New biometrics market research from TechNavio and Hexa Research

September 11, 2015 - 

TechNavio has published two separate reports about the global hand geometry biometrics market and the biometrics market in BRIC countries, while Hexa Research has published a report examining the biometrics technology market based on application.

Technavio’s “Global Hand Geometry Biometrics Market 2015-2019” report covers the present scenario and the growth prospects of the global hand geometry biometrics market for the period 2015-2019.

Technavio’s analysts predict the global hand geometry biometrics market — which include sales , from sensors, scanners, software, hardware, integrated solutions and databases –.will grow at a CAGR of 22.09% over the forecasted five-year period.

The report provides a detailed analysis of end-users (enterprises, residential users, and government sector) and geographies (North America, APAC, Europe, Latin America, and MEA).

The market is highly fragmented with the presence of a large number of small and large vendors. A detailed product and feature comparison for the key leading vendors is provided in the report.

In addition, the report discusses the major drivers that influence the growth of the global hand geometry biometrics market. It also outlines the risks faced by vendors and the market at large, as well as the key trends that are emerging in the market.

Key vendors highlighted in the report include Allegion, ATR Systems, Honeywell Security and Tyco, along with other prominent vendors including Acroprint Time Recorder, Ibiosoft, Inception Technology and Uniclox Technologies.

The report also focuses on many other key issues, including the forecasted market size in 2019 and respective growth rate, key market trends (securing premises with multimodal biometrics), market drivers, challenges (privacy), market opportunities and threats faced by the key vendors, and strengths and weaknesses of the key vendors.

Technavio published another report titled “Biometrics Market in BRIC Countries (Brazil, Russia, India and China) 2015-2019”, which predicts the market in these countries to grow at a CAGR of around 23% during the forecast period.

The report states that countries like China and India are seeing an increase in implementation of biometrics based technologies in the government and banking sectors.

Additionally, the report predicts that voice recognition will experience a sharp rise in adoption over the next two years specifically for mobile banking since it does not require any hardware investment.

The report analyzes the biometrics market in BRIC countries by segmented end users, including government, transportation, BFSI, healthcare and retail.

The report forecasts that the market share of the government sector in Brazil will decline during the forecast period due to market maturity, while the other sectors such as transportation, healthcare, BFSI, and retail are expected to grow during the forecast period.

Meanwhile, the government sector of the biometrics market in Russia is predicted to reach $233 million by the end of 2019.

The report also finds that the fingerprint biometrics technology saw the largest market share of around 63% in China during 2014, which is expected to increase throughout the forecasted period.

The fingerprint biometrics technology is expected to dominate India’s market during the forecast period while iris biometric technology is also seeing an increased adoption, particularly in the government and BFSI sectors, according to the report.

The report also covers a range of other areas, including the growth forecast for the key segments of the biometric market in BRIC countries, five forces analysis of the biometric market in BRIC countries, key factors driving the biometric market in BRIC countries, market trends impacting the growth of the biometric market, and opportunities and threats faced by the vendors in the biometric market in BRIC countries.

Hexa Research published its own report, titled “Biometrics Technology Market Analysis By Application (Face, Hand geometry, Voice, Signature, Iris, AFIS, Non-AFIS), By End-Use (Government, Defense & Security, Banking & Finance, Consumer Electronics, Healthcare, Residential, Commercial, Transportation) And Segment Forecasts To 2020“.

The report states that the adoption of biometric technology continues to increase, driven by technology applications in the government sector, banking, healthcare, smartphones, election administration and law enforcement.

However, the high cost of systems and privacy concerns is expected to restraint the global biometrics market over the forecast period, according to the report.

The report identifies cloud computing for biometric technology and use of biometric technology in e-commerce as being the key opportunities for market growth.

Meanwhile, the report finds that the long time frame for implementation and interoperability with other technologies are expected to be the main challenges for growth.

Hexa Research analysts provide a detailed overview of the top vendors, including 3M Cogent, Accu-time Systems, Bio-ley International, CMI Time Management, David-Link, EyeVerify, FaceFirst, Green Bit Biometric Systems, Iris ID, Lockheed Martin, MorphoTrust, NEC Corporation, Pradotec, Smartmatic, ViRDI, WCC Smart Search and Match, and ZKTeco.

The report covers a range of topics, including market size and growth prospects, value chain analysis, market dynamics, major drivers, challenges, opportunities, industry analysis, and vendor market share analysis.

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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.