Technavio report forecasts fingerprint market to grow 12% CAGR from 2017-2021
Technavio recently released new research that forecasts the fingerprint biometrics market will grow at a CAGR of nearly 12 percent from 2017 to 2021, driven by the growing need for secure authentication, especially in government projects.
Titled ‘Global Fingerprint Biometrics Market 2017-2021’, Technavio’s analysts categorize the global fingerprint biometrics market into six major segments by end user, including government, transit, healthcare, BFSI, retail, and others.
The report states that the top three revenue-generating end-user segments for the global finger biometrics market are the government sector, transit sector, and healthcare sector.
The government sector was widely adopted in 2014 because of the low cost of hardware systems. This adoption of fingerprint technology continues to increase in the government sector because of the increasing use of mobile biometrics by law enforcement.
“The need to track employees and government initiatives, such as e-passports, border control programs, and e-governance, are fostering the growth of the market,” said Amrita Choudhury, an industry expert in IT security from Technavio. “For instance, the FBI of the US Department of Justice is using fingerprint technology for law enforcement in the region.”
The fingerprint biometrics market in the transit sector is also experiencing a revenue growth due to a rise in the implementation of fingerprint technology for cross-border programs at various airports and seaports.
Several immigration counters have integrated fingerprint recognition technology to improve passenger verification, increase workforce efficiency, and reduce queuing up at counters.
“Some countries, such as Indonesia, Malaysia, Singapore, and Thailand, use fingerprint biometric technology for border entry control,” said Choudhury. “The US government has embedded a chip in the passport and visa documents that contain fingerprint scan, photograph, and a digitized signature, which will help in authentication of the individual.”
In the healthcare sector, the implementation of stringent regulations, such as Health Insurance Portability and Accountability Act (HIPAA), for maintaining patient privacy has led to the growth of the market revenue for fingerprint biometrics, the report states.
Additionally, fingerprint recognition is being used as an option to ID cards to track time and attendance of employees.
Technavio’s research analysts highlighted several top vendors, including Gemalto, BIO-key International, Crossmatch, HID Global, M2SYS Technology, NEC, and OT-Morpho.