Biometrics Market Forecast By Key Players: NEC Corporation, M Cogent, BIO-Key International, EyeVerify, CMI Time Management, Lockheed Martin

Market Overview: -

Biometrics Market set to reach 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.

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.

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Top Key Players: -

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.

Market share calculation in this report is not done based on companies covered in it. The calculation of biometrics market share is done based on a regional approach and countries covered. On request, additional companies can be covered as well as regional data for particular country / countries can be provided.

Regional Segmentations: -

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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Partial Chapter of the Table of Content

Chapter 1. Methodology and Scope
1.1. Methodology
1.1.1. Initial data exploration
1.1.2. Statistical model and forecast
1.1.3. Industry insights and validation
1.1.4. Scope, definition and forecast parameters
1.2. Data Sources
1.2.1. Primary
1.2.2. Secondary
Chapter 2. Executive Summary
2.1. Biometrics industry 3600 synopsis, 2013 - 2024
2.1.1. Business trends
2.1.2. Product trends
2.1.3. Application trends
2.1.4. Regional trends
Chapter 3. Biometrics Industry Insights
3.1. Industry segmentation
3.2. Industry landscape, 2013 - 2024
3.3. Industry ecosystem analysis
3.3.1. Distribution channel analysis
3.3.2. Vendor matrix
3.4. Technology & innovation landscape
3.5. Regulatory landscape
3.5.1. U.S.
3.5.2. EU
3.5.3. China
3.6. Industry impact forces
3.6.1. Growth drivers
3.6.1.1. Rising security concerns
3.6.1.2. North America
3.6.1.2.1. Strong demand from government sector
3.6.1.2.2. Compulsion of e-visas and e-passports for new applicants
3.6.1.3. Europe
3.6.1.3.1. Rapid technological advancements
3.6.1.3.2. Wide usage in military & IT
3.6.1.4. Asia Pacific
3.6.1.4.1. Favorable regulatory scenario
3.6.1.5. LATAM
3.6.1.5.1. Increasing government expenditure on security enhancement
3.6.1.5.2. Increasing deployment of face recognition scanners
3.6.1.6. MEA
3.6.1.6.1. Modernized identification process for voter equality
3.6.1.6.2. Mandatory government regulations
3.6.2. Industry pitfalls & challenges
3.6.2.1. High capital investment
3.6.2.2. Stored data security concerns
3.6.2.3. North America
3.6.2.3.1. Unfeasible deployment at all border exits
3.6.2.3.2. Technology related issues
3.6.2.4. Europe
3.6.2.4.1. Data privacy concerns
3.6.2.5. Asia Pacific
3.6.2.5.1. Budget constraints
3.6.2.6. LATAM
3.6.2.6.1. Spoofing attacks
3.6.2.7. MEA
3.6.2.7.1. System vulnerability
3.7. Growth potential analysis
3.7.1. Business models
3.8. Porter's analysis
3.8.1. Supplier power
3.8.2. Buyer power
3.8.3. Threat of new entrants
3.8.4. Threat of substitutes
3.8.5. Internal rivalry
3.9. Competitive landscape, 2016
3.9.1. Strategy dashboard
3.10. PESTEL analysis

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Fingerprint recognition has been consistently holding a high usage in the biometrics market. The characteristics of the technology, such as relatively simpler installation and low procuring cost, have resulted in high applications in the travel and immigration industry. The face recognition technology has displayed a rapid adoption in the electronics industry by providing authorization applications in the smartphones, laptops, and personal computers.

Rapid technological advancements in the development of sensors and scanners have resulted in the development of varying authorization techniques, such as face recognition and fingerprint scanners, thereby paving the biometrics market growth. These techniques improve the accessibility for the public to exotic locations and grant access to designated officers to areas that are highly confidential and require high security. Additionally, the implementation of these technologies results in faster access, reducing the need for the physical inspection of the individuals.

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