March 17, 2016 -
Brisk Insights has published a new report entitled “Biometrics System Market By Authentication Type, Function, Application, Industry Size, Growth, Share And Forecast To 2022”, which forecasts that the global biometrics system market is expected to grow at a 19% CAGR during 2015-2022.
Based on this growth, the biometrics system market is estimated to reach up to $32 billion by 2022. Brisk Insights attributes these future growth opportunities primarily to government initiatives taken in different areas.
Additionally, the increasing focus on development of smart cities around the world has led to huge push toward the development of smart security solutions. As a result, the further adoption of biometric systems is predicted to significantly grow both in public and private sectors.
This trend combined with the growing adoption of cloud computing technologies will help generate key growth opportunities for the global biometric systems market.
The increasing usage of biometrics in different industrial and consumer applications would result into explosion of big data in the market. As a result, organizations will be leveraging the potential benefits of cloud storage and analytics to provide more secured and reliable services to their customers, the report said.
The report finds that the adoption of biometrics systems is growing at a rapid pace. However, security concerns and the high cost of biometric systems are both major challenges that are hindering the market from further growth.
In terms of technology, the report segments the biometrics system market into finger recognition, iris recognition, voice recognition, palm print recognition, facial recognition, signature recognition, and vein recognition. The market is currently dominated by face, finger, and iris recognition technologies on account of their wide usage in various surveillance systems.
The report segments the global biometric systems market into various applications including travel & immigration, healthcare, government, banking and finance, military and defense consumer electronics, security, and others.
Public sectors applications such as military and defense, and banking are currently dominating the market, while the increasing demand for home security solutions consumer electronics is expected to drive the market in the near future, the report said.
Currently, North America leads the global biometric systems market with more than 40% of the global market share in 2015, while developing countries such as China and Japan are expected to drive the growth in APAC market.
The report highlights several key players in the biometrics systems market including Safran SA, NEC Corporation, 3M Cogent Inc., Fujitsu Ltd., Suprema Inc., Cross Match Technologies , Fulcrum Biometrics, Thales SA, Bio-Key International Inc., Precise Biometrics AB, and Secunet Security Networks AF.
These companies are mostly focusing on integrating their biometric services with cloud technologies to provide more secure solutions.