Market Research Report
Biometrics Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024
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|Biometrics Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024|
|Published: April 8, 2019||Content info: 115 Pages||
The global biometrics market reached a value of US$ 16.7 Billion in 2018. Biometrics refers to processes that are used to recognize, identify and authenticate people based on their physical or behavioral characteristics. They match an individual's identifiers to their biometric template already stored in the database. Biometrics identifiers can be divided into two categories, namely, physiological and behavioral characteristics. Physiological characteristics include fingerprint, palm print, palm veins, hand geometry, face, DNA, iris and retina, whereas behavioral characteristics comprise typing patterns, voice and signature recognition. Biometrics technologies are employed across schools, colleges, and corporate and government offices as they are reliable, accurate and difficult to forge.
Biometrics technologies, especially fingerprint recognition systems, have witnessed acceptance on a global level owing to their affordability and easy usage. The rising adoption of fingerprint recognition in mobiles, tablets and cloud computing is expected to create a positive outlook for the biometric technologies market. Apart from this, biometrics technologies are employed across numerous government organizations for reliable, stable and enhanced security as biometric traits are difficult to steal or forget. These technologies are also being implemented for e-passport and e-visa programs with the aim of keeping a check on illegal migration, and in the banking and finance sectors to increase efficiency and prevent frauds. Furthermore, the introduction of multimodal biometrics, which make use of more than one behavioral or physiological characteristic for authentication, is expected to improve the recognition and security performance of these systems in the coming years. Owing to these factors, the market is projected to exceed US$ 37.2 Billion by 2024, exhibiting a CAGR of around 14% during 2019-2024.
The global biometrics market consists of numerous small and large manufacturers. Some of the leading players operating in the market are Accu-Time Systems, BIO-Key International, Inc., Cognitec Systems, GmbH, Fujitsu Limited, 3M Cogent, Inc., IDTECK, NEC Corporation, Siemens AG, RCG Holdings, Ltd., Suprema, Inc., Lumidigm, Inc., IrisGuard, Inc., Daon, Inc., DigitalPersona, Inc. and Morpho SA (Safran).