According to a new market research report “Biometric System Market by Application (Government, Military & Defense, Healthcare, Banking & Finance, Consumer Electronics, Travel & Immigration, and Security), Technology (Face Recognition, Fingerprint Recognition, Iris Recognition, Palm Recognition, Voice Recognition, Signature Recognition, Vein Recognition, and Others), Function (Contact and Non-Contact) & Geography (North America, Europe, APAC, Row) - Global Forecast to 2020”, the next generation biometrics market is expected to reach $24,448.84 Million by 2020, growing at a CAGR of 17.9% between 2015 and 2020.
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The increasing use of a biometric technology in e-commerce and the cloud computing platform for a biometric technology provide ample opportunities for the biometrics system market. On the other hand,government initiatives to adopt biometrics in various fields, increased demand for biometric technologies in smartphones, and introduction of e-passports, implementation of biometric technology in election administration and criminal identification are propelling the growth of the biometrics system market.
The overall biometrics system market is segmented into various segments, namely, technology, application, function, and geography. The biometrics system market for single-factor authentication is expected to grow at an estimated CAGR of 17.5% between 2015 and 2020.
Geographically, the biometrics system market is segmented into North America (the U.S., Canada, and Mexico), Europe (Germany, the U.K., France, and Italy), APAC (China, Japan, India, and South Korea), and RoW (Africa and the Middle East). The North American market accounted for a market share of ~35% in 2014 and is estimated to grow at a CAGR of 17.7% between 2015 and 2020. The APAC region is expected to grow at the highest rate of 18.9% between 2015 and 2020.
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Key players in the biometrics system market include Safran SA (France), NEC Corporation (Japan), 3M Cogent Inc. (U.S.), Cross Match Technologies (U.S.), Fulcrum Biometrics (U.S.), Thales SA (France), Bio-key International, Inc. (U.S.), Suprema Inc. (South Korea), Fujitsu Ltd. (Japan), Precise Biometrics AB (Sweden), and Secunet Security Networks AG (Germany).
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