Biometrics Technology Market - Overview of Key Market forces Propelling and Restraining Market Growth Worldwide Scenario 2019

Biometrics technology is the preferred security system of modern times due to the high level of security it provides against crime and terror attacks. Biometrics technology uses an individual’s unique physiological traits for identification. It is considered failsafe because these traits, such as fingerprints or iris patterns, cannot be duplicated. The conventional means of authentication such as passwords are susceptible to attacks and have a high probability of being lost or forgotten. For such reasons, biometrics technology has extensive application in government initiatives such as e-passports, national identity programs, and border control programs.

The widespread use of biometrics technology is visible in its extensive application in developed nations. As much as 1.2 billion people from developing nations have also received identification through biometrics.

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The biometrics technology report makes use of industry-centric tools for business planning and scope of expansion, investment proposition, financial modeling, and competitive analysis.

Overview of the Biometrics Technology Market

As per estimates from experienced analysts, rising national security concerns will help the global biometrics technology market reach US$23.3 billion by 2019. Currently, North America leads the global biometrics technology market, followed by Europe. Together, these two developed regions account for 57.7% of the total revenue of the market. Among other regions, Asia Pacific and Rest of the World (RoW) are growing the fastest and this hierarchy is anticipated to continue.

Flourishing internet-based services such as online banking and e-commerce require precise identification and will thus propel the biometrics technology market. Further, biometrics technology offers permanent, universal, quantifiable, and unique features that will contribute to the growth of the market by 2019.

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Among the many applications of biometrics technology, the non-Afis segment led the market in 2012 owing to its cost benefits and ease of use. Moreover, the non-Afis application segment offers flexibility and requires lower maintenance than other recognition systems. However, the iris application segment has massive untapped potential as an emerging technology in areas of high-end security and access control. This is attributed to its unobtrusive, contact-free and safe identification method. This application segment offers extensive security by carrying out one-to-many identification. Systems that employ iris recognition are robust yet small and thus integrate easily into large electronic systems.

The growth of iris biometrics technology systems is further enhanced by their increased use for national ID drives, control for access to networks, and banking services. Thus, iris recognition systems are anticipated to grow the fastest within the global biometrics technology market in the coming years. However, the high cost associated with biometric recognition systems and the unreliability of some types may challenge the growth of the market.

Major Companies in the Biometrics Technology Market

The report discusses business verticals, recent developments, financial overview, and SWOTs for the key players in the biometrics technology market, namely NEC Corporation, Bio-Key International Inc., Safran Morpho, 3M Cogent Inc., and Cognitec Systems Gmbh.

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