The global biometrics market is expected to grow from USD 10.60 billion in 2016 and projected to reach up to USD 41.39 billion by 2025, at 17.06% CAGR during 2017-2025. The base year considered for the study is 2016 and the estimated period is between 2017 and 2025. The development of the worldwide market is the result of the rising need of the advanced security and border control due to the rising threat of terrorist attacks, the emergence of national ID schemes, E-passports and Visa for effective tourist monitoring. These major factors are supposed to drive the growth of the market during the forecast period.
The global biometrics market is segmented by type on the basis of fixed and mobile. It is also segmented by technology on the basis of fingerprint recognition, IRIS recognition, facial recognition, hand geometry, vein analysis, voice recognition, DNA analysis, GAIT analysis, electroencephalogram (EEG), electrocardiogram and others. It is also segmented by end users on the basis of government, transportation, healthcare, banking financial services and insurance, retail and other end users.
Asia-Pacific is the fastest growing region with, a CAGR of 20.39%. The presence of emerging economies like China, India, Japan, South Korea, Australia, Malaysia, and Singapore and increased adoption of the biometrics in these countries. North America dominates the global market with the market share of 32.59%, followed by Asia-Pacific and then Europe with a market share of 26.40% and 24.77% respectively. In North America, the demand of biometrics has grown due to increasing need for advanced security measures and tourist management, post 9/11 attacks. Increased security concerns, the rise in the occurrence of identity theft, growth in the smartphone and internet penetration, digitization, demand from various industrial sectors, are the key growth reasons for the progressing Asia Pacific market.
Major players in the market are 3M Cogent, Aware Inc, Cross Match Technologies, Fujitsu, HID Global, IrisID, ImageWare Systems, M2SYS Technologies, NEC, SAFRAN, VFS Global and others.