According to the latest report by IMARC Group, titled “Biometrics Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-25”, the global biometrics market size reached US$ 19.84 Billion in 2019. Biometrics refers to a technological authentication method which is utilized in information assurance (IA) for secure entry, data or access. It primarily relies on scanning their physical or biological characteristics, such as the face, DNA, fingerprint, iris, retina, palm and palm veins, which are difficult to forge or duplicate. It helps to provide more accurate identification and lower the risk of unwanted intrusion. As a result, biometrics industry technologies are widely used in schools, colleges, banks, public libraries, corporate and government offices, and consumer electronics including smartphones and tablets.
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Biometrics Market Trends:
Owing to the affordability and easy usage of biometrics technologies, they have gained acceptance across the globe. For instance, biometric security systems are considered relatively more convenient for employees and other personnel in the corporate sector as they do not involve memorizing passwords or carrying an identification card at all times. Apart from this, several smartphone manufacturers are incorporating fingerprint scanners in their devices to enhance the overall user experience. This has also encouraged several banking organizations to utilize these systems for securing users from fraudulent activities while using online banking services or making transactions on e-commerce websites via their mobile devices. Furthermore, these technologies are being used in various government organizations, especially in the e-passport and e-visa programs. Looking forward, IMARC Group expects the market to exhibit strong growth during 2020-2025.
Market Breakup by Technology:
- Face Recognition
- Hand Geometry
- Voice Recognition
- Signature recognition
- Iris recognition
At present, AFIS represents the most widely used technology across the globe.
Market Breakup by Functionality:
Market Breakup by Authentication:
- Single-Factor Authentication
- Multifactor Authentication
Amongst these, single-factor authentication accounts for the majority of the total market share.
Market Breakup by Component:
Market Breakup by End-User:
- Defense Services
- Banking and Finance
- Consumer Electronics
- Commercial Safety and Security
Region-wise, the market has been segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America. Presently, North America is the biggest market, holding the majority of the global share. The competitive landscape of the market has also been examined with some of the key players being:
- Accu-Time Systems Inc.
- BIO-Key International Inc
- Cognitec Systems
- GmbH, Fujitsu Limited
- 3M Cogent Inc.
- NEC Corporation
- Siemens AG
- RCG Holdings Ltd.
- Suprema Inc.
- Lumidigm Inc.
- IrisGuard Inc.
- Daon, Inc.
- Digital Persona Inc.
- Morpho SA (Safran).
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