Biometrics Market Advancement Analysis to 2024 With Top Industry Players Lockheed Martin, IDEMIA, NEC Corporation, PRADOTEC Corporation, 3M Cogent

North America biometrics market is expected to account for more than 30% share till 2024. Rising demand from government & security sector in U.S. coupled with the presence of major industry participants will escalate the industry growth. Moreover, favorable regulatory landscape in the U.S will help in fostering the industry demand. Asia Pacific is poised to grow at the highest CAGR owing to various government initiatives in the countries including China and India. National enrollment program (UIDAI Aadhar) in India, and China Resident Identity Card (CRIC) are among the implementation examples across the region.

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The Major Players Operating in the Market-

1. 3M Cogent
2. BIO-key International, Inc.
3. CMI - Communications & Management Institute
4. David-Link Fingerprint USA Corp.
5. EyeVerify
6. FaceFirst, Inc.
7. Green Bit Spa
8. Iris ID Systems
9. Lockheed Martin
10. IDEMIA
11. NEC Corporation
12. PRADOTEC Corporation
13. Smartmatic
14. VIRDI
15. ZKTeco Inc

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.

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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.

Biometrics Market by Application: -

1. Government
2. Defense services
3. Banking & finance
4. Consumer electronics
5. Healthcare
6. 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.

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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.

News: - In July 2017, Iris ID partnered with a Chinese medicine producer, Tongrentang. This partnership will escalate the utilization of the company’s iris scanners by all the employees of Tongrentang. In November 2016, Bio Key International signed an agreement with Shinden Hightex Corporation for selling the company’s Compact fingerprint readers product line in Asia to serve the demand for convenient online security in Asia Pacific.

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This release was published on openPR.