Biometrics Technology Market Report

Biometrics Technology Market Analysis Report By End-Use (Government, Banking & Finance, Transport/Logistics, Defense & Security), By Application (AFIS, Iris, Non-AFIS), and Segment Forecasts, 2018 - 2025

  • Published Date: Sep, 2018
  • Base Year for Estimate: 2016
  • Report ID: 978-1-68038-299-0
  • Format: Electronic (PDF)
  • Historical Data: 2014 - 2017
  • Number of Pages: 140

Industry Insights

The global biometrics technology market size was valued at USD 14.40 billion in 2017. The technology presents several advantages such as high level of security in the private, public, and commercial sectors. It records unique human characteristics, such as retina, fingerprints, DNA, and voice patterns, for authorization. Furthermore, the market is gaining traction owing to spiraling use of the technology across several verticals in different sectors for enhancing security.

U.S. biometrics technology market

With biometrics technology, there are reduced frauds and security breaches as compared to traditional methods such as use of tokens and passwords. A biometrics system uses a reader, related software, and a database to compare, thus providing a high degree of accuracy and security. In addition, increasing adoption of the technology in the e-commerce industry for secure payments is expected to propel the market during the forecast period.

Rising concerns regarding internal and external securities are likely to drive the market during the same period. Additionally, increasing use of the technology in government and private sectors for employee identification and attendance is projected to fuel the overall demand over the coming years.

Moreover, growing adoption of biometrics systems in the BFSI sector for securing financial transactions across the globe is estimated to augment the market. In addition, surging adoption of advanced authentication and recognition systems in smartphones and tablets is leading to increase in adoption of demand for biometrics technology across the globe.

However, these systems are usually in higher in price as compared to their alternates, which is negatively impacting the growth of the market. Technological advancements, such as advent of multimodal biometrics technology, are poised to provide new growth opportunities to the market over the forecast period.

Application Insights

Based on application, the market has been divided into face, hand geometry, voice, signature, iris, automated fingerprint identification system (AFIS), non-AFIS, and others. Fingerprint scanning is the most widely used biometric authentication technique. Contactless biometric techniques, such as hand vein and palm print biometrics recognition, are anticipated to register considerable growth over the forecast period.

Europe biometrics technology market

AFIS is expected to be the most prominent application segment throughout the forecast horizon, owing to its heightened usage in law enforcements and civil applications. One of the key users of the fingerprint biometric technique is the private sector, where it used for attendance and background check of employees.

Iris-based surveillance, identity recognition, and access controls are projected to become integral parts of the industry. They are used in government programs, ATM facilities, transaction securities, financial institutions, and military intelligence. A key benefit of Iris technology is convenience and safety; the user does not have to be in physical contact with the reader to use this technology. Non-AFIS are user-friendly and more economical as compared to AFIS and are, therefore, widely used in smartphones and laptops.

End-use Insights

On the basis of end use, the biometrics technology market has been segmented into government, banking and finance, consumer electronics, healthcare, transport/logistics, defense & security, and others. The government sector is likely to account for a sizeable share in the market during the forecast period. The technology is widely used to counter issues such as identity theft and illegal migration. Its demand is projected to stay strong in the transport/logistics and defense & security segments throughout the forecast period.

The implementation of biometrics technology can be a costly affair for any enterprise, posing a challenge to the growth of the market. However, technological advancements and increasing use of these technologies may gradually reduce the overall implementation cost. The healthcare segment is estimated to post noteworthy CAGR during the same period, owing to rapid technological advancements. Besides this, use of biometrics systems for protecting patient privacy as well as curbing false insurance claims and other healthcare frauds.

Regional Insights

Biometrics technology is being increasingly used to cater to safety and security needs, owing to increasing terrorist threats worldwide. North America is poised to be the leading revenue contributor in the market during the forecast period. In the U.S., biometric techniques are widely used in various departments including commerce, defense, homeland security, justice, and state.

The market in Asia Pacific is anticipated to be the fastest growing, owing to increasing awareness about the technology. Countries such as China and India are sights of high growth rates in the region. Initiatives, such as e-KTP electronic ID initiative in Indonesia and the UIDAI project in India, using face, fingerprints, and eyes biometrics, are also expected to provide new opportunities to the market.

Biometrics Technology Market Share Insights

Some of the prominent companies operating in the market are NEC Corporation, Precise Biometrics AB, Fujitsu Limited, 3M Cogent, Hitachi, FaceFirst, and Nuance Communications. 3M Cognet offers a wide range of fingerprint & palm print identification products and applications with innovative features.

Market participants are entering into mergers & acquisitions to sustain competition in the arena. 3M Cogent has partnerships with companies such as BlackBerry, Siemens, Lockheed Martin, Accenture, and Sun Microsystems. The company has developed a Bluetooth-enabled portable fingerprinting scanner, which is used in the mobile biometric technology industry.

Report Scope

Attribute

Details

Base year for estimation

2016

Actual estimates/Historical data

2014 - 2017

Forecast period

2018 - 2025

Market representation

Revenue in USD Million & CAGR from 2018 to 2025

Regional scope

North America, Europe, Asia Pacific, Latin America, and MEA

Country scope

U.S., Canada, U.K., Germany, India, Japan, China, and Brazil

Report coverage

Revenue forecast, company ranking, competitive landscape, growth factors, and trends

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Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the industry trends in each of the sub-segments from 2014 to 2025. For the purpose of this study, Grand View Research has segmented the global biometrics technology market report based on application, end-use, and region:

  • Application Outlook (Revenue, USD Million, 2014 - 2025)

    • Face

    • Hand geometry

    • Voice

    • Signature

    • Iris

    • AFIS

    • Non-AFIS

    • Others

  • End-use Outlook (Revenue, USD Million, 2014 - 2025)

    • Government

    • Banking and Finance

    • Consumer Electronics

    • Healthcare

    • Transport/Logistics

    • Defense & Security

    • Others

  • Regional Outlook (Revenue, USD Million, 2014 - 2025)

    • North America

      • U.S.

      • Canada

    • Europe

      • U.K.

      • Germany

    • Asia Pacific

      • China

      • Japan

      • India

    • Latin America

      • Brazil

    • Middle East & Africa (MEA)

Key questions answered by the report
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