June 23, 2015 -
Frost & Sullivan has published its latest report entitled “2015 Global Outlook of the Biometrics Industry“, which predicts that Europe and North America will dominate the 2015 biometrics market.
The 70-page report forecasts that the larger regions of the biometrics market will generate 74% of global revenue due to government adoption.
The global biometrics market at large is expected to undergo a significant growth in both public and commercial applications as a result of the uptake of multiple technologies available, according to the report.
Furthermore, the biometrics market will experience a transformation this year that will improve the growth of biometrics in existing applications as well as in new applications in healthcare, finance, and retail.
This growth will also lead to a demand for services in specific applications – a trend which biometrics companies will capitalize on, the report finds.
The report segments the global biometrics market by region, including the Americas (North and Latin America); Europe, Middle East, and Africa; and Asia-Pacific.
Examining market revenue by region, application, and technology, the report finds that the most important emerging vertical markets are financial services, retail, healthcare, industrial, IT and telecom, and manufacturing.
The report finds that growth opportunities in education, gaming, hospitality, and healthcare will likely increase.
Meanwhile, APAC’s financial services market is expected to adopt biometrics, especially for ATMs.
Though the fingerprint was the most-used biometric technology in 2014, this will change throughout the remainder of 2015 with biometric technologies such as face, palm, and finger vein expected to be adopted across different applications.
The report also found that the retail sector is likely to adopt more biometrics technologies to monitor customer buying patterns that will directly help in stock maintenance and providing customized services at all times.