Biometrics Market To Witness Significant Momentum By 2024, Application in banking & finance sector to drive the profitability landscape

Biometrics Market has already established its significant presence across the security landscape in a bid to combat the increasing instances of data theft, security breaches, and data hacking. Organizations are increasingly demanding for authentication solutions that not only offer reliable security but also are extremely difficult to hack. Biometrics technology is one such solution that arguably fits into all these conditions, subject to the fact that this technology is basically based on statistical analysis of biological data. Biometrics authenticate individuals based on the physiological or behavioral characteristics such as identifiers, face recognition, DNA, palm veins, iris recognition, etc.
Global Market Insights, Inc., claims that 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.
Product is classified into AFIS, Non-AFIS, Hand Geometry, Signature, Voice, Iris, Face. 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.
Voice recognition is projected to grow at over 22% CAGR over the forecast timeline owing to its wide usage in mobile banking and various other applications in developed countries of North America and Western Europe. Rising need of security in interconnected and digital devices will contribute significantly to the growth.
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Application is segmented into Banking & Finance, Consumer Electronics, Defense Services, Government, Transportation, Healthcare. The integration of biometrics in BFSI sector to enable safer transactions and payments is further allowing better penetration of biometrics industry. In this regard, Apple's mobile payment service, Apple Pay has been gaining a humongous popularity. Launched in 2014, this new category of payment service actually integrates individual's fingerprints with NFC antenna technology for payment authentication of purchased goods. A couple of banks including Bank of America, Wells Fargo, Capital One Bank, and American Express have incorporated biometrics in their mobile banking apps for authentication purpose.
Favorable regulatory landscape has significantly driven North America biometrics market. Biometric applications in security and government sectors of U.S. are driving the regional market trends. In fact, statistics claim, North America with U.S. at the helm will represent more than 30% of the overall biometrics industry share by 2024.
Asia Pacific will also turn out to be another lucrative belt witnessing a remarkable growth. Several governmental initiatives in China and India like CRIC (China Resident Identity Card), UIDAI Aadhar enrollment program emphasizes on logging through biometric technology for ensuring authenticated and secured identification of the individuals. Implementation of these programs has profoundly favored the commercialization of biometrics industry in APAC.