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. Lately, there has been a plethora of fraudulent cases and data breaches in the financial sector.
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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.
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.
One of the biggest biometrics market trends to watch for will be the adoption of this technology parallel to the massive expansion of IoT. IoT being the biggest emerging concept for both businesses and consumers undeniably requires a robust security spectrum to protect critical data. In response to this, in the coming years, the global biometrics market will witness a remarkable upsurge with the technology being integrated in a wide variety of IoT applications ranging from smart homes, banking, healthcare, and automotive.
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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.
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 Points From Table Of Content: –
Chapter 4. Biometrics Market, By Product
4.1. Global biometrics industry share by product, 2016 & 2024
4.2.1. Market estimates and forecast, 2013-2024
4.2.2. Market estimates and forecast, by region, 2013-2024
4.3. Hand geometry
4.3.1. Market estimates and forecast, 2013-2024
4.3.2. Market estimates and forecast, by region, 2013-2024
4.4.1. Market estimates and forecast, 2013-2024
4.4.2. Market estimates and forecast, by region, 2013-2024
4.5.1. Market estimates and forecast, 2013-2024
4.5.2. Market estimates and forecast, by region, 2013-2024
4.6.1. Market estimates and forecast, 2013-2024
4.6.2. Market estimates and forecast, by region, 2013-2024
4.7.1. Market estimates and forecast, 2013-2024
4.7.2. Market estimates and forecast, by region, 2013-2024
4.8.1. Market estimates and forecast, 2013-2024
4.8.2. Market estimates and forecast, by region, 2013-2024
4.9.1. Market estimates and forecast, 2013-2024
4.9.2. Market estimates and forecast, by region, 2013-2024
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