The “Global Biometrics Technology Market, by Component (Face, Hand geometry, Voice, Signature, Iris, AFIS, Non-AFIS, and Others), by End-user (Government, Defense Services, Banking and Finance, Consumer Electronics, Healthcare, Home Safety and Security, Transport / Visa / Logistics, and Others (Retail, hospitality, gaming and automobile)), and by Geography (North America, Europe, Asia Pacific, and RoW) - Global Forecast to 2027”, was valued at US$ 23,311.5 million in 2019, witnessing a CAGR of 20.8% during the forecast period (2019-2027), as highlighted in a report published by Coherent Market Insights.
Biometrics is an advanced technology that provides controlled access to a restricted area. Biometrics technology provides high-level security and cannot be stolen since it uses an individual’s physiological and behavioral characteristics for identification. The convenience and growing applications in government sector such as national identity schemes such as Aadhar, national border control projects such as e-passports, etc. are the key factors which would help to contribute to the growth of biometrics in the upcoming years. Biometrics technology is used to provide a high-level of security. Conventional authentication methods are vulnerable to attacks.
The global Biometrics Technology market is estimated to account for US$ 23,311.5 Mn in terms of value by the end of 2019.
Rising application of biometrics in the government sector is expected to boost the global biometrics technology market growth over the forecast
Proactive government initiatives as the national border control projects which include e-passports/biometric passports, national identity scheme which include Aadhar has led to increased use of biometric technologies. For instance, the Government of India its new e-passport scheme which would contain an RFID chip in the front cover of the passport that would hold biometric fingerprint information and a digital photograph of the passport holder. Furthermore, e-passports contain numerous layers of security that provide protection against theft and hence aid in preventing document alteration. Therefore, these factors are expected to drive growth in the global biometrics technology market during the forecast period.
Advent of novel biometric technologies can present lucrative growth opportunities
Key companies in the market are focused on introducing innovative biometrics technologies, in order to expand the product portfolio and gain a competitive edge in the market. These innovative technologies include DNA recognition, odor recognition, nail bed recognition, lip movement recognition, facial thermography recognition, and skin reflectivity recognition. Major market players can capitalize on these opportunities and gain enhance market presence.
Slow time responses of some biometric machines are expected to hinder the global biometrics technology market growth over the forecast period
Many biometric machines are facing a singular problem, which is a slow response time. Some machines take a longer time to recognize authorized users identify, thereby slowing down the entire process. Such technical issues are hindering its adoption in various organizations where they prefer conventional passcode and swipe card systems to gain access. Manufacturers are required to improve response time, in order to provide rapid access to users. Hence, these factors are expected to hinder the global biometrics technology market growth in the near future.
Among regions, North America is expected to witness significant growth in the global biometrics technology market during the forecast period. This is owing to a large presence of key market players across the region. Furthermore, growing adoption of advanced biometrics in corporate sector to grant access to employees is expected to boost the regional market growth over the forecast period.
Europe is expected to register a robust growth rate in the global biometrics technology market during the forecast period. This is owing to increasing adoption in government offices across the region. Moreover, rising adoption of biometrics in border control projects such as Visa information systems (VIS) new generation Schengen Information System (SIS II) is expected to propel the regional market growth in the near future.
Key players operating in the global biometrics technology market are Accu-Time Systems, Inc., Daon, Inc., BIO-Key International, Inc., IrisGuard, Inc., Fujitsu Limited, Lumidigm, Inc., IDTECK, Suprema, Inc., 3M Cogent, Inc., RCG Holdings, Ltd., and NEC Corporation.