In its latest market research report published recently, Transparency Market Research, a U.S.-based market intelligence firm stated that the global biometrics technology market is projected to reach a value exceeding $23 billion by the end of 2019, with a CAGR of 20.8% during the forecast period of 2013 to 2019. The 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,’ is now available for sale on the company’s website.
Albany, NY -- (SBWIRE) -- 11/12/2014 -- The Biometrics Technology Market is growing rapidly due to the increasing security threats. The increasing numbers of terrorist attacks and crimes have led to a growing need for high level security in public and private sector. When conventional security technologies become compromised, biometrics technologies step in to provide a high level of security.
Browse the Biometrics Technology Market with its TOC
The global biometrics technology market is segmented according to application type, end-user type, and geographic region. This technology according to application is further segmented into iris, voice, signature, face, hand geometry, and others such as DNA and typing rhythms. Biometrics technology is a part of an individual’s behavioral or physiological aspect, which makes it highly secure.
The non-AFIS biometrics systems application sector held 41.40% share in 2012, which made this sector the largest sector in terms of revenue shares in the overall biometrics technology market. Silicon sensors cost for fingerprint recognition declined considerably due to advancements in technology. Iris recognition sector is anticipated to grow with the highest CAGR (28.6%) in 2019.
The global biometrics technology market according to end-user type is segmented into healthcare, commercial safety and security, home safety and security, transport/visa/logistics, government, defense services, consumer electronics, banking and finance, and others. The segment transport/logistics/visa and government collectively accounted for over 50% of the overall market of biometrics technology in 2012. The reason for these two sectors contributing to half of the market share was the increasing demand for examining biometrics technology. The growing use of Internet for banking transactions will make the end-user segment of banking and finance as the highest growing segment during the forecast period.
Region-wise, the global market of biometrics technology is segmented into Europe, Asia-Pacific, North America, and Rest of the World. North America contributes to 32.1% of market revenue shares in 2012, and is estimated to uphold its dominating position during the forecast period. Asia-Pacific region will demonstrate the fastest compound annual growth rate of 22% during the forecast period.
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The global market of biometrics technology encompasses many multinational and domestic key players. Morpho SA (Safran) dominated the market with 19% share. Some other notable key players in this industry are DigitalPersona, NEC Corporation, 3M Cogent, and Accu-Time Systems.
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