Biometric Market

Biometric Market Size and Growth Rate:

Owing to the growing adoption of the biometric for personal identification and security purpose, the market is expected to witness strong growth in the coming years. At a CAGR of 18.0%, the global biometric market was estimated USD 10.24 billion in 2016 with anticipation to grow over USD 38.5 billion by 2024.

North America is the dominating region for global biometric market in 2016 and is projected to grow at a CAGR of 16.7% during the forecast period. Wide application of biometric techniques in areas such as aerospace & defense, home security, law enforcement, and travel and immigration among others in the U.S. is contributing the expansion of biometric business in North America region. Asia Pacific and Europe are the fastest growing regions for the adoption of biometric solutions for identification purpose. Countries such as Japan, China, Australia, India, Germany and Russia are expected to grow at considerable rate owing to the rising implementation of the biometric systems.

Biometric Market Overview:

With the ongoing advancements across all the facets of life, the way to carry out the task of safety and security in all private and business sectors related to unauthorized access also evolved tremendously. Biometric plays a pivotal role in today’s safety and security system, it enables the proper functioning and security of several end-user sectors such as consumer electronics, government, banking & finance, aerospace & defense, healthcare, travel & immigration and many more. In 2014, as per Identity Theft Resource Center over 47% of all unauthorized access and data breaches were from healthcare industry. In 2014, Indian Health Service in Maryland reported for over 214,000 unauthorized access, Wyatt Dental Group in Louisiana reported over 10,000 data breaches regarding related with identity thefts and Virginia Dept. of Medical Assistance Services reported over 25,513 unauthorized access and breach of clients data relating Virginia Premier Health Plan (VPHP). However, face recognition, fingerprint scanning, palm recognition, voice recognition are now being utilized to prevent unauthorized access.

With a fair level of competition in the market, the growth scenarios for biometric in coming years are progressive. This growth is attributed to the strategies applied by the market leaders. For instance, Apple iPhone X is featured with Face Unlock facial recognition system a new approach to implement advanced biometrics. On the other hand, researchers from University of Buffalo, New York introduced a new authentication system which can be used to authenticate devices and identity by scanning user’s heart’s shape and size from a distance. Moreover, in 2017, Hamad International Airport (HIA) signed a Memorandum of Understanding (MoU) with a multinational information technology company SITA to implement advance technology solutions such as biometrics, blockchain, robots, augmented reality and virtual reality at the Doha hub airport.

Biometric Market Growth Drivers and Challenges:

Wide acceptance of mobile payments based on biometric solution, bank access, implementation of biometrics for access control and smart payments are driving the growth of global Biometric market. Further increasing spending by market players into connected Biometric enabled equipments are expected to propel the demand for Biometric in the near future. Government is also taking initiatives to promote the implementation of biometric to prevent unauthorized access and terrorist incidents. UIDAI projects by Indian government, recent facial biometric database proposal by Australian government and e-KTP electronic identity card for residents by Indonesian government are gaining massive investments and are expected to propel the demand for biometrics devices. However, biometric authentication systems are based on physiological properties of a user which may change over the period of time. Technical problems related with biometric enabled devices such as false rejection and issues with identification of users with implicit problems are hindering the growth of global biometric market.

Leading Market Players of Biometric Market Profiled in the report are:

1. NEC Corporation
2. 3M Company
3. Precise Biometrics AB
4. Hitachi
5. Morpho
6. Fujitsu Limited
7. Smartmatic
8. Suprema
9. Apple Inc
10. BIO-Key International, Inc
11. Thales SA
12. Daon, Inc
13. Secunet Security Networks AG
14. Safran SA
15. Fulcrum Biometrics
16. Facebanx
17. Cognitec Systems GmbH
18. Cross Match Technologies
19. HID Global
20. Sonavation
21. Olea Sensor Networks
22. Synaptics Incorporated
23. Next Biometrics
24. Egis Technology Inc.
25. Atmel Corporation

Detailed Segmentation of Biometric Market:

Biometric Market Analysis – By Biometric Technology:

• Fingerprint Recognition Technology
• Iris Recognition
• Facial Recognition
• Hand Geometry Recognition
• Vein Recognition
• Signature recognition
• Voice Recognition

Biometric Market Analysis – By End-User:

• Consumer Electronics
• Law Enforcement & Government
• Aerospace & Defense
• Banking & Financial Services
• Commercial & Retail Sectors
• Travel & Immigration
• Healthcare

Biometric Market Analysis – By Region:

• North America
• Latin America
• Europe
• Asia Pacific
• Middle East and Africa