The global biometrics technology market is expected to reach USD 59.31 billion by 2025, according to a new study by Grand View Research, Inc. The increasing demand for biometrics technology across various applications is expected to favor the market growth over the next nine years. Biometrics technology is used by several verticals in private, public, and commercial sectors to overcome security threats. This is expected to fuel the market demand over the forecast period.
The increasing use of biometrics technology in consumer electronics, to enhance customer experiences, is expected to drive the market over the coming years. Implementation of biometrics technology for e-commerce applications may enable secure transactions and provide new opportunities to the market. High initial investments may hinder the industry growth over the forecast period.
The biometrics technology is extensively used for e-passport programs and to counter illegal migrations. Government and defense services are further expected to witness high growth over the forecast period. Biometrics technology can be used in banking and finance to increase efficiency and prevent frauds enabling the industry to grow at a significant rate over the next nine years.
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Further key findings from the study suggest:
Transport/logistics emerged as a dominant end-use segment in 2015 and accounted for over 27% of the biometrics technology market in the same year
Non-AFIS was estimated to be a considerable application segment in 2015 and accounted for over 38% of the overall industry revenue
The Non-AFIS technology is used in various enterprises to enable authorized access, owing to its accuracy and efficiency. AFIS application is also expected to grow at a significant rate, owing to its use in fingerprint and palm identification for many civil applications
North America was estimated to be the largest regional market in 2015 and is expected to grow at a considerable rate over the forecast period
Biometrics technologies are used in various departments in the U.S., owing to their strict security standards. The Asia Pacific region is also expected to contribute, significantly, to the industry growth with the increasing use of the technology in countries such as India, China, and Indonesia
The key market participants include NEC Corporation, Fujitsu Limited, Precise Biometrics AB, 3M Cogent, FaceFirst, and Hitachi
Grand View Research has segmented the global biometrics technology market based on end-use, application, and region:
Biometrics Technology End-Use Outlook (Revenue, USD Million; 2014 - 2025)
Banking and Finance
Defense & Security
Biometrics Technology Application Outlook (Revenue, USD Million; 2014 - 2025)
Biometrics Technology Regional Outlook (Revenue, USD Million,2014 - 2025)
The Middle East & Africa
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