Europe in terms of revenue generation, followed by Asia-Pacific. Asia-Pacific is projected to expand at the highest CAGR of around 22% during the forecast period.
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The report further reveals that the main factors that are accelerating the growth of the biometric technology market worldwide include growing applications of biometric solutions in the commercial & government sectors, increasing security & privacy concerns, evolving technology, rising standard of living and budding developments in emerging markets. However, the factors that are hindering the growth of the market include high initial investments and a high cost of biometric devices, technological limitations, and others and fear of privacy intrusion.
The report throws light on the segments that are contributing to the biometric technology market share. In 2015, the physiological biometric segment dominated the market with around 81% market share. The factors responsible for its dominance are increasing adoption of fingerprint recognition and face recognition biometric solutions across various end-user verticals. Furthermore, it is estimated that the iris recognition segment will grow at the highest CAGR of around 22% on account of increasing applications of iris recognition biometric solutions at vehicle checkpoints, airport security, and for employee identification. The banking and financial sector led the market, followed by the public sector, together accounting for approximately 60% of the market revenue in 2015.
Key Findings of Biometric Technology Market:
- The vital growth drivers for the biometric technology market are increasing severity & privacy concerns, continuous technological advancements, and growing applications of biometric solutions.
- In 2015, fingerprint recognition segment led the biometric technology market. Nonetheless, the iris segment is expected to grow at the highest CAGR.
- While North America dominated the market in 2015, Asia-Pacific is expected to register the fastest growth.
The report provides an outlook on the competitive scenario of the biometric technology market. The study also covers a comprehensive analysis of key growth strategies adopted by important players. The important players operating in the market include 3M Company (Cogent Systems, Inc.), Fujitsu Frontech Limited, ImageWare Systems, Inc., Suprema, Inc., Safran S.A., secunet Security Networks AG, Thales S.A., BIO-key International, Inc., NEC Corporation, and Precise Biometrics.