Technology Advancements in Developing World Drives Global Biometrics Market to reach $30 billion by 2020

Thursday 08 Jan 2015

Industry Experts has introduced the new global market research report on Biometrics. The study ‘Biometrics – A Global Market Overview’ reveals that North America constitutes the largest market for Biometrics worldwide, with a share estimated at 32% equating to US$3.3 billion in 2014 and projected to reach US$9.2 billion by 2020 while Asia-Pacific is expected to be the fastest growing market with a robust CAGR of 23% during 2014-2020.

The primary goal of biometrics technology is to ensure that an individual is who she/he is claiming to be, and for this purpose, this technology may make use of a person’s unique physical characteristics, such as fingerprint, hand or palm print, iris, face and even veins for verifying identity. It is possible to integrate biometric technology into banks, ATM machines, USB keys hooked onto computers, retail locations to be utilized with credit and debit cards and any other such area that requires a financial transaction to be made.

Widespread application of biometrics in a gamut of key sectors, such as public security, safety, customs, finance, army, airport and civil markets such as intelligent access control and attendance market, is bound to expand the scale of biometric adoption. With system and hardware prices dropping and reliability and convenience going up, the promise offered by biometrics to the world in the diverse ways of managing identities is beyond comprehension. While applications of biometrics in e-commerce and financial services provide some of the most attractive opportunities, this technology’s utilization in healthcare, aid distribution and democracy offer good potential for growth.

The study provides an in-depth market analysis of biometric technologies and applications while also serves the focus on market trends, major players and application sectors. Global biometrics market is slated to post a strong CAGR of 19.6% between 2014 and 2020 to reach a projected US$30.1 billion by 2020 from an estimated US$10.3 billion in 2014. Fingerprint recognition is estimated the largest technology with market worth US$3.2 billion in 2014 while Civil ID is slated to be the largest application with global market of US$4.6 billion in the same year.

This market research report analyses, estimates and forecasts the market for Biometrics for major global regions including North America, Europe, Asia-Pacific, South America, Middle East and Africa. Key Biometric technologies explored include Fingerprint, AFIS/Live Scan, Facial, Iris, Voice, Vein, Hand Geometry, Signature and Other. Major applications studied comprise Civil ID, Criminal ID, Logical Access, Physical Access, Surveillance and Others. The report also analyzes the global biometrics market for prominent end-use sectors including Government & Civil, Military & Border Control, Corporate Security, IT & Communication, Banking & Financial, Healthcare and Others.

The 410 pages global biometrics market report includes 191 charts (includes a data table and graphical representation for each chart), supported with meaningful and easy to understand graphical presentation, of market numbers. The statistical tables represent the data for the global market value in USD by major geographic region & key countries in each region; biometric technology; applications and by end-use sectors. The study profiles 26 key global players and 35 major players in Biometrics industry across North America – 19; Europe – 9 and Asia-Pacific – 7. The report also provides the listing of the companies engaged in manufacturing and supply of Biometric equipment, software and services. The global list of companies covers addresses, contact numbers and the website addresses of 286 companies.

Hyderabad, India based Industry Experts is a multi industry focused business information provider.

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