June 2, 2016 -
Technavio recently published a market research report that predicts that the biometrics market in North America will grow at a CAGR of more than 12% between 2016 and 2020, primarily driven by cloud-based biometric technology.
The technology leverages cloud services through a web-based user interface that can be a browser or mobile application, and its infrastructure includes a server of the biometric template database and the processing data generated during the user’s identification and verification.
The biometric identification application currently accounts for nearly 48% of the market share to dominate the biometrics market in North America, as a result of the increasing adoption of biometric passports, visas, and driving licenses in the region.
The report also finds that fingerprint recognition technology is dominating with almost 47% of the market share, due to the growing adoption of fingerprint scanners for identification across various end-user segments.
The market is expected to experience steady growth during the forecast period due an increase in the adoption of other identification solutions such as facial and iris recognition.
The emergence of advanced fingerprint technologies such as 3-D fingerprinting and the touchless sensing technology is also expected to reflect positively on the fingerprint recognition technology market in North America by 2020.
The report highlights the key vendors in the biometrics market in North America, including 3M Cogent, Crossmatch Technologies, M2SYS Technology, NEC, and Safran.
In a separate market research study, Technavio finds that the global mobile biometrics market is expected to grow at a CAGR of more than 103% between 2016 and 2020.
In the report entitled ‘Global Mobile Biometrics Market 2016-2020’, Technavio provides an in-depth analysis of the market in terms of revenue and emerging market trends.
The report categorizes the global mobile biometrics market into four major segments based on technology, including fingerprint recognition, voice recognition, facial recognition, and others.
According to Technavio’s market analysts, the three most important segments in the global mobile biometrics market are by fingerprint recognition, by voice recognition, and by facial recognition.
The report forecasts that the global mobile biometrics market by fingerprint recognition is likely to reach $12 billion by 2020, growing at a CAGR of almost 103%.
Additionally, the global mobile biometrics market by voice recognition is expected to exceed $11 billion by 2020, growing at a CAGR of over 97%, according to the report.
Finally, the study finds that the global mobile biometrics market by facial recognition is likely to exceed $1 billion by 2020, growing at a CAGR of over 128%.
The report highlights the top vendors including 3M Cogent, Apple, Google, NEC, and Nuance Communications.
TechSci Research also released a report entitled “Global Biometrics Market By Type, By End Use Sector, By Region, Competition Forecast and Opportunities, 2011 – 2021“, in which it projects that the global biometrics market will surpass $24.8 billion by 2021.
The projected market growth will be driven by increasing security concerns across various end use sectors such as banking and finance, consumer electronics, government, defense and healthcare, in regards to growing terrorist attacks and identity thefts, said TechSci analysts.
Biometric systems are capable of providing more accurate validation than traditional methods, leading to a high adoption of these systems in various public and private offices for the authentication, access control and time & attendance purposes.
The report also finds that the increasing number of government projects such as National ID cards, e-passports and e-visas are significantly increasing adoption of biometric devices for identification purposes.
Additionally, the report finds that the expanding global consumer electronics market (projected to grow at a CAGR of over 7% in volume during 2016-21), coupled with increasing smartphone user base (projected to surpass $3.5 billion by 2021), are expected to greatly increase demand for biometric technology for the purpose of access control and user identification over the next five years.
Meanwhile, the rise of global military spending (projected to hit $1.7 trillion by 2021) is also expected to drive biometric device adoption for authentication purpose in the defence sector over the next few years.