Biometrics research briefs: AFIS, identity verification, Europe, and voice biometrics
This week, biometric market research continues to indicate rapid growth in demand for AFIS systems, and even faster growth for voice biometrics over the next several years. The identity verification market is set to double in the next five years, and ResearchAndMarkets.com explores the European biometrics market.
Global revenues from the automated fingerprint identification system (AFIS) market are projected to grow by 18.4 percent CAGR to $12.46 billion by 2025, with advanced security systems increasingly in demand across various industries, according to Grand View Research. The growing adoption of mobile payments and demand for integrated AFIS solutions will also drive growth.
The government and software segments are both expected to account for significant shares of the market. North America will be the largest regional market throughout the forecast period, and be worth $4.05 billion by 2025, as law enforcement agencies deploy AFISs.
Key market players identified include Gemalto, NEC Corporation, Crossmatch (now owned by HID), IDEMIA, Dermalog, Suprema, Fujitsu, Sonda Technologies, HID Global, Papillon Systems, East Shore Technologies, and AFIX Technologies.
According to the 132-page “Automated Fingerprint Identification System (AFIS) Market Size, Share & Trends Analysis Report By Component (Hardware, Software, Service), By End Use, By Region, And Segment Forecasts, 2018 – 2025,” security systems used everywhere from government agencies to smart homes will boost the AFIS market.
The rising number of identity-related fraud incidents and data breaches, and an increasing emphasis on compliance are driving the global identity verification market to bring in $6 billion in 2019, and grow at a 16 percent CAGR to $12.8 billion by 2024, a new report from MarketsandMarkets predicts.
The fastest growing industry verticals for identity verification are expected to be retail and healthcare, according to the report, while emerging geographic markets, particularly in the APAC and MEA regions, and large-scale implementations of cloud-based solutions offer potential market opportunities.
“Identity Verification Market by Component (Solutions and Services), Deployment Mode, Organization Size, Industry Vertical, and Region (North America, Europe, APAC, Middle East and Africa, Latin America) – Global Forecast to 2024” also forecasts the small and medium-sized enterprise (SME) segment will grow at a faster rate than the large enterprise segment, but big businesses are starting from a larger market share in 2019.
Key players identified include Experian, LexisNexis, Equifax, Mitek Systems, Gemalto, Onfido, Trulioo, Acuant, IDEMIA, Jumio, Authenteq, Shufti Pro, IDMERIT, iDenfy, and Transunion.
Growth in physical and cybersecurity attacks, Internet of Things (IoT) trends and increasing regulation are driving demand for biometric technology in Europe, according to a new report from ResearchAndMarkets.com.
The “European Biometrics Market, Forecast to 2023” analyzes the market size by segment, and explores market dynamics, challenges, trends, product analysis, and growth drivers. It examines the government segment, including border control, e-ID and law enforcement, and the commercial segment, including physical and logical security and surveillance.
Despite a breakthrough 2017 for facial biometrics, fingerprint remains the dominant modality across government and commercial applications, due to its low cost, according to the 75-page report.
The global market for voice biometrics will be worth $984 million this year, according to MarketsandMarkets research, and is forecasted to grow at a 23.7 CAGR to $2.845 billion by 2024 due to growing demand for robust fraud detection across the BFSI vertical and a need to reduce authentication and identification costs.
The “Voice Biometrics Market” report breaks down the market by application, component, type, deployment, organization Size, industry vertical, and region. It shows access control and authentication is the largest application market segment, and that the Asia Pacific region will grow at the fastest rate over the next five years.
Major solutions providers identified include Nuance Communications, NICE, Verint, AimBrain, Voice Biometrics Group, Phonexia, OneVault, SESTEK, LumenVox, LexisNexis Risk Solutions, VoicePIN, Uniphore, Pindrop, Aculab, and Auraya.