Biometrics Market By Analysis and Forecast Key Players: 3M Cogent, NEC Corporation, BIO-Key International, EyeVerify, Lockheed Martin, FaceFirst

Market Overview: -

Increasing adoption of technology in the security vertical and the confluence of organizations to meet authentication standards has added a renewed dynamism to biometrics market. With the biometrics technology having marked its presence across the security landscape, it is now rapidly penetrating its way into consumer, government, and industrial systems. Based on the concept of statistical analysis of biological data, the biometrics technology is proclaimed to be less prone to cybercrimes and hacking.

Many companies have adopted these techniques to improve the security features. For instance, Samsung and LG have incorporated iris scanners into their smartphones on a wider scale. The voice recognition technology is also seen gaining considerable traction in the mobile banking and commercial sector. The voice recognition segment of biometrics market is expected to register a CAGR of 22% over 2017-2024, claim estimates.

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Top Key Players: -

3M Cogent, NEC Corporation, BIO-Key International, CMI Time Management, EyeVerify, and Lockheed Martin are among the prominent players in the biometrics market. Other notable players include FaceFirst, GreenBit Biometric Systems, MorphoTrust, Smartmatic, Pradotec, etc.

Regional Segmentations: -

North America is poised to grow at around 20% CAGR during the forecast timeline owing to favorable government regulations in the region. In the U.S., the Next Generation Identification Program includes fingerprint, facial recognition, and palm print that assures a repository of the criminal. Moreover, increasing presence of industry players will significantly contribute to the regional sales.

Asia Pacific biometrics market is expected to showcase a significant growth rate owing to increased implementation of biometrics in China and India. In India, the National enrolment program (UIDAI Aadhar) includes logging in the biometric information for unique individual identification. Moreover, introduction of China Resident Identity Card Law by China requires scanned and recorded fingerprints of citizens for identification. The adoption has increased due to township projects at a large scale in Japan. Europe biometrics market is anticipated to exhibit a significant share owing to wide usage in military and IT applications.

Major companies include in biometrics market in terms of Business Overview, Financial Data, Product Landscape, Strategic Outlook, Strategic Outlook, SWOT Analysis:
1. 3M Cogent
2. BIO-key International
3. CMI Time Management
4. Smartmatic
5. David-Link
6. EyeVerify
7. FaceFirst
8. Green Bit Biometric Systems
9. Iris ID
10. Lockheed Martin
11. MorphoTrust
12. NEC Corporation
13. Pradotec-
14. ViRDI
15. ZKTeco

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Over the coming years, biometrics industry is expected to witness several technological advancements that will make authentication more secure and convenient. Below mentioned are the three trends that will strongly influence the industry growth. With the significant expansion of its vast application arena, it is quite evident that biometrics technology is gaining lot of popularity as it works on identification of individuals’ biological information. This technology uses physiological and/or behavioral characteristics of people to authenticate their identity. As every individual is unique, this technology uses separate identifiers such as face recognition, fingerprint, palm veins, hand geometry, DNA, iris recognition, voice and retina.

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