Global Biometrics Technology Market: Snapshot
Biometrics helps in verifying the identity of a person based on physiological or behavioral characteristics. Specifically, traditional authentication methods such as magnetic cards, personal identification cards, passwords or keys are vulnerable to attacks and can be easily stolen. Biometrics technology identifies an individual on the basis of their fingerprints, face, signature, DNA, iris, typing rhythms and provides convenient and secure authentication. With the thriving Internet-based commerce such as online banking and rising need for precise verification while accessing accounts, biometrics technology is considered to be the most convenient and simplest solution.
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.
Thanks to these factors, the biometrics technology market is expected to expand with impressive CAGR of 20.80% over the forecast period from 2013 to 2019 to reach up to the value of US$23.3 bn by 2019, TMR observes. The report, titled “Biometrics Technology Market - Global Industry Analysis Size Share Growth Trends and Forecast 2013 - 2019”, is available on the company website.
Cost Effectiveness and User Friendliness to Propel Growth
On the basis of type, the global biometrics technology market is categorized into non-AFIs, IRIs, hand geometry, signature, voice, AFIs, and others. Of these, in 2012, the non-AFIS segment dominated the biometrics market. This was due to its cost effectiveness and user friendliness. Additionally, non-AFIS systems are more flexible and convenient as compared to other recognition systems and require low maintenance.
On the basis of end-user, the global biometrics technology market is categorized into banking and finance, government, consumer electronics, defense services, healthcare, commercial safety and security, transport/ visa/ logistics, home safety and security, and others. Of these, transport/visa/logistics end use segment accounted for the largest market share in 2012. This was due to the increasing need for inspecting traveler’s credentials in order to establish their identity which is a part of border security. The banking end use segment is expected to grow at the highest growth rate in the upcoming years.
Rising Security Concerns to Boost Growth in North America
On the basis of region, the global biometrics technology market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. The biometrics technology market in North America and Europe is relatively developed. Rising security concerns due to the terror attacks and crimes and rising government projects such as national identification programs, e-passports etc. are primarily responsible for the growth of biometrics technology in Asia Pacific region. Some of the countries which have implemented such programs include India, China, Indonesia, Israel and South Korea among others.
Some of the key players operating in the global biometrics technology market are Safran Morpho, 3M Cogent, NEC Corporation, BIO-Key International and DigitalPersona. These companies aim to expand their customer base with the aid of strategic alliances, development of innovative products and capitalizing more in research and development activities. Such business strategies would help the companies to uphold a stable position in the global market.
- Hand Geometry
- Banking and Finance
- Consumer Electronics
- Defense Services
- Commercial Safety and Security
- Transport/ Visa/ Logistics
- Home Safety and Security
- Others (hospitality, retail, gaming, and automobile)
- Asia Pacific
- North America
- Rest of World (RoW)
- Market growth drivers
- Factors limiting market growth
- Current market trends
- Market structure
- Market projections for the coming years
- Overview of key market forces propelling and restraining market growth
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- An analysis of strategies of major competitors
- An array of graphics and SWOT analysis of major industry segments
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