Biometrics Market worth USD 50 Billion, Global Industry to Register an Exponential CAGR of Over 20% by 2024
Increased smartphone penetration coupled with expansion of consumer electronics will favor the biometrics market share over the forecast timeframe
Selbyville, United States – June 28, 2019 /MarketersMedia/ —
Biometrics Market size is estimated to surpass USD 50 billion by 2024. Rising security concerns across the world are poised to increase the biometrics demand over the forecast timespan. The technology has found uses for security control applications in border security forces, airport authentication systems, and public safety in museums & shopping malls. Additionally, a strong demand for the technology from governments across the world for individual identification in government jobs has resulted in a high demand for the biometrics market.
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Increasing usage of the technologies in the IT and other industry verticals to identify and authorize the entry of employees to the offices has resulted in the high biometrics market growth. The devices are used to authorize the entry of employees to their booths, thus providing security by blocking the entry of intruders. Additionally, the compulsion of e-Visas and e-passports has resulted in an increased demand for this technology to enable smooth and flawless authorization process at the airports.
Increased smartphone penetration coupled with expansion of consumer electronics will favor the biometrics market share over the forecast timeframe. In addition, rising investment in military & defense due to authentication concerns is anticipated to offer high growth potential. Multimodal biometrics system is an emerging trend in public and private work space for stringent attendance recording purposes. However, high implementation cost and stored data uncertainty may hamper industry growth over the forecast timeframe.
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Non-AFIS will account for the highest biometrics market share, surpassing USD 18 billion till 2024. This can be attributed to its high usage in various applications which include cashless vending and workforce management. Moreover, it finds use in various public areas that assure keyless entry and efficient security. Iris recognition will exhibit over 20% CAGR owing to wide integration of iris scanners mainly in smartphones.
North America biometrics market held a significant share in 2017 owing to a strong demand in the government and security sector for providing security solutions at the national borders and airports. Additionally, the U.S. citizenship and immigration authorities have made e-passport and e-visas mandatory for new applicants. Countries in Asia Pacific including China and India have had a high demand for the biometrics market owing to the applications of technologies in national enrolment programs such as UIDAI Aadhar.
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Players in the biometrics market include NEC Corporation, M Cogent, BIO-Key International, EyeVerify, CMI Time Management, Lockheed Martin, FaceFirst, MorphoTrust, GreenBit Biometric Systems, Pradotec, and Smartmatic. The players are focusing on entering into new mergers and acquisitions to extend their product lineup.
Table of Contents (ToC) of the report:
Chapter 4. Biometrics Market, By Product
4.1. Global biometrics industry share by product, 2016 & 2024
4.2. Face
4.2.1. Market estimates and forecast, 2013-2024
4.2.2. Market estimates and forecast, by region, 2013-2024
4.3. Hand geometry
4.3.1. Market estimates and forecast, 2013-2024
4.3.2. Market estimates and forecast, by region, 2013-2024
4.4. Voice
4.4.1. Market estimates and forecast, 2013-2024
4.4.2. Market estimates and forecast, by region, 2013-2024
4.5. Signature
4.5.1. Market estimates and forecast, 2013-2024
4.5.2. Market estimates and forecast, by region, 2013-2024
4.6. Iris
4.6.1. Market estimates and forecast, 2013-2024
4.6.2. Market estimates and forecast, by region, 2013-2024
4.7. AFIS
4.7.1. Market estimates and forecast, 2013-2024
4.7.2. Market estimates and forecast, by region, 2013-2024
4.8. Non-AFIS
4.8.1. Market estimates and forecast, 2013-2024
4.8.2. Market estimates and forecast, by region, 2013-2024
4.9. Others
4.9.1. Market estimates and forecast, 2013-2024
4.9.2. Market estimates and forecast, by region, 2013-2024
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