New biometrics market reports by Technavio and Sandler Research

November 22, 2015 - 

Technavio announced it has published a new report, “Global Biometric Access Control Systems Market 2015-2019”, which predict biometrics access control systems to record a CAGR of over 18% until 2019.

This significant growth can be attributed to the shift from non-biometrics technologies such as PINs and smart cards for controlling access to secure premises, said Technavio.

The research report details the market segmentation by government, BFSI, transportation, and healthcare, as well as its geographical segmentation by MEA, Latin America, Europe, and North America.

North America is the largest market in the global biometric access control systems, accounting for a market share of around 38%. The region is experiencing higher adoption of biometric access control systems across BFSI and government sectors.

“Of late, the market is witnessing increased demand for cloud-based biometric services as these are more secure and reliable,” said Navin Rajendra, lead analyst for ICT at Technavio Research. “Also, these cloud services provide constant monitoring when compared to other biometric solutions. Cloud-based biometric services are cost effective for organizations as they require a huge cloud database to store biometric information of individuals.”

The need for highly secure identification and personal verification systems has increased especially in the BFSI sector, as several global banks and financial institutions are integrating biometrics technologies to safeguard security breaches and transaction fraud.

The key players in the global biometric access control systems market are 3M Cogent, HID Global, M2SYS Technology, NEC, and Safran. The market is highly fragmented with a large number of multinational vendors and small local players.

The main risk factors for these vendors include intense competition, advances in technology, and frequent changes in end-user preferences, said the report.

Additionally, Sandler Research has published its report, “Global Signature Verification Market 2015-2019”, which forecasts the market to grow at a CAGR of 8.94% over the period 2014-2019.

The report divides the signature verification market into the categories of offline and online, which are also known as static and dynamic signature.

Signature verification is used for applications such as to authorize bank checks, documents, and contracts; validate credit card transactions; and verify identification, said the report.

The report covers APAC, Europe, Latin America, MEA, and North America, as well as the landscape of the global signature verification market and its growth prospects in the coming years.

In terms of key vendors, the report identifies Communication Intelligence Corporation (CIC), Cyber-SIGN, M2SYS Technology and Safran as being among the top. In addition, the report also highlights other prominent vendors like Biometric Signature ID, Certify, Decillion Group, DynaSig, Hitachi, KeCrypt, Kofax (acquired by Lexmark), Odyssey Technologies, Parascript, Scriptel, SOFTPRO, and SutiSoft.

The report identifies the global signature verification market will be driven by the growing number of forgery and data thefts.

Privacy issues involving biometric data stand in the way as a key challenge of market growth, while the market’s main trend is currently signature verification solutions on smartphones, according to Sandler Research.

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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.