The global biometrics technology market size is likely to reach USD 59.31 billion
by 2025, according to a new study by Grand View Research, Inc., experiencing a
CAGR of 19.5% during the forecast period. Surging demand for biometrics
technology across various applications is projected to favor the growth of the
market over the coming years. Biometrics technology is used by various
verticals in public, private, and commercial sectors to counter security
threats. This is estimated to stimulate the growth of the market over the
forecast period.
Widening scope of applications of
biometrics technology in consumer electronics, in order to improve customer
experiences, is poised to augment the market over the same period.
Incorporation of biometrics technology into e-commerce applications can enable
secure transactions and unfold ample growth opportunities to the market. High
initial investment cost is anticipated to hamper growth prospects.
Biometrics technology is being increasingly
acknowledged for e-passport programs and to keep a check on illegal migrations.
Government organizations and defense services are further expected to
experience sharp rise in the demand for the technology. In addition, it is used
in banking and finance to increase efficiency and to prevent frauds. This is
further likely to positively influence the growth of the market.
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Further key findings from the report suggest:
· The transport/logistics segment emerged as
the leading end-use segment in 2017 and is projected to exhibit a CAGR of 18.1%
over the forecast period
· The non-AFIS segment accounted for 38.1% of
the overall market revenue in 2017. The technology is used in various
enterprises to enable authorized access, owing to its accuracy and efficiency.
AFIS applications are also poised to register a significant CAGR during the
forecast period, owing to its use in fingerprint and palm identification for
many civil applications
· North America was the largest regional
market in 2017. Biometrics technologies are used in various departments in the
U.S., owing to their strict security standards
· Asia Pacific is also anticipated to
contribute significantly to the global market, due to increasing use of the
technology in countries such as India, China, and Indonesia
· The key market participants include
Accu-Time Systems, Inc.; BIO-key International, Inc.; David-Link; EyeVerify,
Inc.; and FaceFirst.
Grand View Research has segmented the
global biometrics technology market based on application, end-use, and region
Biometrics Technology Application Outlook
(Revenue, USD Million, 2014 - 2025)
·
Face
·
Hand geometry
·
Voice
·
Signature
·
Iris
·
AFIS
·
Non-AFIS
·
Others
Biometrics Technology End-use Outlook
(Revenue, USD Million, 2014 - 2025)
·
Government
·
Banking and Finance
·
Consumer Electronics
·
Healthcare
·
Transport/Logistics
·
Defense & Security
·
Others
Biometrics Technology Regional Outlook
(Revenue, USD Million, 2014 - 2025)
·
North America
o
U.S.
o
Canada
·
Europe
o
U.K.
o
Germany
·
Asia Pacific
o
China
o
India
o
Japan
·
Latin America
o
Brazil
·
Middle East & Africa
Access Press Release of Biometrics Technology Market@ https://www.grandviewresearch.com/press-release/global-biometrics-technology-market
About
Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco.
The company provides syndicated research
reports, customized research reports, and consulting services. To help
clients make informed business
decisions, we offer market intelligence studies ensuring relevant and
fact-based research across a range of industries, from technology to chemicals,
materials and healthcare.
