Biometric Technology Market Overview:
Biometric Technology Market is expected to garner $10.72 billion by 2022, registering a CAGR of 19.4% during the forecast period 2016-2022. Biometrics technology is used for identification and authentication of individuals by measuring and analyzing their personal traits-fingerprints, iris, hand geometry, voice, face, vascular pattern, palm print, or behavioral characteristics-signature, typing pattern, gait. It is a major industry which forms a significant part of the biometric market.
Biometric technology provides advanced methodology over traditional PIN based methods. This technology is used to secure the sensitive or personal data from fraudulent use of an individual’s possessions, such as ATMs, smart cards, mobile phones or access to desktops, laptops, workstations, or networks by unique identification technique. It uses both physiological as well as psychological traits for identification that makes it beneficial in variety of crucial applications, such as national security, law enforcement, enterprise &e-governance, personal information & business transactions, and others. Biometric systems are designed with a storage component for biometric data samples of individuals and are linked to the information on their identity. Traditional methods could be compromised; for instance, a PIN or password could be forgotten or a key could be lost, but biometric traits are difficult to steal or forget. Owing to its unique characteristics and high security, biometric technology is used in variety of applications in industries, such as defense, government, healthcare, banking & finance, transport & immigration, commercial security, non-commercial safety, and others (hospitality, gaming, automobile, retail).
The global biometric technology market is driven by growing applications of biometric solutions in the commercial & government sectors. Further, the increasing need for enhanced security systems in organizations and use of e-passport &e-visas are the other major factors that are accelerating the market growth. However, biometric technology has its own limitations, such as high initial investments and high cost of biometric devices, technological limitations including image resolution, matching accuracy with physical characteristics, low-quality capture device, and others and fear of privacy intrusion. Evolving multilevel biometric technology, use of biometric technology in e-commerce, and cloud computing have created growth opportunities for prominent players operating in the global biometric market.
Top investment pockets in Global Biometric Technology Market:
Fingerprint recognition systems are used as a reliable and stable security mechanism in various end-user verticals, such as real estate, government, defense, retail, and others. Fingerprint recognition systems have witnessed wide acceptance in various applications owing to their novel technology, affordable price, and easy usage. The increasing adaptation of fingerprint recognition biometric system in tablets, mobile devices, e-commerce, and cloud computing along with emerging security aspects of fingerprint technology are expected to generate a high demand in the market.
Face recognition is a versatile technology, which is expected to show rapid growth during the forecast period owing to its high adoption in retail, defense and law enforcement, and consumer electronics sectors. The demand for face recognition is observed specifically in smartphone applications and social networking integration purposes. Key market players have availed various software that use face recognition technology in the mobile apps, such as iPhone (Apple), digiKam (KDE), and Lightroom (Adobe). Face recognition biometric has a high market potential owing to its integration with 2D & 3D recognition systems as well as its increasing adoption in the retail sector to identify loyal consumers and thieves.
Iris recognition system is one of the most appreciated technologies owing to its speed of operation and resistance to false matches compared with other technologies. It is preferred in various countries for security purposes at crucial places, such as airports, government buildings, point of entries and exits in the country, and other applications. The demand for iris recognition systems is expected to increase during the forecast period owing to its higher adoption in multiple end-user verticals.
Biometric technology market is segmented on the basis of type, end user, and geography. The market is segmented into two types based on physical and behavioral characteristics. The biometric technology based on physical characteristics is further segmented into face recognition, iris recognition, fingerprint recognition, hand geometry recognition, and others (DNA, ear), while the technology based on behavioral characteristics is further segmented into signature recognition, voice recognition, middleware recognition, and others (keystroke, handwriting).
The end users of the biometric technology industry include defense, government, banking & finance, healthcare, transport & immigration, commercial security, non-commercial safety & security, and others (hospitality, gaming, automobile, retail). The biometric market size has also been studied across the regionsNorth America, Europe, Asia-Pacific, and LAMEA.
Global biometric technology market by geography:
Asia-Pacific market is among the fastest-growing markets for biometric technology. ASEAN countries have started standardizing their security screening systems for entrance in the country. Thailand’s police department has implemented facial recognition systems at all border checkpoints, while Singapore’s Changi Airport is considering wearable touch along with facial recognition systems at airports. Various market players are keen to expand their market presence by establishing themselves in Asian markets. For instance, Daon, a Japanese global system integrator, extended its contribution in biometric border control system in developing countries of Asia; Precise biometric, another leading market player has strengthened its position in Asia through license agreement with Chipone, an active distributor of fingerprint sensors in Asia.
- This biometrics industry report provides an in-depth knowledge of the biometric technology market to elucidate opportunities in the market.
- Current trends and future estimations have been outlined to determine the overall market potential and single out profitable trends to gain a stronger foothold.
- A quantitative analysis of the current market trends and forecast from 2016 to 2022 has been provided to highlight the financial competency of the market.
- Porter’s five forces analysis of the industry illustrates the potency of buyers and suppliers operating in the market.
- Value chain analysis provides a clear understanding of the roles of stakeholders involved.
BIOMETRIC TECHNOLOGY MARKET SEGMENT
- Based on physical characteristics
- Face recognition
- Iris recognition
- Fingerprint recognition
- Hand geometry recognition
- Others (DNA, ear)
- Based on behavioral characteristics
- Signature recognition
- Voice recognition
- Middleware recognition
- Others (keystroke, handwriting)
By End User
- Public sector
- Banking & financial sector
- IT & telecommunication
- Others (hospitality, retail, automotive)
- North America
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- Latin America
- Middle East