Global Biometrics System Market Insights, Opportunity Analysis, Market Shares and Forecast, 2016 - 2022
The global biometrics system market is expected to grow at a robust CAGR of 21.5% by 2022 and the revenue is estimated around $41,792 million, and it is expected to experience robust growth during 2016-2022. Biometrics is the technology utilized for the objective of verification and authentication. Biometrics analyzes and measures both behavioral and physiological traits such as fingerprints, voice patterns, vein and signature patterns, eye retinas and irises, DNA, hand measurements, and facial patterns for identification or authentication objectives of a human being. .
The key drivers for the growth of the market is rising application of biometrics system in election administration; government support across the globe to adopt biometrics systems for the objective of verification and identification; usage of biometrics for criminal identification; introduction of e-passport, etc. Growing cloud technologies for biometric data and usage in e-commerce are the key opportunity areas for the market. The market is facing some restraints such as huge cost of biometric devices and fear of privacy intrusion and disturbance. Biometric technology involves high end equipment and devices, which requires proper training to the staff to necessitate and implement that all the people, at any point, gets the new card and/or re-register. At the same time, it observed one point of major fraud and multiple registrations. The biometrics system market is also facing a challenge i.e. security issues.
The global biometrics system market is segmented on the basis of application, end users; and, by geography. Among all major applications, the market is segmented into signature recognition; voice recognition; hand geometry; face recognition; iris recognition; AFIS; Non AFIS; and, other applications. According to the application segment of biometrics technology, the non-AFIS segment has driven the market in 2012 due to its ease of use and cost benefits. Moreover, the non-AFIS application segment provides flexibility and needs less maintenance as compared to other recognition systems. The iris application segment has huge untapped potential as a developing technology in areas of access control and high-end security. This application segment provides high security by supporting one-too-many identification. Systems that use iris recognition are strong even small and so, integrate simply into large electronic systems. The growth of iris biometrics technology systems is expected to enhance by their high use for national ID drives, banking services, and control for access to networks. Thus, iris recognition systems are anticipated to grow at the fastest rate under the global biometrics systems market in the coming years. Among end users, it is segmented into healthcare, government, military & defense, consumer electronics, commercial & home security, travel & immigration, and others. The rising government investment for utilizing biometric systems across many economic sectors has been a major factor boosting the global biometrics system market. Healthcare sector is also estimated to grow significantly due to the use of biometrics technology to curb false insurance claims; protecting patient privacy; and, other health care frauds. On the basis of geography, North America, Europe, Asia Pacific, and ROW are the major segment of the global biometrics system market. North America is expected to be the leading market during the forecast period. In the U.S., biometrics systems are majorly used in several departments including homeland security, defense, justice, state and commerce, etc. Asia Pacific is estimated to show high growth due to rising awareness for biometrics technology. The China, India, Russia and Mexico market for biometrics system are estimated to grow significantly. Initiatives such as the UIDAI project in India use eyes, fingerprints, face biometrics for individual identification, and e-KTP electronic ID initiative in Indonesia.
Some of the major players of the market 3M Cogent Inc., Accu-Time Systems Inc., Biokey International Inc., CogniTech Systems GmbH, Cross Match Technologies, Daon Inc., Fujitsu Ltd., Fulcrum Biometrics, iDTech, Siemens ag, suprema Inc., RCG Holding Ltd., NEC Corporation, Precise Biometrics Ab, etc. Mergers, product launches, Innovation and expansion are some of the key strategies adopted by the market players. On April 2014, Cross match acquires DigitalPersona. Cross Match and DigitalPersona are both dominators in biometric technologies with a solid brand presence in worldwide markets; but due to little overlap in portfolios, the company has decided to merge and offer their customers a portfolio of solutions that’s unparalleled in the biometrics industry. This acquisition will also offer to widen their global coverage and gain high competitive advantage.
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