OCEAN VIEW, Del., Oct. 17, 2017 /PRNewswire-iReach/ -- Global
Biometrics Market is forecast to be valued USD 50 billion by 2024; according to a new
research report by Global Market Insights, Inc. High acceptance
among various verticals including mobile banking and financial
services owing to rising security concerns has enhanced biometrics
market size. Government initiatives for biometrics implementation
coupled with high deployment for criminal identification will
remain the key factors driving industry demand.
Industry players focus on technological advancements and new
product launches to cater to the customer requirements. Benefits
offered including provision of precise and accurate validation as
compared to traditional validation methods such as PINs and ID
cards, are anticipated to increase the industry penetration across
the globe till 2024.
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Increased smartphone penetration coupled with expansion of
consumer electronics will favor the biometrics market share over
the forecast timeframe. In addition, rising investment in military
& defense due to authentication concerns is anticipated to
offer high growth potential. Multimodal biometrics system is an
emerging trend in public and private work space for stringent
attendance recording purposes. However, high implementation cost
and stored data uncertainty may hamper industry growth over the
forecast timeframe.
Non-AFIS will account for the highest biometrics market share,
surpassing USD 18 billion till 2024.
This can be attributed to its high usage in various applications
which include cashless vending and workforce management. Moreover,
it finds use in various public areas that assure keyless entry and
efficient security. Iris recognition will exhibit over 20% CAGR
owing to wide integration of iris scanners mainly in
smartphones.
Benefits such as unauthorized vehicle use detection, reduction
of overtime expenses, and identification of billing anomalies will
support the transportation & logistics segment growth from 2017
to 2024. Banking & finance applications will benefit from the
rising demand from various financial institutions for precise
authentication and streamlining of operations.
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North America biometrics market
is expected to account for more than 30% share till 2024. Rising
demand from government & security sector in U.S. coupled with
the presence of major industry participants will escalate the
industry growth. Moreover, favorable regulatory landscape in the
U.S will help in fostering the industry demand. Asia Pacific is poised to grow at the highest
CAGR owing to various government initiatives in the countries
including China and India. National enrollment program (UIDAI
Aadhar) in India, and China
Resident Identity Card (CRIC) are among the implementation examples
across the region.
Global industry share is highly fragmented with various
participants across the globe. BIO Key International, David Link, EyeVerfiy, Iris ID, and NEC
Corporation are among the prominent players in the biometrics
market. Other notable players include Lockheed Martin, Green Bit
Biometric Systems, FaceFirst, ZKTeco, and 3M Cogent.
Industry players focus on adoption of strategies including
strategic alliances and partnerships to strengthen their position.
For instance, in July 2017, Iris ID
entered into a strategic partnership with Tongrentang for high
revenue generation.
Browse key industry insights spread across 90 pages with 90
market data tables & 57 figures & charts from the report,
"Biometrics Market Size By Application (Banking & Finance,
Consumer Electronics, Defense Services, Government, Transportation,
Healthcare), By Product (AFIS, Non-AFIS, Hand Geometry, Signature,
Voice, Iris, Face), Industry Analysis Report, Regional Outlook
(U.S., Canada, UK, Germany, France, Russia, China, India,
Japan, South Korea, Mexico, Brazil), Application Potential, Price Trends,
Competitive Market Share & Forecast, 2017 – 2024" in detail
along with the table of contents:
https://www.gminsights.com/industry-analysis/biometrics-market
Chapter 5. Biometrics Market, By
Application
5.1. Global biometrics market share by application, 2016
& 2024
5.2. Banking & finance
5.2.1. Market estimates and forecast, 2013-2024
5.2.2. Market estimates and forecast, by region, 2013-2024
5.3. Defense Services
5.3.1. Market estimates and forecast, 2013-2024
5.3.2. Market estimates and forecast, by region, 2013-2024
5.4. Government
5.4.1. Market estimates and forecast, 2013-2024
5.4.2. Market estimates and forecast, by region, 2013-2024
5.5. Consumer electronics
5.5.1. Market estimates and forecast, 2013-2024
5.5.2. Market estimates and forecast, by region, 2013-2024
5.6. Healthcare
5.6.1. Market estimates and forecast, 2013-2024
5.6.2. Market estimates and forecast, by region, 2013-2024
5.7. Transport/Visa/Logistics
5.7.1. Market estimates and forecast, 2013-2024
5.7.2. Market estimates and forecast, by region, 2013-2024
5.8. Others
5.8.1. Market estimates and forecast, 2013-2024
5.8.2. Market estimates and forecast, by region, 2013-2024
Browse Full TOC @
https://www.gminsights.com/toc/detail/biometrics-market
About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research
and consulting service provider; offering syndicated and custom
research reports along with growth consulting services. Our
business intelligence and industry research reports offer clients
with penetrative insights and actionable market data specially
designed and presented to aid strategic decision making. These
exhaustive reports are designed via a proprietary research
methodology and are available for key industries such as chemicals,
advanced materials, technology, renewable energy and
biotechnology.
Media Contact: Arun Hegde,
Global Market Insights, Inc., +13028467766,
sales@gminsights.com
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SOURCE Global Market Insights, Inc.