Global Biometrics Technology Market: Snapshot

The global biometrics technology market is expected to gain traction in coming years, as it helps in verifying individuals behavioral and physiological characteristics. In addition to this, with the use of biometric technology helps in identifying an individual through their face, fingerprints, signature, iris, and DNA and provides secure authentication. Moreover, it helps in meeting the incapability of primitive and traditional methods used for authentication such as personal identification cards, magnetic cards, keys or passwords that are susceptible to get lost or stolen or may get attacked.  

The growing use of online banking and the rising need for precise verification while accessing accounts biometrics technology is considered the most relevant and convenient option. Thus, in a recent report published by Transparency Market Research (TMR), the global market for biometric technology is projected to rise at a healthy CAGR of 20.80% during the forecast period between 2013 and 2019. The valuation of the global biometric technology market is expected to reach US$23.3 bn by the end of 2019.

Application of Non-AFIS System to Boost Due to Its Low Maintenance

The global biometrics technology market is classified on the basis of type and end-user. Based on end-user the market is segmented into government, banking and finance, consumer electronics, healthcare, defense services, commercial safety and security, home safety and security, transport/ visa/ logistics, and others. Out of these, transport/ visa/ logistics segment held the largest share in 2012. The reason behind the growth of this segment is the rising need for inspecting traveler’s credentials to verify their identity that comes under border security. However, within the forecast period, banking end use segment is projected to grow significantly.

The application of biometrics technology is seen in IRIs, non-AFIs, hand geometry, signature, AFIs, voice, and others. Of these, the non-AFIS segment held the highest position in the global biometrics market in 2012, owing to its user-friendliness and cost-effectiveness. In addition, as compared to other recognition systems, non-AFIS system requires low maintenance and is also convenient and flexible to use, thus led to lead the market.

Increasing Security Threats in Developed Regions to Boost Demand for Biometrics Technology

Geographically, the regions in which the global biometrics technology market is divided are Europe, North America, Latin America, Asia Pacific, and the Middle East and Africa. Europe and North America are leading this market, as these regions have adopted advanced technologies and are considered as matured markets. Moreover, these regions are concerned about security threats, increasing crime rates, and terror attacks for which they have a high number of government funded and approved projects for the same. Furthermore, the government in Asia Pacific have initiated programs like national identification program and issuance of e-passports in various countries, thus, growing the demand for biometrics technology. In Asia Pacific, countries like Israel, South Korea, China, Indonesia, and India have been implementing these types of security measures at a large scale.

The report has also analyzed the leading players in the global biometrics technology market. It seems that the global biometrics technology market is consolidated in nature, as two companies namely Safran Morpho and NEC Corporation hold a major share in the market.  Some of the leading players are 3M Cogent, Safran Morpho, BIO-Key International, NEC Corporation, and DigitalPersona. The leading companies are expected to invest in strategic mergers and alliance to maintain their position in the market. Moreover, they are also making efforts in developing products through innovative ways and capitalizing more in research and development activities.  

 
Biometrics technology is the preferred security system of modern times due to the high level of security it provides against crime and terror attacks. Biometrics technology uses an individual’s unique physiological traits for identification. It is considered failsafe because these traits, such as fingerprints or iris patterns, cannot be duplicated. The conventional means of authentication such as passwords are susceptible to attacks and have a high probability of being lost or forgotten. For such reasons, biometrics technology has extensive application in government initiatives such as e-passports, national identity programs, and border control programs.
 
The widespread use of biometrics technology is visible in its extensive application in developed nations. As much as 1.2 billion people from developing nations have also received identification through biometrics.
 
The biometrics technology report makes use of industry-centric tools for business planning and scope of expansion, investment proposition, financial modeling, and competitive analysis. 
 
Overview of the Biometrics Technology Market
 
As per estimates from experienced analysts, rising national security concerns will help the global biometrics technology market reach US$23.3 billion by 2019. Currently, North America leads the global biometrics technology market, followed by Europe. Together, these two developed regions account for 57.7% of the total revenue of the market. Among other regions, Asia Pacific and Rest of the World (RoW) are growing the fastest and this hierarchy is anticipated to continue.
 
Flourishing internet-based services such as online banking and e-commerce require precise identification and will thus propel the biometrics technology market. Further, biometrics technology offers permanent, universal, quantifiable, and unique features that will contribute to the growth of the market by 2019.
 
Among the many applications of biometrics technology, the non-Afis segment led the market in 2012 owing to its cost benefits and ease of use. Moreover, the non-Afis application segment offers flexibility and requires lower maintenance than other recognition systems. However, the iris application segment has massive untapped potential as an emerging technology in areas of high-end security and access control. This is attributed to its unobtrusive, contact-free and safe identification method. This application segment offers extensive security by carrying out one-to-many identification. Systems that employ iris recognition are robust yet small and thus integrate easily into large electronic systems.
 
The growth of iris biometrics technology systems is further enhanced by their increased use for national ID drives, control for access to networks, and banking services. Thus, iris recognition systems are anticipated to grow the fastest within the global biometrics technology market in the coming years. However, the high cost associated with biometric recognition systems and the unreliability of some types may challenge the growth of the market.
 
Major Companies in the Biometrics Technology Market
 
The report discusses business verticals, recent developments, financial overview, and SWOTs for the key players in the biometrics technology market, namely NEC Corporation, Bio-Key International Inc., Safran Morpho, 3M Cogent Inc., and Cognitec Systems Gmbh.
 
Major Application Type Segments of Biometrics Technology Market
  • Non-Afis
  • Iris
  • Hand Geometry
  • Signature
  • Voice
  • Afis
  • Others
Major End-User Segments of Biometrics Technology Market
  • Banking and Finance
  • Government
  • Consumer Electronics
  • Defense Services
  • Healthcare
  • Commercial Safety and Security
  • Transport/ Visa/ Logistics
  • Home Safety and Security
  • Others (hospitality, retail, gaming, and automobile)
Major Geographical Segmentation of Biometrics Technology Market
  • Asia Pacific
  • North America
  • Rest of World (RoW)
  • Europe
This report gives you access to decisive data such as:
  • Market growth drivers
  • Factors limiting market growth
  • Current market trends
  • Market structure
  • Market projections for the coming years
Key highlights 
  • Overview of key market forces propelling and restraining market growth
  • Up-to-date analyses of market trends and technological improvements
  • Pin-point analyses of market competition dynamics to offer you a competitive edge
  • An analysis of strategies of major competitors
  • An array of graphics and SWOT analysis of major industry segments
  • Detailed analyses of industry trends
  • A well-defined technological growth map with an impact-analysis
  • A clear understanding of the competitive landscape and key product segments
.