Biometrics System Market Rugged Expansion Foreseen by 2020
The global biometrics market was value at US$ 6,357.7 Mn in 2012, and is expected to witness double-digit growth rate by 2019.
Valley Cottage, NY -- (SBWire) -- 05/30/2018 --Growing concerns of security, and threat of life has developed a need for safe and secure environment. The safety concerns has industrialized a biometrics safety system. Keeping safety on the top, biometrics systems are used across several industries such as banking, hospitality, defense, government, healthcare, consumer electronics, home safe and safety, transport, and commercial safety and security. Before introducing the biometrics system in the practice, tradition methods such as personal identification cards, passwords or keys, and magnetic cards were used for verifying the identity of a person, which can be easily theft or stolen. Whereas, biometrics system identifies a person on the basis of individual's face, fingerprints, signature, iris, DNA, and typing rhythms. Therefore, the biometrics system is considered to be the most convenient solution. These unique features such as easy to measure, permanent, easy to use, and secured information system will drive the demand for biometrics system. The global biometrics market was value at US$ 6,357.7 Mn in 2012, and is expected to witness double-digit growth rate by 2019.
The global biometrics system market is driven by factors such as security concerns due to increasing crimes and terror attacks, unique and simple features of biometrics system. On the other hand, unreliability and high cost involvement for the biometrics technologies implementation will decelerate the growth of the global biometrics system market in the near future. However, development of multimodal biometrics solution will further enhance the biometrics system market in the next five years.
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Moreover, the growing concerns of safety, and need for secured solution systems has developed ample of technology innovations in the application segment that include hand geometry, face, iris, Voice, AFIS, signature, non-AFIS, and others (DNA and rhythms), Among all the aforementioned application segments, the non-AFIS segment dominated the biometrics system market in 2012 due to its cost effectiveness and user-friendliness feature. After non-AFIS, iris system is expected to contribute to the growth of biometrics system market over the next five years. This growth is attributed to increasing adoption in the high-end security applications and modest contactless and safe biometrics application.
Among all the aforementioned end-use segments, the transport/visa/logistics segment witnessed as the largest market share in 2012, and is expected to display a significant growth in the biometrics system market in the near future. Furthermore, the banking segment is also anticipated to exhibit a momentous growth rate in the next few years.
The global biometrics system market covers region such as Europe, North America, Asia Pacific, and RoW. The North America region dominated the global biometrics system market in 2014, followed by Europe. Asia Pacific has also contributed to the growth of the global biometrics system market in 2012, and is expected to witness a substantial growth rate in the near future. This is attributed to rising concerns of safety and security and rising government projects that include e-passport, National identification Programme. Implementation of programme in the few countries such as China, India, Israel, Indonesia, and South Korea.
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According to the market research, key participants considered in the global biometrics systems market are NEC Corporation, 3M Cogent, Safran Morpho, DigitalPersona, and BIO-Key International. NEC Corporation and Safran Morpho accounted for the highest revenue share in 2012. Keeping competition on the top, key companies main focus is on expanding their customer base with the help of strategic alliances, development of innovative products and exploiting more in R&D activities. These alliance will help the key companies to hold a stable position in the global biometrics systems market in the near future.
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