Global biometrics market projected to reach $24.6 billion by 2020
The global biometrics technology market is expected to reach US$24.59 billion by 2020, according to a new study published by Grand View Research, Inc.
According to the research firm, increasing demand in consumer electronics to enhance customer experience is expected to drive the biometrics technology market over the next six years.
Biometrics technology will be used by several verticals in the private, public and commercial sectors to overcome security threats, which is primarily expected to fuel market demand over the study’s forecast period.
Key findings from the study suggest that North America was the largest regional market in 2013, and is expected to grow at a considerable rate until 2020. The report found that biometrics technologies are used in various federal government departments in the U.S. owing to their strict security standards.
Grand View Research also expects the Asia Pacific region to contribute significantly to market growth with increasing use of biometric technology in countries such as India, China and Indonesia. Various government initiatives to maintain internal and external security are expected to fuel regional market growth.
The report also found that transportation and logistics emerged as the dominant end-use segment in 2013, and accounted for over 25 percent of the biometrics technology market in the same year. Grand View Research found this technology is used for ePassport programs and to counter illegal migrations in various regions.
Non-AFIS was estimated to be a considerable application segment in 2013 in the report which accounted for over 35 percent of the overall market. This technology is used in various enterprises to enable authorized access owing to its accuracy and efficiency. The AFIS application segment is also expected to grow at a significant rate on account of its use of fingerprint and palm identification in many civil applications.
The research vendor also expects that defense services will experience high growth over the 2013-2020 forecast period. Biometric technology will also be extensively used in banking and finance to increase efficiency and prevent fraud. Implementation in e-commerce applications will enable secure transactions and will provide new opportunities to the biometrics technology market. However, Grand View Research believes that e-commerce application deployment will require high initial investment, which will hinder market growth over the forecast period.
The report: “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” was made available in December 2014.