The global biometrics technology market is progressing at a CAGR of 20.80% within a forecast period from 2013 to 2019.
Albany, NY -- (SBWIRE) -- 01/10/2018 -- Biometrics helps in verifying the identity of a person based on physiological or behavioral characteristics. Specifically, traditional authentication methods such as magnetic cards, personal identification cards, passwords or keys are vulnerable to attacks and can be easily stolen. Biometrics technology identifies an individual on the basis of their fingerprints, face, signature, DNA, iris, typing rhythms etc and provides convenient and secure authentication. With the thriving Internet-based commerce such as online banking and rising need for precise verification while accessing accounts, biometrics technology is considered to be the most convenient and simplest solution. Its permanent, measurable, universal and unique features ensure high level of information security and these are the key factors which would help to contribute to its growth by 2019.
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In 2012, among all application segments, the non-AFIS segment dominated the biometrics market. This was due to its cost effectiveness and user friendliness. Additionally, non-AFIS systems are more flexible and convenient as compared to other recognition systems and require low maintenance. However, iris recognition systems have an enormous untapped market as an emergent technology with increasing adoption mostly in the areas of access control and high-end security applications. This is due to their unobtrusive contactless and safe biometric identification, identification systems with the ability to offer extensive security by performing one-to-many identification and robust systems with flexible and smaller form factors that can be effortlessly integrated into a variety of electronic systems. In addition, another aspect contributing to the growth of iris biometrics is their increasing usage for system and network access control, national ID program and banking and financial services. Therefore, the iris recognition systems are expected to grow at a faster rate in the upcoming years.
Biometrics systems are used across several industries including government, defense services, banking and finance, consumer electronics, healthcare, home safety & security, commercial safety & security, transport/visa/logistics among others. Amongst all, transport/visa/logistics end use segment accounted for the largest market share in 2012. This was due to the increasing need for inspecting traveler's credentials in order to establish their identity which is a part of border security. The banking end use segment is expected to grow at the highest growth rate in the upcoming years.
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The biometrics technology market in North America and Europe is relatively developed. Rising security concerns due to the terror attacks and crimes and rising government projects such as national identification programs, e-passports etc. are primarily responsible for the growth of biometrics technology in Asia Pacific region. Some of the countries which have implemented such programs include India, China, Indonesia, Israel and South Korea among others.
The global biometrics technology market consists of many renowned players such as Safran Morpho, 3M Cogent, NEC Corporation, BIO-Key International and DigitalPersona among others. Amongst them, Safran Morpho and NEC Corporation accounted for utmost revenue stake of the total biometrics technology market. These companies aim to expand their customer base with the aid of strategic alliances, development of innovative products and capitalizing more in research and development activities. Such business strategies would help the companies to uphold a stable position in the global market.
Major Application Type Segments of Biometrics Technology Market
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Major End-User Segments of Biometrics Technology Market
Banking and Finance
Commercial Safety and Security
Transport/ Visa/ Logistics
Home Safety and Security
Others (hospitality, retail, gaming, and automobile)
Major Geographical Segmentation of Biometrics Technology Market
Rest of World (RoW)
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