San Francisco, California, Feb. 7, 2015 (GLOBE NEWSWIRE) -- The global biometrics technology market is expected to reach USD 24.59 billion by 2020, according to a new study by Grand View Research, Inc. Increasing demand for biometrics technology across various applications is expected to favor market growth over the next six years. Biometrics technology is used by several verticals in the private, public and commercial sectors to overcome security threats, which is expected to fuel market demand over the forecast period.
Access full research report on Global Biometrics Market: http://www.grandviewresearch.com/industry-analysis/biometrics-industry
Increasing demand in consumer electronics to enhance customer experience is expected to drive the biometrics technology market over the next six years. Implementation in e-commerce applications may enable secure transactions and can provide new opportunities to the biometrics technology market. High initial investment may hinder market growth over the forecast period.
Further key findings from the study suggest:
- Non-AFIS was estimated to be a considerable application segment in 2013 and accounted for over 35% of the overall market. This technology is used in various enterprises to enable authorized access owing to its accuracy and efficiency. The AFIS application segment is also expected to grow at a significant rate on account of its use for fingerprint and palm identification in many civil applications.
- Transportation & logistics emerged as the dominant end-use segment in 2013, and accounted for over 25% of the biometrics technology market in the same year. This technology is used for e-passport programs and to counter illegal migrations in various regions. Defense services are also 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 it to grow at a significant rate over the next six years.
- North America was estimated to be the largest regional market in 2013, and is also 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. Asia Pacific is also expected to contribute significantly to market growth with increasing use of this technology in countries such as India, China and Indonesia. Various government initiatives to maintain internal and external security is expected to fuel the regional market growth over the next six years.
- Key market participants include NEC Corporation, Fujitsu Limited, Precise Biometrics AB, 3M Cognet, Hitachi, FaceFirst, etc. NEC Corporation created civilian fingerprint identification database for South Africa using AFIS biometrics technology eliminating about 45 million paper files. Cost effective solutions are expected to be a critical success factor for industry participants.
More information and insights about the Global Biometrics Market: http://www.grandviewresearch.com/industry-analysis/biometrics-industry
For the purpose of this study, Grand View Research has segmented the global biometrics technology market on the basis of application, end-use and region:
Biometrics Technology Application Outlook (Revenue, USD Million, 2012 - 2020)
• Hand Geometry
Biometrics Technology End-Use Outlook (Revenue, USD Million, 2012 - 2020)
• Defense & Security
• Banking & Finance
• Consumer Electronics
Biometrics Technology Regional Outlook (Revenue, USD Million, 2012 - 2020)
• North America
• Asia Pacific
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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Source:Grand View Research