The biometrics market will exceed USD 50 billion by 2024, having been pegged at USD 12 billion in 2016. High acceptance of biometrics in various verticals such as mobile banking and other financial services has further favored the growth of biometrics market. As the cybercrimes and identification errors are captivating the industry verticals, there has been a significant upsurge in the adoption of biometrics to ensure data security and privacy. Lately, there has been a plethora of fraudulent cases and data breaches in the financial sector. JP Morgan Chase for instance was one of the major victim, where the hackers accessed the critical data of approximately 83 million customers. Such potential threats of data breach have led to greater demand for biometrics technologies in the banking & finance sectors.
As per the report, biometrics industry share is set to gain lucrative avenues from banking and finance sector, projected to register a healthy growth rate of 22% from 2017-2024. Apart from this, biometrics industry is also likely to demonstrate noticeable growth in healthcare, transportation, consumer electronics, and defense services. In fact, the transportation application within biometrics market is estimated to be the highest revenue contributor in the coming seven years.
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Increasing adoption of technology in the security vertical and the confluence of organizations to meet authentication standards has added a renewed dynamism to biometrics market. With the biometrics technology having marked its presence across the security landscape, it is now rapidly penetrating its way into consumer, government, and industrial systems. Based on the concept of statistical analysis of biological data, the biometrics technology is proclaimed to be less prone to cybercrimes and hacking. Recently, Mexico’s National Banking and Security Commission has announced a new regulation in the country that would require all the banks to deploy fingerprint scanners for the clients by 2018.
With the significant expansion of its vast application arena, it is quite evident that biometrics technology is gaining lot of popularity as it works on identification of individuals’ biological information. This technology uses physiological and/or behavioral characteristics of people to authenticate their identity. As every individual is unique, this technology uses separate identifiers such as face recognition, fingerprint, palm veins, hand geometry, DNA, iris recognition, voice and retina. Many companies have adopted these techniques to improve the security features.
For instance, Samsung and LG have incorporated iris scanners into their smartphones on a wider scale. The voice recognition technology is also seen gaining considerable traction in the mobile banking and commercial sector. The voice recognition segment of biometrics market is expected to register a CAGR of 22% over 2017-2024, claim estimates.
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Mobile payment is touted as the future of financial transaction and is thus getting incorporated with biometrics to provide a strong security interface. Governments and businesses are vigorously looking for reliable authentication devices such as mobile biometrics to speed up human identification processing, in turn, providing a commendable impetus to biometrics market demand. Such technologies running on personal smartphones are sure to offer biometrics industry the opportunity of clocking excellent growth rates in the ensuing years.
With the advancements and evolution in the tech space, identity management and security are certain to be the top-notch priorities of the businesses. Taking into account this trend, it is unarguable that biometrics industry is set to witness a profound profitability quotient in the ensuing years.
Some Point from Table of Contents:
TABLE 1 Global biometrics market 360º synopsis, 2013 – 2024
TABLE 2 Global biometrics market, 2013 – 2024, (USD Million)
TABLE 3 Global biometrics estimates by region, 2013 – 2024 (USD Million)
TABLE 4 Global biometrics industry estimates by product, 2013 – 2024 (USD Million)
TABLE 5 Global biometrics industry estimates by application, 2013 – 2024 (USD Million)
TABLE 6 Industry impact forces
TABLE 7 Competitive landscape
TABLE 8 Global biometrics market (USD Million), 2013 – 2024
TABLE 9 Global biometrics market, by region (USD Million), 2013 – 2024
TABLE 10 Global facial recognition market (USD Million), 2013 – 2024
TABLE 11 Global facial recognition market, by region (USD Million), 2013 – 2024
TABLE 12 Global voice recognition market (USD Million), 2013 – 2024
TABLE 13 Global voice recognition market, by region (USD Million), 2013 – 2024
TABLE 14 Global hand geometry market (USD Million), 2013 – 2024
TABLE 15 Global hand geometry market, by region (USD Million), 2013 – 2024
TABLE 16 Global iris market (USD Million), 2013 – 2024
TABLE 17 Global iris market, by region (USD Million), 2013 – 2024
TABLE 18 Global AFIS market (USD Million), 2013 – 2024
TABLE 19 Global AFIS market, by region (USD Million), 2013 – 2024
TABLE 20 Global non-AFIS market (USD Million), 2013 – 2024
TABLE 21 Global non-AFIS market, by region (USD Million), 2013 – 2024
TABLE 22 Global signature market (USD Million), 2013 – 2024
TABLE 23 Global signature market, by region (USD Million), 2013 – 2024
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