Global Biometrics Technology Market: Snapshot
The global biometrics technology market is expected to gain traction in coming years, as it helps in verifying individuals behavioral and physiological characteristics. In addition to this, with the use of biometric technology helps in identifying an individual through their face, fingerprints, signature, iris, and DNA and provides secure authentication. Moreover, it helps in meeting the incapability of primitive and traditional methods used for authentication such as personal identification cards, magnetic cards, keys or passwords that are susceptible to get lost or stolen or may get attacked.
The growing use of online banking and the rising need for precise verification while accessing accounts biometrics technology is considered the most relevant and convenient option. Thus, in a recent report published by Transparency Market Research (TMR), the global market for biometric technology is projected to rise at a healthy CAGR of 20.80% during the forecast period between 2013 and 2019. The valuation of the global biometric technology market is expected to reach US$23.3 bn by the end of 2019.
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Application of Non-AFIS System to Boost Due to Its Low Maintenance
The global biometrics technology market is classified on the basis of type and end-user. Based on end-user the market is segmented into government, banking and finance, consumer electronics, healthcare, defense services, commercial safety and security, home safety and security, transport/ visa/ logistics, and others. Out of these, transport/ visa/ logistics segment held the largest share in 2012. The reason behind the growth of this segment is the rising need for inspecting traveler’s credentials to verify their identity that comes under border security. However, within the forecast period, banking end use segment is projected to grow significantly.
The application of biometrics technology is seen in IRIs, non-AFIs, hand geometry, signature, AFIs, voice, and others. Of these, the non-AFIS segment held the highest position in the global biometrics market in 2012, owing to its user-friendliness and cost-effectiveness. In addition, as compared to other recognition systems, non-AFIS system requires low maintenance and is also convenient and flexible to use, thus led to lead the market.
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Increasing Security Threats in Developed Regions to Boost Demand for Biometrics Technology
Geographically, the regions in which the global biometrics technology market is divided are Europe, North America, Latin America, Asia Pacific, and the Middle East and Africa. Europe and North America are leading this market, as these regions have adopted advanced technologies and are considered as matured markets. Moreover, these regions are concerned about security threats, increasing crime rates, and terror attacks for which they have a high number of government funded and approved projects for the same. Furthermore, the government in Asia Pacific have initiated programs like national identification program and issuance of e-passports in various countries, thus, growing the demand for biometrics technology. In Asia Pacific, countries like Israel, South Korea, China, Indonesia, and India have been implementing these types of security measures at a large scale.
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