Government projects to propel biometrics markets to $21.9b by 2020
Market research firm 6Wresearch has published its latest “Global Biometrics Market (2014-2020)” report, which projects the global biometrics market to reach $21.9 billion by 2020 due to the rise in IT security spending, government biometric based projects, terrorist threats, and emerging cyber security market.
The 6Wresearch report estimates and forecasts the markets of various biometric technologies, including fingerprint, face, iris, hand/palm print, voice, vein, keystroke dynamics, DNA, GAIT and multimodal biometrics.
The report, which spans more than 650 pages, estimates and forecast overall global biometrics market by revenue and volume and by technologies.
Additionally, the report separates the global market into the regions of North America, Latin America, Europe, Asia-Pacific, Middle-East and Africa, while segmenting the various biometric technologies into the categories of time and attendance systems, access control systems and identity solutions.
The majority of global market revenues can be attributed to fingerprint biometrics technology, which has seen an increase in popularity due its ease of use and low cost.
Fingerprint biometrics technology is expected to maintain this top position through 2020, despite the growing demand for other biometric-based systems which demonstrate greater reliability and accuracy.
Meanwhile, iris, face, vein and multimodal biometrics are growing at a higher growth rate because they have a lower false accept rate and false reject rate than fingerprint biometrics technology.
Additionally, the global market for multimodal biometrics systems is expected to see a spike as a result of their increasing use in government and transportation application for national IDs and biometric passports and visas.
Although the North American region has led the overall biometrics market through all of 2014, the report forecasts that it will bumped to second largest region by the end of 2015 as the Asia-Pacific market continues to grow at a significant rate.
The report highlights Morpho Safran, 3M Cogent, NEC, Suprema, Nuance, Hitachi, Crossmatch Technologies, Iris ID, ZK Technologies and others as the key companies in global biometrics market.