According to the new research report published by The Insight Partners, titled “Biometrics Technologies Market - Global Analysis and Forecast to 2027”, the is expected to reach US$ 55.4 Billion by 2027, registering a CAGR of 16.2% during the forecast period 2019-2027.
With the increasing trend of digitization across industries, the demand for data security and safety among consumers as well as enterprises is growing at an unprecedented rate. This trend is further augmented by the rising number of smart and mobile devices in both consumer and enterprise market. The demand for enhanced security solutions equipped with new technology tools is rising due to various advantages offered by these solutions over traditional access controls. Owing to all these factors, biometric authentication is gaining traction over other forms of security solutions. Biometric technologies refer to various methods that are used to identify, authenticate, and verify users based on their physical or behavioral characteristics. Due to growing incidents of security breaches, the demand for biometric-based identification solution is rising at a fast pace. Presently, fingerprint and facial recognition are two of most popular biometric applications in the consumer and enterprise segments and other applications such as iris scan are also expected to register high growth in the future digital world. Both private, as well as government organizations, are widely investing in biometrics for a number of applications including attendance, access control, timekeeping, security, and verification, among others. There are countries such as India that are using biometrics such as fingerprint and retina scan as national ID for its citizens.
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Key Players : Some of the key players operating in the global biometrics technologies market include Aware, Inc., BIO-key International, Inc., IDEMIA, ImageWare Systems, Inc., Fujitsu Limited, Gemalto NV, Precise Biometrics AB, NEC Corporation, Suprema Inc., and Secunet Security Networks AG among others.
The market for biometrics technologies is segmented on the basis of technology and application. Based on technology, the market is segmented into fingerprint recognition, palm recognition, face recognition, iris recognition, voice recognition, others. On the basis of application, the market is bifurcated among banking and finance, government, healthcare, military & defense, consumer electronics, others. Geographically, the market is fragmented into five regions, including North America, Europe, Asia-Pacific, Middle East & Africa, and South America.
Growing awareness regarding the advantages offered by biometric-based identification over traditional methods is expected further fuel the demand of biometrics devices, applications, and services among industries such as banking, financial services, insurance, healthcare, government, and travel among others. In addition to this, the advent of cloud computing technology is driving the market growth of biometric as a service. Some of the major reasons for the rising adoption of various cloud-based solutions are on-demand environment, low initial investment, sophisticated cloud & hosting models, advanced features, and fast integration & customizations. With investment in cloud-based solutions, enterprises are anticipated to reduce their operational costs, decrease human errors, and thus increasing the overall productivity. Governments in both developing and developed regions are taking various initiatives to boost the adoption of digital & cloud-based services among consumers and industries. Owing to all these positive developments, the adoption of cloud-based solutions such as biometric as a service is expected to grow at an impressive rate during the forecast period from 2019 to 2027.
The adoption of biometrics technologies is expected to expand at a fast pace across industries, especially government, banking, consumer electronics, and healthcare, owing to increasing demand for secure transactions and effective identity verification solutions. With increasing penetration of mobile phones in customers’ lives and rising trend of digitization among sectors, smart phone makers such as Apple, Google, Samsung, Huawei and others have integrated various types of biometric technologies including fingerprint, face, and iris scan in their smartphones to increase security and enhance the customer experience.
Geographically, Asia Pacific held the majority revenue share of the biometrics technologies market in the year 2018, and it is expected to continue its dominance during the forecast period of 2019 to 2027. Europe and North America held the second and third position in the global biometrics technologies market in 2018. The other developing regions, such as the Middle East & Africa and South America are also anticipated to offer significant growth opportunities for biometrics technologies market players during the forecast period from 2019 to 2027.
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