Biometrics Market Research Report, Upcoming Trends, Demand, Regional Analysis and Forecast 2024
by Rahul Rastogi Market Research AnalystAccording to the latest report by IMARC Group,
titled “Biometrics Market
Research: Global Industry Trends, Share, Size,
Growth, Opportunity and Forecast 2019-2024”,
the global biometrics market size reached
US$ 16.7 Billion in 2018. Biometrics refers to a technological
authentication method which is utilized in information assurance (IA) for
secure entry, data or access. It primarily relies on scanning their physical or
biological characteristics, such as the face, DNA, fingerprint, iris, retina,
palm and palm veins, which are difficult to forge or duplicate. It helps to
provide more accurate identification and lower the risk of unwanted intrusion.
As a result, biometrics technologies are widely used in schools, colleges,
banks, public libraries, corporate and government offices, and consumer
electronics including smartphones and tablets.
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Market Trends:
Owing to the affordability and easy usage of
biometrics technologies, they have gained acceptance across the globe. For
instance, biometric security systems are considered relatively more convenient
for employees and other personnel in the corporate sector as they do not
involve memorizing passwords or carrying an identification card at all times.
Apart from this, several smartphone manufacturers are incorporating fingerprint
scanners in their devices to enhance the overall user experience. This has also
encouraged several banking organizations to utilize these systems for securing
users from fraudulent activities while using online banking services or making
transactions on e-commerce websites via their mobile devices. Furthermore,
these technologies are being used in various government organizations,
especially in the e-passport and e-visa programs. Looking forward, the market
value is projected to exceed US$ 37.2 Billion by 2024, expanding at a CAGR of
around 14% during 2019-2024.
Market Summary:
· Based
on the technology, the market has been segmented into face recognition, hand
geometry, voice recognition, signature recognition, iris recognition, Automated
Fingerprint Identification System (AFIS), non-AFIS and others. At present, AFIS
represents the most widely used technology across the globe.
· On
the basis of the functionality, contact represents the largest segment,
dominating the market. Other segments include non-contact and combined.
· Based
on the component, the market has been bifurcated into hardware and software.
· The
market growth has been segregated on the
basis of authentication which includes single-factor authentication and
multifactor authentication. Amongst these, single-factor authentication accounts
for the majority of the total market share.
· Region-wise,
the market has been segmented into North America, Europe, Asia Pacific, Middle
East and Africa, and Latin America. Presently, North America is the biggest
market, holding the majority of the global share.
· The
competitive landscape of the market has also been examined with some of the key
players being Accu-Time Systems, Inc., BIO-Key International, Inc., Cognitec
Systems, GmbH, Fujitsu Limited, 3M Cogent, Inc., IDTECK, NEC Corporation,
Siemens AG, RCG Holdings, Ltd., Suprema, Inc., Lumidigm, Inc., IrisGuard, Inc.,
Daon, Inc., DigitalPersona, Inc. and Morpho SA (Safran).
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with TOC & List of Figure: https://www.imarcgroup.com/biometrics-market
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Created on May 29th 2019 04:27. Viewed 491 times.