Next Generation Biometrics Market to Reach $5.9 Billion at an Annual Growth Rate of 22% till 2020

Summary: Government Initiatives in Emerging Countries to Lead the $5.9 Billion Biometrics Market at a Yearly Growth Rate Of 22% Till 2020

The Report “Next Generation Biometrics Market Analysis by Type of Authentication (Single Factor, Multi-Factor, Multi-Modal); Biometric Type (IRIS, Face, Fingerprint, Vein); By Application (Banking, Government, Consumer Electronics, Retail) – Forecast (2014 – 2020)” Published by IndustryArc, the NGB Market to Reach $5.9 Billion by 2020

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Biometrics can be defined in most basic manner as measurement of physiological traits such as finger print, voice, face, iris, and others. These factors are unique and non-reproducible, and are used to identify and authenticate the individual providing greater security than any other credentials such as password, PIN or token. Off late, the implementation of biometrics has spread into several industries including healthcare, retail, hospitality, and consumer electronics apart from the established government sector.

Key Factors that drive adoption of biometrics in any industry are Security, Convenience and Cost. Moreover, the need for unique credentials to authenticate an individual that are less prone to theft or loss is facilitating the shift from traditional techniques to biometrics.

Biometrics are used across various Applications currently such as:

Banking
Consumer Electronics
Government
Healthcare
Hospitality
Retail
Gaming, and so on

In Banking Sector, biometrics has been able to find space owing to the convenience and ease. The mobile banking is expected to witness huge changes with several multinational banks shifting to biometrics for secure operations. Canadian direct bank Tangerine was the first bank in Canada to introduce biometric authentication in its services. Tangerine in 2014 has installed biometric authentication security in their mobile banking services. Furthermore, the entry of global player such as Apple Inc., in integrating the biometrics into consumer electronics in 2013 by launching iPhone 5S with Touch ID which utilizes fingerprint to authenticate the user has substantiated the demand for secure authentication methods and will further propel biometrics in consumer electronics to make payments.

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The Market is characterized by Strong Players with high revenue and high R&D capital reserves. It is relatively difficult for a new entrant to crack the market share. However, with effective strategies of distribution and robust products, companies can penetrate into the market. The Market comprises of suppliers of both Biometric Devices and Sensors. Manufacturers offering both these product types are varied and different players hold significant share in biometrics systems and biometrics sensors market.

However on the whole, the Key Players are:

Morpho (France)
NEC Corporation (Japan)
3M Cogent Inc. (U.S)
Synaptics Inc. (U.S
Fingerprint Cards AB (U.S)

Other Key Players are

Suprema Inc. (Korea)
Cross match Technologies (U.S)
RCG holding Ltd.
Fujitsu Inc. (Japan), and so on

The top three players possess nearly 50% share according to IndustryARC analysis, thus, enjoying power of pricing to an extent. Incidentally, these companies are key suppliers of biometrics for government agencies for border control, law enforcement and defense applications.

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Next Generation Biometrics Market for developed economies such as American regions and Europe was high in 2014. These regions continue to showcase higher adoption of biometrics in the period 2015-2020. The Global Market stood at $4.7 billion in 2014 according to a study from IndustryARC, where both Americas and Europe accounted for more than 60% market share. However, Asia-Pacific regions hold greater potential for biometrics market and are estimated to grow immensely and nearly equal market size of Europe by 2020. The reason for high growth is the scale of government initiatives combined with consumer awareness on biometrics. The higher disposable income and consumer willingness to spend is also major factor contributing to the growth.

In India for example the government has introduced biometric attendance systems at all its offices to keep effective tracking of the employees. Public service employees can now use the civil ID, Aadhar to authenticate themselves. The Aadhar card contains fingerprint and IRIS data of an individual and these kinds of programs will create demand for fingerprint and IRIS scanners. Moreover, the Aadhar is expected to spread to various applications such as retail payments, healthcare payments, and so on. In certain states, prisoners are also using biometric smart cards to make purchases and retail payments. Similarly, in Africa, in association with Master Visa, electronic biometric cards are issued to citizens which facilitate stronger authentication make payments at retail stores or online. These initiatives provide infinite opportunities for every member across the value chain along with escalating the market growth in a particular region.

The biometrics products are currently also offered and purchased by consumers directly for home security purpose. Thus, the scenario is changing for companies selling biometric devices from business to business to business to consumer perspective. With easily accessible online retail websites, it is slightly easy for a supplier to present their products to the end users. However, this is an emerging scenario and currently, on the whole, large capital investment, established brands, and well instituted distribution channels play a significant role in the market.

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“Next Generation Biometrics Market – IndustryARC”

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