Global Biometric Technology Market Analysis Report 2018 by Size, Share, Growth and Assessment to 2022

Biometric Technology Market is expected to garner $35.5 billion by 2022, registering a CAGR of 19.4% during the forecast period 2016-2022. Biometrics technology is used for identification and authentication of individuals by measuring and analyzing their personal traits-fingerprints, iris, hand geometry, voice, face, vascular pattern, palm print, or behavioral characteristics-signature, typing pattern, gait. It is a major industry which forms a significant part of the biometric market.

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Biometric technology provides advanced methodology over traditional PIN based methods. This technology is used to secure the sensitive or personal data from fraudulent use of an individual’s possessions, such as ATMs, smart cards, mobile phones or access to desktops, laptops, workstations, or networks by unique identification technique. It uses both physiological as well as psychological traits for identification that makes it beneficial in variety of crucial applications, such as national security, law enforcement, enterprise &e-governance, personal information & business transactions, and others. Biometric systems are designed with a storage component for biometric data samples of individuals and are linked to the information on their identity.

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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.

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.

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