New York, NY, Sept. 10, 2019 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Biometric Technology Market By Application (Face Recognition, Fingerprint Recognition, Voice Recognition, Signature Recognition, Iris Recognition, Middleware Recognition, AFIS, Hand Geometry Recognition Non-AFIS, and Others) and By End-Use (Government, Banking & Finance, Consumer Electronics, Healthcare, IT & Telecommunication, Transport/Logistics, Defense & Security, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2025’’. According to the report, the global biometric technology market was USD 17.16 billion in 2018 and is expected to reach approximately USD 59.43 billion by 2025, growing at a CAGR of slightly above 19.42% between 2019 and 2025.
Biometric technology refers to the utilization of technology to recognize a person based on different biological aspects of a person. Fingerprint recognition is the first biometric technology that has been grouped loosely by digital forensics. It secures one’s personal or sensitive data from fraudulent use, which includes smartcards, mobile phones, ATM pins, access to laptops, workstations, desktops, and networks that require a unique identification technique.
Browse through 37 Tables & 32 Figures spread over 148 Pages and in-depth TOC on “Global Biometric Technology Market Share & Trends: Industry Type, Size, Growth, Analysis and Forecast, 2018–2025”.
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Increasing safety concerns related to traditional old PIN-based method is expected to drive the biometric technology market. The surging applications of biometric technology in government and commercial sectors are also fueling the biometric technology market growth. The technology uses psychological and physiological qualities that make it's favorable for numerous vital applications, such as law enforcement, national security, e-governance and enterprise, business transactions, and personal information. Furthermore, high security and unique quality of biometric technology make it useful in a variety of industry verticals, such as healthcare, government, defense, transport and immigration, banking and finance, non-commercial safety, and commercial security. Biometric systems store enrolled samples that can be recalled to do a match during authentication. Additionally, the traditional security methods could be compromised when it comes to security; for instance, chances of forgetting a password or PIN and loss of key, but biometric characters are hard to forget or steal. However, the high initial investments and expensive nature of biometrics devices may curtail the biometric technology market.
The application segment of the biometric technology market includes face recognition, non-AFIS, voice recognition, hand geometry recognition, signature recognition, iris recognition, middleware recognition, AFIS, fingerprint recognition, and others. Face recognition is a multi-purpose technology, which is anticipated to grow in the future due to its high adoption in defense, retail, consumer electronics, and law enforcement sectors. The surge for face recognition is gaining popularity specifically for social media integration and smartphone applications. It has huge market potential due to its integration with 2D and 3D recognition systems along with its surging acceptance in the retail sector.
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North America is anticipated to hold a substantial share of the biometric technology market over the forecast time period. Countries in the region are technologically advanced and financially-sound due to early technological adoption. The healthcare sector is flourishing not only in North America but also globally. Biometrics can help speed up the sector’s administration process, by eliminating frauds and mistakes caused by the increased workload that could lead to costly errors. Furthermore, this will help collect personal and medical information of patients, which can be stored in the hospital’s cloud management system and viewed by doctors in real-time. This, in turn, will help in reducing billing frauds and fueling examination processes like blood transfusions and blood drawings.
The European biometric technology market will hold a noteworthy share globally over the predicted time period, owing to the growing demand for IT security that is fueling the need for strong security solutions. Governments and companies are jointly working to develop solutions that are more secure and convenient to access information, allowing people to maintain their digital life without any risk of frauds.
Browse the full “Biometric Technology Market By Application (Face Recognition, Fingerprint Recognition, Voice Recognition, Signature Recognition, Iris Recognition, Middleware Recognition, AFIS, Hand Geometry Recognition Non-AFIS, and Others) and By End-Use (Government, Banking & Finance, Consumer Electronics, Healthcare, IT & Telecommunication, Transport/Logistics, Defense & Security, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2025” Report at https://www.zionmarketresearch.com/report/biometric-technology-market
The Asia Pacific biometric technology market is the fastest-growing region globally, owing to the increased spending on infrastructure with security being a major attraction, rising applications of biometrics for security purposes, growing demand for smartphones with fingerprint recognition and facial recognition. Countries in the Asia Pacific have started standardizing security screening systems for detecting individuals who pose a threat and then search them. The police department in Thailand has already implemented facial recognition systems on all the border checkpoints, which will reduce the number of incidents risking life and property.
Latin America will experience moderate growth in the biometric technology market globally in the future. The Mexican biometric technology market is likely to grow due to the rising number of projects like e-passports, e-drivers license, voter ID, and national ID based on biometrics.
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Some prominent players in the global biometric technology market are 3M, Fujitsu Frontech, Imageware Systems, Suprema, Safran, Secunet Security Networks, Thales, Bio-Key International, NEC Corporation, and Precise Biometrics.
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This report segments the global biometric technology market into:
Global Biometric Technology Market: Application Analysis
- Face Recognition
- Fingerprint Recognition
- Voice Recognition
- Signature Recognition
- Iris Recognition
- Middleware Recognition
- AFIS
- Hand Geometry Recognition
- Non-AFIS
- Others
Global Biometric Technology Market: End-Use Analysis
- Government
- Banking and Finance
- Consumer Electronics
- Healthcare
- IT and Telecommunication
- Transport/Logistics
- Defense and Security
- Others
Global Biometric Technology Market: Regional Analysis
- North America
- The U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- The Middle East and Africa
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