Global Next Generation Biometrics Market - Segmented by Type of Solution (Face Recognition, Fingerprint Recognition, IRIS Recognition, Palm Print Recognition, Signature Recognition), End-user Industry (Government, Defense, Travel and Immigration, Home Security, Banking and Finance, Consumer Electronics, Healthcare), and Region - Growth, Trends, and Forecast (2018 - 2023)
The global next generation biometrics market was valued at USD 9.61 billion in 2017, and is expected to reach a value of USD 37.65 billion by 2023, at a CAGR of 17.61%, during the forecast period (2018 - 2023). The scope of the report is segmented by type of Solution which include face recognition, fingerprint recognition, iris recognition, palm print recognition, signature recognition, and by end-users is limited to government, defense, travel & immigration, home security, banking & finance, consumer electronics, and healthcare. While the region considered in the scope of the report include North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America.
High Degree of Security and Improvement in Confidentiality of Personal Information is Driving the Market
These systems prevent thefts, as the information is stored in the digital form, which helps in preventing manipulate information. One of the key trends witnessed in the next generation biometrics market is a paradigm shift in business discourse towards more privacy and less security threats. The end-users are increasingly looking for integrated solutions, rather than depending on conventional methods. The next generation biometrics providers and the governments have realized the growing importance for the need of biometric systems across several verticals, where security remains the primary concern. Moreover, the growing need for strengthening national security has increased the growth of these systems globally. Iris recognition is used in various countries for different purposes, such as passport free automated border crossings and many others.
IRIS Recognition is One of the Fastest Growing Amongst the Type of Solution
Few benefits of this technology are that it is easy to use, difficult to forge and is accurate. Terrorist attacks; other cross-border illegal activities and cybercrimes have created the need for implementing the iris recognition technology. The iris recognition application in the consumer electronics sector is expected witness the highest growth rate during the forecast period mainly because of the commercialization of various iris scan-based electronic devices, like smartphones, tablets, smart watches, notebooks, and others. However, the increasing expansion of iris recognition in several verticals is expected to increase the growth during the forecast period.
Banking Sector is the Fastest Growing Sector among Others
Next generation biometrics has attracted end-user industries, like government, defense, travel & immigration, home security, banking & finance, consumer electronics, healthcare. For instance, Major Banks are also rolling out biometric authentication. JP Morgan, Chase, Bank of America and Wells Fargo allow their customers to log in to mobile banking via fingerprint authentication. Voice authentication is also deployed in banks’ call centers to identify customers. Next generation biometric authentication can also raise satisfaction of their customers, as it can eliminate passwords and increase the demand to adopt for biometrics in banking sector, which makes this market grow bullishly.
In Terms of Geography, North America Holds a Major Market Share, Followed by Europe
The market is expected to witness significant growth in emerging economies, such as the Asia-Pacific region, which is estimated to grow steadily over the forecast period. Apart from the consumer electronics and government sector, the healthcare sector is expected to experience a rise in application of next generation biometrics in these regions. Few countries, like China, India, Russia, and Mexico are driving the growth of biometric systems. China has initiated a biometric national ID program, which commenced in 2013. However, the increase in computer storage of essential documents has increased the need for next generation biometric systems.
Key Developments in the Market