Press release
Global Biometrics Market will exceed USD 50 Billion by 2024 at a CAGR of 20%: Top Key players are 3M Cogent, Lockheed Martin, IDEMIA, NEC Corporation, Smartmatic, ZKTeco Inc
Biometrics Market
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Industry players focus on technological advancements and new product launches to cater to the customer requirements. Benefits offered including provision of precise and accurate validation as compared to traditional validation methods such as PINs and ID cards, are anticipated to increase the industry penetration across the globe till 2024.
Increased smartphone penetration coupled with expansion of consumer electronics will favor the biometrics market share over the forecast timeframe. In addition, rising investment in military & defense due to authentication concerns is anticipated to offer high growth potential. Multimodal biometrics system is an emerging trend in public and private work space for stringent attendance recording purposes. However, high implementation cost and stored data uncertainty may hamper industry growth over the forecast timeframe.
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Biometrics market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2013 to 2024, for the following segments:
Biometrics Market by Product
• Face
• Hand geometry
• Voice
• Signature
• Iris
• AFIS
• Non-AFIS
Biometrics Market by Application
• Government
• Defense services
• Banking & finance
• Consumer electronics
• Healthcare
• Transport/Visa/Logistics
Non-AFIS will account for the highest biometrics market share, surpassing USD 18 billion till 2024. This can be attributed to its high usage in various applications which include cashless vending and workforce management. Moreover, it finds use in various public areas that assure keyless entry and efficient security. Iris recognition will exhibit over 20% CAGR owing to wide integration of iris scanners mainly in smartphones.
Benefits such as unauthorized vehicle use detection, reduction of overtime expenses, and identification of billing anomalies will support the transportation & logistics segment growth from 2017 to 2024. Banking & finance applications will benefit from the rising demand from various financial institutions for precise authentication and streamlining of operations.
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Global industry share is highly fragmented with various participants across the globe. 3M Cogent, BIO-key International, Inc., CMI - Communications & Management Institute, David-Link Fingerprint USA Corp., EyeVerify, FaceFirst, Inc., Green Bit Spa, Iris ID Systems, Lockheed Martin, IDEMIA, NEC Corporation, PRADOTEC Corporation, Smartmatic, VIRDI, ZKTeco Inc are among the prominent players in the biometrics market
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