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.
The increasing accessibility of smartphones along with a significant expansion of consumer electronics sector over the recent years have been the major factors proliferating the global biometrics market trends. The advent of technology has enabled biometric identification in smartphones for identification of the owner during unlocking the device as well as during making payment, which unquestionably provides additional handset security. Apple Inc, the technology conglomerate, is considered to be one of the precursors in the biometrics market, driving fingerprint recognition in consumer electronics.
The introduction of Touch ID fingerprint recognition system in their advanced iPhone series is profoundly a major breakthrough in the overall biometrics industry dynamics. Reportedly, the tech giant is soon to bring another groundbreaking innovation in the landscape with the launch of advanced facial recognition system in their upcoming edition (iPhone 8), that is claimed to be much more secured and faster than the present Touch ID fingerprint reader.
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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.
Benefits such as unauthorized vehicle use detection, reduction of overtime expenses, and identification of billing anomalies will support the transportation & logistics segment growth from 2017 to 2024. Banking & finance applications will benefit from the rising demand from various financial institutions for precise authentication and streamlining of operations.
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.
Global industry share is highly fragmented with various participants across the globe. BIO Key International, David Link, EyeVerfiy, Iris ID, and NEC Corporation are among the prominent players in the biometrics market. Other notable players include Lockheed Martin, Green Bit Biometric Systems, FaceFirst, ZKTeco, and 3M Cogent.