Owing to Increasing Terror Attacks and Need to Safeguard Critical Data Biometrics Technology Market to Reach US$23.3 billion by 2019 : Transparency Market Research

Albany, NY, Nov. 27, 2015 (GLOBE NEWSWIRE) -- According to a recent market study published by Transparency Market Research (TMR), "Biometrics Technology Market - Global Industry Analysis Size Share Growth Trends and Forecast 2013 - 2019", the global biometrics technology market will demonstrate impressive 20.8% CAGR from 2013 to 2019. The TMR report forecasts that the global biometrics technology market will reach US$23.3 billion by 2019. The research report provides a detailed analysis of the global biotechnology market and evaluates the competitive landscape and key regional segments of the market.Biometrics system identifies an individual using unique behavioral and physiological characteristics of the person such as face, fingerprints, typing rhythms, signature, DNA, and others. Biometrics technology is increasingly preferred as a security system over conventional authentication means such as passwords, which are susceptible to cyber-attacks and have high chances of being lost or stolen.

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Biometrics technology, being considered failsafe against crime and terror attacks is extensively used across government initiatives such as national identity programs, e-passports, and border control programs. This is one of the main forces driving the biometrics technology market.Growing use of internet-based services such as online banking requires precise verification for accessing accounts, wherein biometrics technology is regarded as simplest and most convenient solution. The permanent, quantifiable, unique, and universal features of biometrics technology offers high level of information security, which would contribute significantly to the growth of the biotechnology market by 2019.Amongst the end-use segments, transport/visa/logistics held the largest market share in 2012. Rising border security threats due to rising incidence of forged identity of travelers contributed significantly to the expansion of the end-use segment. However, according to the report the banking end-use segment of the biometrics technology market is expected to demonstrate fastest growth during the forecast period.

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Based on applications, the biometrics technology market is divided into AFIS, face recognition, voice recognition, iris recognition, hand geometry, signature recognition, non-AFIS, and others. According to the report, the non-AFIS application segment dominated the market in 2012. This is mainly due to low maintenance, ease of use, and cost effectiveness of these systems as compared to other recognition technologies. On the other hand, iris recognition systems have enormous potential of growth in the biometrics technology market. The market segment will exhibit high growth in coming years due to increasing deployment of the technology across access control and high-end security application areas.North America and Europe are mature markets for biometrics technology, hence these regions will demonstrate only moderate growth rates. In the Asia Pacific, increasing security concerns due to crime and terrorist activities and government sponsored initiatives such as e-passports and national identification programs are boosting the biometrics technology market in the region.

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India, Indonesia, China, South Korea, and Israel are some of the countries in the Asia Pacific that have increasingly deployed biometric systems for security and social development purposes. The major players in the biometrics technology market identified by the report are Safran Morpho, NEC Corporation, DigitalPersona, 3M Cogent, BIO-Key International among others.

Major Application Type Segments of Biometrics Technology Market

  • Non-Afis
  • Iris
  • Hand Geometry
  • Signature
  • Voice
  • Afis
  • Others

Major End-User Segments of Biometrics Technology Market

  • Banking and Finance
  • Government
  • Consumer Electronics
  • Defense Services
  • Healthcare
  • Commercial Safety and Security
  • Transport/ Visa/ Logistics
  • Home Safety and Security
  • Others (hospitality, retail, gaming, and automobile)

Major Geographical Segmentation of Biometrics Technology Market

  • Asia Pacific
  • North America
  • Rest of World (RoW)
  • Europe

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Source:Transparency Market Research