Next-generation biometrics market to reach $24.4B by 2020: Report

July 2, 2015 - 

Markets and Markets recently published a 178-page report addressing the next-generation biometrics market, which is expected to undergo a 17.9% CAGR to reach $24.4 billion by 2020.

This forecasted growth in the global biometrics market over the next five years can be attributed to numerous drivers, including government initiatives across the world to adopt biometrics systems for the purpose of identification and verification, the introduction of e-passports, and the use of biometrics in criminal identification.

As such, the use of biometrics in e-commerce and cloud computing solutions for biometrics have positioned themselves as key opportunity areas for the market.

The report describes the value chain for the next-generation biometrics market by considering all the major stakeholders in the market and their roles in the analysis, as well as providing a detailed study of the Porter’s five forces analysis of the market.

Additionally, the report offers a brief description of the major players that are active in the biometrics market — Safran SA (France), NEC Corporation (Japan), 3M Cogent Inc. (U.S.), Fujitsu Ltd. (Japan), and Suprema Inc. (U.S.) – while covering the competitive landscape of these players, including key growth strategies and recent developments.

The report segments the next-generation biometrics market on the basis of technology, including face recognition, fingerprint recognition, iris recognition, palm print/hand recognition, hand geometry recognition, voice recognition, signature recognition, DNA recognition, vein recognition, and others.

The next-generation biometrics market is also further segmented on the basis of function which includes contact and non-contact biometrics technologies.

Finally, the report segments the next generation biometrics market on the basis of application such as government, military & defense, healthcare, banking & finance, consumer electronics, travel & immigration, security, and others, with travel and immigration being the leading application.

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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.