Biometric Technology Market To Reach US$ 34.5 Bn By 2022
According to a new market report published by Credence Research Inc “Biometrics Technology Market – Growth, Share, Opportunities, Competitive Analysis, and Forecast 2015 – 2022,” the biometrics technology market is expected to reach US$ 34.5 Bn by 2022, with its increasing adoption in both public as well as private sectors. Governments of the countries across the world are adopting biometrics technologies for access authorization, identification and verification, e-passport management and national border control projects. This is the primary factor influencing the growth of biometrics systems market.
In addition, biometric systems are increasing being used in attendance management in business organizations, residential and commercial security applications and for online banking transactions. Biometric technology is also increasingly used in electronic devices and motor vehicle for access management. Rising adoption of biometrics technology due to increasing security concerns is the key factor expected to influence the demand for biometrics solutions throughout the forecast period.
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The biometrics technologies are classified into face recognition, hand geometry recognition, voice recognition, signature recognition, iris recognition, automated fingerprints identification systems (AFIS), non-AFIS and others. Non-AFIS systems accounted for the majority of revenue share in 2012 as they are less expensive and convenience than other biometrics technologies. Iris recognition systems are expected to see the fastest growth as they offer higher level of security and stability. Hand geometry systems is also expected to see a significant growth through the forecast period with its increasing adoption in business organization for attendance management application
Transportation and immigration represents the largest end use segment for biometrics technology in 2014. Increasing deployment of security solutions at air ports and public transportation facilities is further expected to increase the demand for biometric solutions from this segment. In addition, significant demand for biometric technologies is expected from banking and finance and government sector with rising fraud and security concerns in these sectors.
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Asia pacific expected to see the fastest growth with increasing adoption of biometrics technologies particularly in India and China. North America accounted for the largest revenue share followed by Europe in 2014. In North America and Europe, banking and financial industry represents a lucrative market segment for biometrics technology. The global biometrics industry is concentrate with large number of multinational players. Some major players in this industry include Morpho SA (Safran), NEC Corporation, 3M Cogent, BIO-Key International, Inc., Fujitsu Limited and Siemens AG
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