Biometrics Market Future Trend and Growth Opportunities By 2024

Biometrics market has already established its significant presence across the security landscape in a bid to combat the increasing instances of data theft, security breaches, and data hacking. Organizations are increasingly demanding for authentication solutions that not only offer reliable security but also are extremely difficult to hack. Biometrics technology is one such solution that arguably fits into all these conditions, subject to the fact that this technology is basically based on statistical analysis of biological data.

Increasing adoption of technology in the security vertical and the confluence of organizations to meet authentication standards has added a renewed dynamism to biometrics market. With the biometrics technology having marked its presence across the security landscape, it is now rapidly penetrating its way into consumer, government, and industrial systems. Based on the concept of statistical analysis of biological data, the biometrics technology is proclaimed to be less prone to cybercrimes and hacking. Recently, Mexico’s National Banking and Security Commission has announced a new regulation in the country that would require all the banks to deploy fingerprint scanners for the clients by 2018.

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One of the biggest biometrics market trends to watch for will be the adoption of this technology parallel to the massive expansion of IoT. IoT being the biggest emerging concept for both businesses and consumers undeniably requires a robust security spectrum to protect critical data. In response to this, in the coming years, the global biometrics market will witness a remarkable upsurge with the technology being integrated in a wide variety of IoT applications ranging from smart homes, banking, healthcare, and automotive.

Favorable regulatory landscape has significantly driven North America biometrics market. Biometric applications in security and government sectors of U.S. are driving the regional market trends. In fact, statistics claim, North America with U.S. at the helm will represent more than 30% of the overall biometrics industry share by 2024. Asia Pacific will also turn out to be another lucrative belt witnessing a remarkable growth. Several governmental initiatives in China and India like CRIC (China Resident Identity Card), UIDAI Aadhar enrollment program emphasizes on logging through biometric technology for ensuring authenticated and secured identification of the individuals. Implementation of these programs has profoundly favored the commercialization of biometrics industry in APAC.

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As the cybercrimes and identification errors are captivating the industry verticals, there has been a significant upsurge in the adoption of biometrics to ensure data security and privacy. Lately, there has been a plethora of fraudulent cases and data breaches in the financial sector. JP Morgan Chase for instance was one of the major victim, where the hackers accessed the critical data of approximately 83 million customers.

Biometrics market has already established its significant presence across the security landscape in a bid to combat the increasing instances of data theft, security breaches, and data hacking. Organizations are increasingly demanding for authentication solutions that not only offer reliable security but also are extremely difficult to hack. Biometrics technology is one such solution that arguably fits into all these conditions, subject to the fact that this technology is basically based on statistical analysis of biological data. Biometrics authenticate individuals based on the physiological or behavioral characteristics such as identifiers, face recognition, DNA, palm veins, iris recognition, etc.

Some Point from Table of Contents:

Chapter 4. Biometrics Market, By Product
4.1. Global biometrics market share by product, 2016 & 2024
4.2. Face
4.2.1. Market estimates and forecast, 2013-2024
4.2.2. Market estimates and forecast, by region, 2013-2024
4.3. Hand geometry
4.3.1. Market estimates and forecast, 2013-2024
4.3.2. Market estimates and forecast, by region, 2013-2024
4.4. Voice
4.4.1. Market estimates and forecast, 2013-2024
4.4.2. Market estimates and forecast, by region, 2013-2024
4.5. Signature
4.5.1. Market estimates and forecast, 2013-2024
4.5.2. Market estimates and forecast, by region, 2013-2024
4.6. Iris
4.6.1. Market estimates and forecast, 2013-2024
4.6.2. Market estimates and forecast, by region, 2013-2024
4.7. AFIS
4.7.1. Market estimates and forecast, 2013-2024
4.7.2. Market estimates and forecast, by region, 2013-2024
4.8. Non-AFIS
4.8.1. Market estimates and forecast, 2013-2024
4.8.2. Market estimates and forecast, by region, 2013-2024
4.9. Others
4.9.1. Market estimates and forecast, 2013-2024
4.9.2. Market estimates and forecast, by region, 2013-2024

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