According to the new research report published by The Insight Partners, titled “Biometrics Technologies Market – Global Analysis and Forecast to 2027”, the is expected to reach US$ 55.4 Billion by 2027, registering a CAGR of 16.2% during the forecast period 2019-2027.
With the increasing trend of digitization across industries, the demand for data security and safety among consumers as well as enterprises is growing at an unprecedented rate. This trend is further augmented by the rising number of smart and mobile devices in both consumer and enterprise market. The demand for enhanced security solutions equipped with new technology tools is rising due to various advantages offered by these solutions over traditional access controls. Owing to all these factors, biometric authentication is gaining traction over other forms of security solutions. Biometric technologies refer to various methods that are used to identify, authenticate, and verify users based on their physical or behavioral characteristics. Due to growing incidents of security breaches, the demand for biometric-based identification solution is rising at a fast pace.
Presently, fingerprint and facial recognition are two of most popular biometric applications in the consumer and enterprise segments and other applications such as iris scan are also expected to register high growth in the future digital world. Both private, as well as government organizations, are widely investing in biometrics for a number of applications including attendance, access control, timekeeping, security, and verification, among others. There are countries such as India that are using biometrics such as fingerprint and retina scan as national ID for its citizens.
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Top Key Players : Some of the key players operating in the global biometrics technologies market include Aware, Inc., BIO-key International, Inc., IDEMIA, ImageWare Systems, Inc., Fujitsu Limited, Gemalto NV, Precise Biometrics AB, NEC Corporation, Suprema Inc., and Secunet Security Networks AG among others.
The report segments the global Biometrics Technologies market as follows:
- Global Biometrics Technologies Market – By Technology
- Fingerprint Recognition
- Palm Recognition
- Face Recognition
- Iris Recognition
- Voice Recognition
- Others
Global Biometrics Technologies Market – By Application
- Banking and Finance
- Government
- Healthcare
- Military & Defense
- Consumer Electronics
- Others
Geographically, Asia Pacific held the majority revenue share of the biometrics technologies market in the year 2018, and it is expected to continue its dominance during the forecast period of 2019 to 2027. Europe and North America held the second and third position in the global biometrics technologies market in 2018. The other developing regions, such as the Middle East & Africa and South America are also anticipated to offer significant growth opportunities for biometrics technologies market players during the forecast period from 2019 to 2027.
The adoption of biometrics technologies is expected to expand at a fast pace across industries, especially government, banking, consumer electronics, and healthcare, owing to increasing demand for secure transactions and effective identity verification solutions. With increasing penetration of mobile phones in customers’ lives and rising trend of digitization among sectors, smart phone makers such as Apple, Google, Samsung, Huawei and others have integrated various types of biometric technologies including fingerprint, face, and iris scan in their smartphones to increase security and enhance the customer experience.
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