Global biometrics market to increase at 14% until 2020: TechSci report

April 13, 2015 - 

Research based global management consulting firm TechSci Research has published its new report titled “Global Biometrics Market Forecast & Opportunities, 2020”, which projects the global biometrics market to see a CAGR increase of 14% during 2015-2020.

The report evaluates the future growth potential of the global biometrics market and provides statistics and information on market structure, industry behavior, trends and trade dynamics.

With various biometrics market projections and demand forecasting, the report is intended to provide decision makers with comprehensive market intelligence and an accurate investment evaluation.

Additionally, the report identifies and analyses the emerging trends along with essential drivers, challenges and opportunities existing in global biometrics market.

The rising acts of terrorism, increase in criminal activities and general need for advanced security solutions, have led to a significant growth of global biometrics market, states the report.

The market is currently being dominated by fingerprint readers, a position it is expected to maintain throughout the forecast period, said the report.

However, their susceptibility of being counterfeited has led to the growth of other biometric modalities that are able to provide better security, such as vein scanners.

These biometric methods are projected to experience the fastest growth in the market due to increasing penetration, the report finds.

Additionally, the constant development in technology and emergence of new products with greater efficiency will continue to result in further growth of the market, said the report.

“Biometrics is the measurement of a physical characteristic or personal behavioral trait that is unique to an individual, such as fingerprints, facial structure, the iris or a person’s voice,” said Karan Chechi, research director at TechSci Research. “Various biometric authentication systems are gaining traction in the market, steadily replacing conventional security systems like password/PIN protection. This is primarily due to their reliability in terms of unique individual characteristics and longevity. Global biometrics market is being driven by increasing use in government projects and banking & financial sector, wherein erroneous authentication can result in severe losses.”

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About Justin Lee

Justin Lee has been a contributor with Biometric Update since 2014. Previously, he was a staff writer for web hosting magazine and website, theWHIR. For more than a decade, Justin has written for various publications on issues relating to technology, arts and culture, and entertainment. Follow him on Twitter @BiometricJustin.