Biometrics Technology Market Insights | Size, Status & Growth Factors
DUBAI, UAE. 23th September 2019: Biometrics Technology Market size is expected to reach USD 59.31 billion by 2025, with a CAGR of 19.5% during the forecast period. This technology has its applications in public, commercial and private sectors. Biometrics is related to human characteristics which identify fingerprint, palm veins, face recognition, hand geometry, retina for its authorization. To avoid security breaches, this technology is applied in various sectors and it provides high degree of security and accuracy.
To avoid security breaches, this technology is applied in various sectors and it provides high degree of security and accuracy.
The security concerns are anticipated to drive the market demand over the forecast period. Biometrics technology is accessed in the computer industry for identification and access control. To protect the most important data, old techniques are not robust enough as a result of which this technology is being used widely. It has applications in government offices, border control, airports, financial institutions, healthcare industry and law on account of which the demand is expected to increase rapidly.
The biometrics technology finds usage in applications such as face recognition, hand geometry, signatures, automated fingerprint identification systems (AFIS), voice recognition, iris, and non-AFIS. Hand recognition is very widely used a form of application in biometrics technology.
The demand in the government sector is expected to grow rapidly over the forecast period to prevent issues such as illegal immigration and identity theft. The commercial sector is anticipated to experience increased demand on account of growing application in defense and security end-use.
Biometrics technology is majorly used around the world to counter the threats posed by terrorists worldwide. North America is expected to be the major market where U.S. is the most dominant country and will grow rapidly over the forecast period. Asia Pacific is expected to be the fastest growing market owing to the significant demand in China and India over the forecast period. Initiatives such as UIDAI in India which use face, fingerprint and iris biometrics are expected to augment demand over the forecast period.
The industry participants in the market comprise of companies such as Precise Biometrics AB, NEC Corporation, 3M Cogent, Fujitsu Limited, FaceFirst, Nuance Communications, and Hitachi. 3M Cognet has recently introduced a wide range of palm print and fingerprint identification products with innovative features.
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Biometrics Technology End-Use Outlook (Revenue, USD Million; 2014 – 2025)
- Banking and Finance
- Consumer Electronics
Biometrics Technology Application Outlook (Revenue, USD Million; 2014 – 2025)
- Hand Geometry
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