Grand View Research publishes report on global biometrics technology market
Grand View Research has published a research report focused on the global biometrics technology market, which forecasts that growing concerns over internal and external securities are expected to drive the global biometrics technologies market over the forecast period for 2014 to 2025.
The 100-page report states that the increasing use of biometric technologies in government and private sectors for employee identification and attendance will further drive the demand over the next nine years.
The high cost of biometrics is one of the many challenges to market growth, while technological advancements, such as multimodal biometrics technology, will open new opportunities to the industry growth, according to the report.
However, technological advancements and the increasing use of these technologies may gradually reduce the overall implementation cost.
Of all the available biometric authentication technologies, fingerprint scanning is the most widely used method.
The report also forecasts that contactless biometric techniques, such as palm print and hand vein biometrics recognition, will experience significant growth over the forecast period.
In terms of applications, the report anticipates that Automated Fingerprint Identification System (AFIS) will be a dominant application segment due to its usage in a range of civil applications and law enforcement.
Most notably, AFIS’ primary contribution is expected to stem from the private sector through the background check of employees, the report states.
Meanwhile, iris-based surveillance, identity recognition, and access controls are all predicted to be heavily used in government programs, ATM facilities, transaction securities, financial institutions, and military intelligence.
Iris technology is expected to grow in popularity due to its convenient and safe nature, as well as the fact that it is a contactless technique.
The report also states that non-AFIS are more user-friendly and economical than AFIS, leading the technology to be more widely used in smartphones and laptops.
The report forecasts that the government sector will be the key end use segment over the forecast period, as the technology is increasingly being used to combat issues such as identity theft and illegal migration.
On the other end of the spectrum, the commercial sector is expected to experience significant growth in the next nine years as a result of to the opportunities in defense and security end-use segment.
The healthcare sector, in particular, is expected to undergo considerable growth due to technological advancements and the use of biometrics for protecting patient privacy, curb false insurance claims, and other healthcare frauds.
In terms of geographical markets, North America is predicted to be the dominant market over the forecast period. Meanwhile, the Asia Pacific market is expected to be the fastest growing market due to the increasing awareness of the technology, according to the report.
More specifically, the markets in China, India, Russia, and Mexico are expected to grow significantly. Several initiatives such as the e-KTP electronic ID project in Indonesia and the UIDAI project in India, are using face, fingerprints, and iris biometrics.
The report highlights some of the key players of the industry, including NEC Corporation, Precise Biometrics AB, Fujitsu Limited, 3M Cogent, Hitachi, FaceFirst, and Nuance Communications, among others.