Biometrics research briefs: global biometrics market, smart cards, facial recognition
Global Market Insights Inc. projects that the global biometrics market will grow at a compound annual growth rate (CAGR) of over 15 percent from 2016 to 2023. Increasing usage of these biometric systems for criminal and fraudulent identification is expected to drive the growth in the coming years. Government initiatives to adopt these technology as a robust identification technique will further propel the biometrics market growth.
The increasing propagation of smartphones, demand for wearable technology, and availability of diverse range of these biometric solutions is expected to propel the industry growth over the period. Moreover, security breaches, stringent security protocols, ease of use, speed of security clearance, IoT landscape, safe and robust systems against potential hackers is driving the demand for the biometrics market.
Uncertainty related to the storage of the collected data may hinder the growth from 2016-2023. Records that contain sensitive identification data including fingerprints may become a cause for unlawful access and misuse. In addition, excessive cost associated with the system may pose a challenge to the biometrics market growth.
Major players operating in the biometrics market includes 3M Cogent, BIO-Key International, CMI Time Management, Iris ID, Lockheed Martin, NEC Corporation, Smartmatic, and Pradotec. These companies are providing customized solutions to provide unique solutions to customers.
According to market research company ABI Research, the total volume of shipped smart cards for payments in Asia in 2017 was 1.3 billion cards. The annual volume is expected to increase to 1.8 billion cards by 2022.
Stratistics MRC projects that the global facial recognition market is expected to grow from US$4.05 billion in 2017 to reach US$14.95 billion by 2026 with a compound annual growth rate (CAGR) of 15.6 percent. Factors such as rising applications in various industry sectors, growing smart phone implementation and increasing instances of identity threats are fueling the market growth. However, misinterpretation of faces or emotions and high initial costs are hindering the market growth. The major opportunities in the market are adoption of cloud-based technology solutions and increasing number of smart city projects across the world.
Based on geography, Asia Pacific is expected to grow at the highest CAGR during the forecast period. Huge investments from the government sector toward security and surveillance infrastructure, improved public awareness, and the emergence of complicated technologies backed by analytics are some of the factors driving the market growth in this region.
Some of the key players in the facial recognition market include 3M Company, Techno Brain, Cognitec Systems, Aware, Keylemon, Herta Security , Neurotechnology, Animetrics, Gemalto, Idemia, NEC, Ayonix, Nviso, NEC Corporation, Cross Match, FaceFirst, Inc., Google and XiD Technologies.