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ID Technologies Market Segment Forecasts up to 2023 Research Report

09-15-2016 10:43 AM CET | IT, New Media & Software

Press release from: TMR - Technology Research Report

ID technologies refer to the technologies such as voice recognition, smartcards, optical character recognition, magnetic stripes, biometrics, and barcodes. These technologies are used to collect data, identify objects and enter the data into computer systems using a communication medium. The communication medium can be intranet or internet. These technologies are widely adopted across the industries, commercial enterprises and residential applications.

The ID technologies market is primarily driven by the increasing fraud cases in various commercial transactions. Additionally, the ongoing terrorist activities across the globe further boost the demand for sophisticated ID technologies to identify the individuals. Increasing cross border activities such as tourism and trade among others are increasing the demand for unique identification cards such as ePassports and other national and international IDs. The demand for employee identification through biometrics, smartcards and voice recognition for logical and physical access to systems and properties is extensively increasing. Thus, with the increasing number of enterprises, it is expected that the market for ID technologies will show potential growth over the coming years. The market has potential growth opportunities in the residential apartments with the improving security measures across this sector.

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Moreover, the deployment centralized identification system for creating electronic national and international IDs is further adding to the growth of ID technologies market. However, the privacy concerns among individuals are the major challenges for the growth of this market. Moreover, some people find it annoying to enter the credential every time when they want to physical or logical access the computer systems or properties.

The biometric ID technology refers to the personal identification by face recognition, hand geometry, iris recognition, fingerprint identification and others. The biometric identification technologies are also used for providing logical and physical access to computer systems, server rooms, mobile handsets and other areas or assets of strategic importance. Barcodes (2D and 3D) are primarily used to keep a track of physical assets of an organizations and products manufactured by the organizations. Moreover, barcodes are widely adopted for streamlining the inventory management process, by enabling product identification through the barcodes printed on the products in the inventory. Barcode identification is also used at the point-of-sales (POS) terminals to generate invoice and bills of the items sold at the counter/station. Conventional technologies such as magnetic strips too are used extensively and are basically deployed for access cards, credit cards and debit cards, to provide logical or physical access to the individual, and to enable monetary transaction. However, these magnetic strips can be easily duplicated. The subsequent security risks have paved way for smartcards, which are being used for identification and monetary transactions.

These smartcards are embedded with microcontroller chips that are capable of storing and transferring individual’s credentials through a contact or contactless medium. Contactless smartcards are expected to show potential growth over the coming years due to decreasing prices of contactless technologies and wide adoption of such technologies in monetary transactions. Optical character recognition is widely deployed to enter the data from invoices, business cards, bank statements and other documents. This technology basically converts the image of the document into a machine coded text which is then identified by the computer systems.

Some of the market players in this industry are NEC Corporation, 3M Cogent, Inc., Siemens AG, Safran Group, Aware, Inc., American Express Co., Gemalto NV, and Texas Instruments, Inc.

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Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.

TMR’s data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, Transparency Market Research employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.

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