Biometric Technology Market by and End User- Global Opportunity Analysis and Industry Forecast, 2015 – 2022

Biometric Technology Market Report, published by Allied Market Research, forecasts that the global market is expected to garner $10.72 billion by 2022, registering a CAGR of 19.4% during the period 2016-2022.

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In the year 2015, North America was the highest revenue-generating region, owing to increasing adoption of advanced security and authentic solutions and service in the government and commercial sector. Furthermore, the region is projected to continue its dominance throughout the forecast period due to increasing need for multilevel biometric solutions and services in various end-user verticals. Europe was the second largest market, in terms of revenue generation, followed by Asia-Pacific. Major factors that boost the biometric technology market worldwide include increasing security & privacy concerns and rising standard of living.

The physical biometric segment dominated the market with around 81% share, owing to increasing adoption of fingerprint recognition and face recognition biometric solutions across various end-user verticals, in 2015. The iris recognition segment is projected to expand at the highest CAGR of around 22%, owing to widening applications of iris recognition biometric solutions at vehicle checkpoints, airport security, and for employee identification.

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The banking & financial sector led the market, followed by the public sector, both collectively accounting for around 60% of the market revenue in 2015.
The globalbiometric technology market is classified based on geography into North America, Europe, Asia-Pacific, and LAMEA. North America generated the largest revenue in 2015, followed by Europe. Asia-Pacific is projected to expand at the highest CAGR of around 22% during the forecast period.

Key Findings of Biometric Technology Market:
•Major driving forces for the growth of the biometric technology market are increasing severity & privacy concerns and continuous technological advancements.
•Fingerprint recognition segment dominated the biometric technology market in 2015; however, the iris segment is expected to grow at the highest CAGR.
•North America dominated in 2015, whereas Asia-Pacific is expected to register the fastest growth.

The report features a competitive scenario of thebiometric technology market and provides a comprehensive analysis of key growth strategies adopted by major players. Key players adopt product launches, and mergers & acquisitions as their key growth strategies to expand their presence and gain a competitive edge. Companies profiled in the report include 3M Company (Cogent Systems, Inc.), Fujitsu Frontech Limited, ImageWare Systems, Inc., Suprema, Inc., Safran S.A., secunet Security Networks AG, Thales S.A., BIO-key International, Inc., NEC Corporation, and Precise Biometrics.

Biometric Technology Market Key Segments:
By Type
• Based on physical characteristics
o Face recognition
o Iris recognition
o Fingerprint recognition
o Hand geometry recognition
o Others (DNA, ear)

• Based on behavioral characteristics
o Signature recognition
o Voice recognition
o Middleware recognition
o Others (keystroke, handwriting)

By End User
• Public sector
• Banking & financial sector
• Healthcare
• IT & telecommunication
• Others (hospitality, retail, automotive)

Biometric technology market is segmented on the basis of type, end user, and geography. The market is segmented into two types based on physical and behavioral characteristics. The biometric technology based on physical characteristics is further segmented into face recognition, iris recognition, fingerprint recognition, hand geometry recognition, and others (DNA, ear), while the technology based on behavioral characteristics is further segmented into signature recognition, voice recognition, middleware recognition, and others (keystroke, handwriting).

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The end users of the biometric technology industry include defense, government, banking & finance, healthcare, transport & immigration, commercial security, non-commercial safety & security, and others (hospitality, gaming, automobile, retail). The biometric market size has also been studied across the regions North America, Europe, Asia-Pacific, and LAMEA.

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

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