Credence Research report forecasts biometrics market to reach $34.5B by 2022
Credence Research has published a new research report entitled “Biometrics Technology Market – Growth, Share, Opportunities, Competitive Analysis, and Forecast 2015 – 2022,” which predicts that the biometrics technology market will reach $34.5 billion by 2022.
Analysts at Credence Research attribute this significant growth to the increasing adoption in both public as well as private sector. Governments around the world are adopting biometric technologies for access authorization, identification and verification, e-passport management and national border control projects.
The increasing use of attendance management in business organizations, residential and commercial security applications and for online banking transactions are contributing to this growth in biometric adoption, states the report.
Other key growth factors include increasing use of electronic devices and motor vehicle for access management, as well as escalating security concerns around the world.
The report classifies biometrics technologies into the technology categories of face recognition, hand geometry recognition, voice recognition, signature recognition, iris recognition, automated fingerprints identification systems (AFIS), non-AFIS and others.
Non-AFIS systems, in particular, accounted for the majority of revenue share in 2012 as they tend to be less expensive and more convenient to use than other biometrics technologies.
In terms of specific technologies, the report forecasts that iris recognition systems will experience the fastest growth due to their higher level of security and stability. In addition, hand geometry systems is expected to see a significant growth through the forecast period due to its increasing adoption in business organization for attendance management application, said the report.
The report finds that transportation and immigration represents the largest end use segment for biometrics technology in 2014, while the increasing deployment of security solutions at airports and public transportation facilities is further expected to boost the demand for biometric solutions from this segment.
There is also a significant demand for biometric technologies expected from banking and finance and government sector as fraud and security concerns continue to increase in these sectors, according to the report.
Credence Research analysts predict that Asia Pacific will experience the fastest growth with increasing adoption of biometrics technologies particularly in India and China.
North America accounted for the largest revenue share followed by Europe in 2014. Meanwhile, North America’s and Europe’s banking and financial industry remains a lucrative market segment for biometrics technology.
Finally, the report highlights some key multinational players in the industry including Morpho SA (Safran), NEC Corporation, 3M Cogent, BIO-Key International, Inc., Fujitsu Limited and Siemens AG.