Albany, NY -- (SBWIRE) -- 10/13/2015 -- Market Research Reports Search Engine (MRRSE) announces the addition of a new report, titled "Biometrics Technology (Face, Hand geometry, Voice, Signature, Iris, AFIS, Non-AFIS and Others) Market - Global Industry Analysis Size Share Growth Trends and Forecast 2013 – 2019", to its repository. The report studies the evolution of biometrics technology since its advent in the mid-20th century to its recent state and states the growth prospects for the technology in the near future. It also presents insights into the growth drivers and potential restraints impacting the growth trajectory of the global biometrics technology market.

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According to the report, the global market for biometrics technology is anticipated to reach US$23.3 billion by 2019. Authors of the report estimate the market to exhibit a whopping 20.8% CAGR between 2013 and 2019. Rising terror attacks and mounting theft of valuable data and resources worldwide have augmented the use of biometric technologies across government institutions, public organizations, and private companies. Currently, North America dominates the global biometrics technology market, trailed by Europe. These two developed regions collectively account for 57.7% of the total revenue generated in the market during the report's forecast period. However, findings of the report have revealed that emerging economies located across Asia Pacific and Rest of the World will register the fastest growth in terms of demand for biometrics technology. The report forecasts that this hierarchy will continue over the forecast period.

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In the last few years, the use of biometrics technology has visibly increased and today it has been deployed extensively in developed nations. As many as 1.2 billion people across developing nations have also received their biometrics identification. It has emerged as one of the most preferred security systems of modern times owing to the high level of security it provides against terror attacks or crimes. The technology primarily scans the unique physiological traits of an individual for identification. Biometrics is often touted as 'failsafe', since traits such as iris patterns or fingerprints cannot be duplicated. Whilst traditional means of identification such as passwords are vulnerable to cyber theft and have high probability of getting lost or forgotten, biometric systems ensure utmost protection of data, which explains its increased application across national identity programs, border control programs, and e-passports.

Among the key applications of biometrics technology, the market was dominated by the non-AFIS segment due to its ease of use and cost benefits. However, the segment of iris application showcases massive growth potential as an emerging technology in the field of high-end access control and security. Increasing use of iris biometrics technology systems in banking services, national ID drives, and access control networks will further augment their demand during the forecast period. On the flip side, the biometrics technology market may have to witness certain restraints to growth owing to its high cost.

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