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Biometric technology Market worth $23.54 Billion by 2020

According to the new market research report "Next Generation Biometric Market by Technology (Fingerprint, Palm, Face, Iris, Vein, Voice & Signature), Function, Application (Government, Defense, Travel & Immigration, Home Security, Banking, Consumer Electronics & so on) & Geography - Forecasts & Analysis 2014 - 2020", the biometric market will be worth $23.54 Billion by 2020 at an estimated CAGR of 17.6%.

Browse 158 market data Tables, 59 Figures spread through 352 Pages and in-depth TOC on "Next Generation Biometric Market".

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Biometric technology is an advanced technique for the identification of humans, based on their characteristics or traits. These traits can be face, fingerprint, iris, voice, signature, palm, vein, and DNA. The existing methods of human identification such as identification documents and PIN are not able to cope up with the growing demand for stringent security, which gives a high growth opportunity for the use of the biometric technology. This technology is very popular also because biometric characters such as face, fingerprint, hand, and so on cannot be lost, stolen, or easily forged.

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`Biometric' implies the identification or authentication of humans by their traits such as face, fingerprint, voice, iris, palm, DNA, and signature. Biometric authentication has become the most important part of security due to an increase in unauthorized immigration, visa frauds, border intrusion, and so on. It has increasingly been getting deployed at all the security checkpoints of airports, stations, commercial complex, retail malls, and so on. Biometric technology provides accurate authentication and negligible margin of duplicity or error.

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Biometric technology is the verification of humans by their characteristics such as face, fingerprint, voice, iris, palm, signature, vein, and DNA. DNA and vein recognition are the latest and most advanced types of biometric authentication. Fingerprint, face, and iris recognition are commonly used in almost all the application areas. The demand for biometric technologies has increased manifolds in the recent years. The basic reason behind this is the rise in the number of terrorist activities, coupled with multiplicity of theft on the part of crucial data and information which have raised concerns regarding the national security. Today, biometric technologies are used in several verticals such as consumer electronics, government organizations, airports, corporations, and so on, where security remains the prime concern.

This report describes the various types of Next Generation Biometric Market such as face, fingerprint, iris, voice, signature, vein, and DNA recognition that are being used for different applications. Out of all the above types, face, fingerprint, and iris recognition are commonly used in most of the applications. Fingerprint recognition is the oldest type of biometric authentication and can be seen at banks, ATMs, and various government offices.

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The report also throws light on the various application areas of biometric technology such as government, banking and finance, travel and immigration, defense, consumer electronics, home security, commercial security, and healthcare. Biometric technology is slowly spreading across all the industries wherever security is of the prime concern. Biometric technology is largely deployed in the application areas such as government, travel and immigration, banking and finance, and defense. The government applications cover voting, personal ID, license, building access, and so on, whereas, travel and immigration use biometric authentication for border access control, immigration, detection of explosives at the airports, and so on. Banking and finance sector use biometric authentication for account access, ATM security, and so on.

The leading companies in the biometric market covered in the report are 3M (U.S.), Cross Match Technologies (U.S.), Facebanx (U.K.), Fingerprint Cards AB (Sweden), Fujitsu Ltd. (Japan), Fulcrum Biometrics (U.K.), NEC Corporation (Japan), RCG Holdings LTD (Hong Kong), Saffran SA (France), Siemens Ag (Germany), Suprema Inc. (South Korea), Thales Group SA (France), and Validsoft (U.K.).

Browse Related Report 

Multi-Factor Authentication Market by Model/Type (Two, Three, Four & Five-Factor), Application (Banking & Finance, Government, Defense, Healthcare and others), & by Geography - Global Trend & Forecast to 2014 - 2020
http://www.marketsandmarkets.com/Market-Reports/multi-factor-authentication-market-877.html

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