Next Generation Biometrics Market Value chain and stakeholder analysis by 2024

The identification and security systems deployed across organizations have evolved a great deal in the past few years. Many recent advances introduced in these systems have considerably benefited businesses worldwide in fortifying their security. Next generation biometrics is one such technology that has been witnessing rising demand around the world.

Biometrics technologies are automated methods used for verifying and authenticating the identity of a person based on behavioral or physical characteristics such as fingerprints, voice patterns, vein and signature patterns, facial patterns, hand measurements, and eye retina and iris.

Biometrics has emerged as a popular method of verifying the identity of a person under surveillance. The basic premise of the technology is based on the fact that every person is unique and it is possible to identify him/her by the intrinsic physical or behavioral traits.

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Next generation biometrics has gained incredible popularity in the last few years, mainly because of the favorable government initiatives adopted globally to restrict illegal entry.

The technology has also gained impetus from the introduction of e-passports and its increasing use in criminal identification. Furthermore, the growing use of biometrics in cloud computing and e-commerce solutions is expected to provide lucrative opportunities for the global next generation biometrics market.

This multi-billion dollar market is anticipated to further gain from the rising applications in the travel and immigration industries. Over the report’s forecast period, the market is poised to exhibit an impressive CAGR. The report a comprehensive overview of the next generation biometrics market, presenting insights into the key drivers and restraints impacting the market’s growth.

The next generation biometrics technology offers a high degree of privacy, accuracy, ease of use, interoperability, and uniformity across the system. The growing awareness about the benefits offered by biometrics has been crucial in driving the market for the technology behind it. Furthermore, biometric technology enables storage of information in the digital format, which is nearly impossible to decipher and reconstruct.

Owing to its exceptional features, the next generation biometrics technology finds use across varied applications ranging from health care, government, defense, and border security to commercial security, travel and immigration, and banking and finance.

The increasing government funding for deploying biometric technology across various economic sectors has been a major factor boosting the global next generation biometrics market.

Despite witnessing widespread application across various sectors, the high cost incurred in deploying the system and the risk of privacy intrusion are a few factors inhibiting the growth of the market. Nevertheless, the increasing use of the technology in ecommerce and cloud computing is estimated to provide considerable growth opportunities for the market.

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The global next generation biometrics market has been classified on the basis of type into fingerprint recognition, face recognition, iris recognition, voice recognition, palm print recognition, vein recognition, and signature recognition.

Based on application, the market has been segmented into banking and finance, government, travel and immigration, defense, government, health care, electronics, commercial security, home security, and other applications. Regionally, the market has been segmented into Asia Pacific, North America, Europe, and Rest of the World.

In order to study the prevailing vendor landscape of the market, the report profiles players operating therein such as Fujitsu Ltd., 3M, Fulcrum Biometrics, and Cross Match Technologies, Inc. Strengths and weaknesses of companies profiled are determined using the SWOT analysis. The analysis also includes the opportunities and threats that these companies may face during the forecast period.

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