The global biometrics technology market is progressing at a CAGR of 20.80% within a forecast period from 2013 to 2019. This growth spurt is likely to boost the market to US$23.3 bn by 2019, according to a research report released by Transparency Market Research. The report, titled “Biometrics Technology Market – Global Industry Analysis Size Share Growth Trends and Forecast 2013 – 2019”, is available on the company website.
The key driver of the global biometrics technology market, as stated in the report, is the growing level of concern over national and personal security. Developed economies have already adopted preventive measures – including the use of biometrics – to combat the rising wave of terrorism and crime. The global biometrics technology market provides a major advantage over other security measures; it uses permanent and universal identification methods. This includes human DNA, fingerprints, facial recognition, iris details, and even typing rhythms.
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The global biometrics technology market was dominated by the non-AFIS segment on the basis of application. The segment led the global biometrics technology market in 2012 owing to is user-friendly operation and cost-effectiveness. The report also states that non-AFIS systems are convenient and flexible in comparison to other application segments. They are also preferred due to their lack of major maintenance.The report adds that the future of the global biometrics technology market may be reliant on the largely untapped segment of iris recognition. Such systems are widely used for access control and high-end security, due to their unobtrusive nature and the non-requirement of contact with a person for identification.
From a geographical perspective, the global biometrics technology market is currently dominated by North America and Europe, owing to their early adoption of advanced technologies and matured markets. Both regions have expressed increasing concern over security threats, terror attacks, and crime rates, due to which there is an increase in the number of government-funded or approved projects for the same.The issuance of e-passports and establishment of national identification programs in several countries are the major factors responsible for the growth of the Asia Pacific biometrics technology market. South Korea, Israel, Indonesia, China, and India have been rapidly implementing these security measures.
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Key players in the global biometrics technology market, as stated in the report, are DigitalPersona, BIO-Key International, NEC Corporation, 3M Cogent, and Safran Morpho. The global biometrics technology market is a highly consolidated one, with the NEC Corporation and Safran Morpho holding major stakes in it.The top companies in the global biometrics technology market are expected to maintain their rates of expansion in terms of consumer base through product innovation and strategy alliances. The larger companies are expected to boost investments in research and development.