Global biometrics market to see double-digit growth rate by 2019: report
Future Market Insights upcoming report entitled “Biometrics Services Market: Global Industry Analysis and Opportunity Assessment 2015 – 2020”, predicts the market to undergo a double-digit growth rate by 2019 from its previous global market value of US$ 6,357.7 million in 2012.
The report states that the global biometrics market is driven by a handful of factors, including security concerns due to increasing crimes and terror attacks, unique and simple features of biometrics system.
But conversely, the unreliability and high cost involvement related to the implementation of biometrics technologies will decelerate the growth of the global biometrics system market in the near future, the report said.
Despite this, the development of multimodal biometrics solution will further improve the biometrics system market in the next five years.
The report highlights the top technology innovations in the application segment including hand geometry, face, iris, voice, AFIS, signature, non-AFIS, and others (DNA and rhythms),
The non-AFIS segment led all other application segments in 2012 as a result of being cost-effective and user-friendly.
This is followed closely by iris recognition, which is expected to contribute significantly to the growth of biometrics system market over the next five years as a result of greater adoption in the high-end security applications and modest contactless and safe biometrics application.
The transport/visa/logistics segment had the largest market share in 2012, and is expected to display a significant growth in the biometrics system market in the near future, while the banking segment is also expected to see a large growth rate in the next few years.
The report states that North America surpasses all other biometric regional markets in 2014, followed by Europe.
Additionally, Asia Pacific is expected to see undergo substantial growth in the near future, driven by increasing concerns of safety and security and rising government projects such as e-passports and the national identification program.
The report identifies the market’s top players as NEC Corporation, 3M Cogent, Safran Morpho, DigitalPersona, and BIO-Key International, with NEC Corporation and Safran Morpho reporting the highest revenue share in 2012.
In the coming years, these key companies will focus primarily on expanding their customer base with the help of strategic alliances, development of innovative products and engaging in R&D activities.
The report is a based on first-hand information, qualitative and quantitative assessment by industry analysts, as well as inputs from industry experts and industry participants across the value chain.
The report also provides a detailed overview of parent market, changing market dynamics of the industry, in-depth market segmentation, historical, current and projected market size in terms of volume and value, recent industry trends and developments, the competitive landscape, strategies of key players and product offerings, potential and niche segments/regions exhibiting promising growth, an unbiased perspective towards market performance, and critical information for market players to sustain and enhance their market footprint.
The report will be available in September 2015 and is currently available to pre-order.