April 25, 2016 -
Technavio has published a new research report entitled “Global Multimodal Biometrics Market 2016-2020“, which finds that the global multimodal biometrics market will grow at a CAGR of more than 15% over the forecast period.
The report shows that the increasing adoption of mobile devices across sectors like healthcare, government, enterprises, BFSI, and transportation sectors is leading to the increased use of multimodal biometrics for securing access to data on mobile devices.
Analysts from Technavio highlight the various applications of mobile biometrics including locating an individual at a particular location, identity verification, and access control purposes, which will greatly help in the growth of the market over the predicted period.
The report takes into account estimated factors such as the increasing adoption of multimodal biometrics in the education sector to push forwardl the growth prospects of this market until the end of 2020.
Additionally, the report finds that multimodal biometrics are being used to control unauthorized access to restricted areas such as exam control rooms and laboratories.
The report mainly focuses on five multimodal biometrics technologies, including vein recognition, voice recognition, iris recognition, facial recognition, and fingerprint recognition.
The fingerprint recognition segment dominated the market and accounted for a market share of more than 43% during 2015, said the report.
The key factors contributing to the fingerprint recognition segment’s growth prospects until the end of 2020 are its low cost and the increasing need to track employees and government initiatives (e-passports, border control programs, and e-governance).
During 2015, North America dominated the multimodal biometrics market and accounted for nearly 39% of the market share in terms of revenue. The main drivers include increased government spending on biometrics to identify criminals, as well as several airports implementing multimodal biometric systems to secure identification of travelers.
The report identifies the key vendors in the market as BioID, IriTech, M2SYS, NEC, and Safran, as well as other prominent vendors including 3M Cogent, 4G Identity Solutions, Crossmatch, Fujitsu, ImageWare Systems, Suprema, and ZKTeco.
In addition, Technavio published the “Global EEG and ECG Biometrics Market 2016-2020” report, which finds that the global EEG and ECG biometrics market will grow at a CAGR of just over 12% during the forecast period.
The report finds that the healthcare sector is the biggest user of EEG and ECG biometric solutions, particularly when it comes to securing confidential patient information. This use is expected to grow at a CAGR of nearly 13% by the end of the forecast period.
EEG and ECG technologies were used mostly to study a patient’s brain activity and heart rhythm in order to assess their mental and physical health, according to the report.
The use of multimodal biometrics continues to expand in other industry sectors such as banking, insurance, transportation, and financial services.
The U.S. market has dominated the EEG and ECG biometrics market and are expected to generate revenues of close to US$22 million during the forecast period.
Currently, there are only a few major suppliers in the global EEG and ECG biometrics market. The report identifies the key vendors as iMotions, NeuroKai, and NeuroSky, as well as other prominent vendors like B-Secur, Interactive Video Productions, Nymi, and Pinnacle Technology.
Previously reported, Technavio published a research report, “Global Gait Biometrics Market 2016-2020”, which estimates that the market will grow at a CAGR of more than 13% during the forecast period.