With the increasing instances of security vulnerabilities and transactional fraudulent in several industries, there is a need for highly reliable and accessible personal authentication and identification systems. Biometrics has emerged as a suitable solution to meet this need and is based on the behavioral and physiological characteristics of an individual. It include the authentication of an individual by evaluating one or more unique biological traits such as voice recognition, palm geometry, DNA identification, gait recognition, fingerprint matching, facial recognition, iris recognition, signature verification, and vein recognition. Biometrics technologies are considered to be more reliable when compared to physical devices and numeric codes. With the advances in hardware, sensors, readers, pattern recognition, signal and image processing technologies; a number of biometric technologies such as face, iris, retina, voice, signature, hand geometry, keystroke, ear, and palm print recognition have been developed to deal with identification of individuals.
The adoption of biometrics is gaining prominence in law enforcement, financial institutions, access control, immigration, national ID, time and attendance monitoring, border control, hospitals, retail, and airport security in BRIC countries. Current economic scenario of BRIC countries has been seen as a major factor for the growth of biometrics, especially in government applications. Economic conditions has a direct impact on the spending of the government toward new technologies. Biometrics implementation requires high capital investments, therefore improvement in economic conditions will increase the demand among customers in BRIC countries.
Covered in this report
This report covers the present scenario and the growth prospects of the biometrics market in BRIC countries for the period 2015-2019. To calculate the market size, the report considers the revenue generated from the sales of biometric solutions, including hardware, software, integrated solutions, and services. Revenues generated from after sales services are not included to calculate the market size.
The market is highly fragmented with the presence of a large number of small and large vendors. A detailed product and feature comparison for the key leading vendors is provided in the report.
In addition, the report discusses the major drivers that influence the growth of the biometrics market in BRIC countries. It also outlines the risks faced by vendors and the market at large, as well as the key trends emerging in the market.
Technavio's report, Biometrics Market in BRIC Countries 2015-2019, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the biometrics in BRIC countries market landscape and its growth prospects in the coming years. The report includes a discussion of the key vendors operating in this market.
Technavio Announces the Publication of its Research Report – Biometric Market in BRIC Countries 2015-2019
Technavio recognizes the following companies as the key players in the Biometric Market in BRIC Countries: Crossmatch, HID Global, 3M Cogent, NEC and Safran
Other Prominent Vendors in the market are: Beijing IrisKing, BioEnable, BioLink, eSSL Security, Fujitsu, 4G Identity, Hitachi, Honeywell, SUPREMA and ZK
Commenting on the report, an analyst from Technavio’s team said: “Physical contact is necessary for fingerprint biometrics, requiring an individual to place a finger on the sensor. Concerns related to hygiene are increasing among individuals because of increased instances of communicable diseases such as Ebola and H1N1. Therefore, people are reluctant to adopt contact biometric solutions in public places. Biometric technology vendors and biometric scanner manufacturers are focusing on the development of contactless fingerprint scanners. Also, this awareness is creating a growth opportunity for contactless biometrics such as technologically advanced iris cameras. This is particularly beneficial for the healthcare sector, which has a higher risk of communicable diseases. The demand for contactless biometrics is likely to be a prevalent trend in BRIC countries in the next couple of years.”
According to the report, voice recognition is likely to be popular in the BFSI sector in the next two years, especially in mobile banking, because it eliminates the need for PINs or passwords. Voice biometrics analyze a person's voice in terms of pitch, vocal tract, harmonics, and dialect to verify identity. For instance, JPMorgan Chase uses voice recognition technology to identify fraudsters. The adoption of voice biometrics in the BFSI sector is low in developing countries because of a lack of awareness. However, it is likely to increase in developing countries such as Brazil, China, and India.
Further, the report states that environmental factors such as background noise and network issues are likely to affect the biometrics market in BRIC countries during the forecast period.
Crossmatch, HID Global, 3M Cogent, NEC, Safran, Beijing IrisKing, BioEnable, BioLink, eSSL Security, Fujitsu, 4G Identity, Hitachi, Honeywell, SUPREMA, ZK