The global biometrics technology market is rapidly growing due to the high level of security this technology provides. Other technologies for security still exist; however, biometrics technology is rapidly overshadowing the conventional technologies used for security. Token security technology in the form of key, card, or badge is something consumers have. Password, PIN, and a memory unique to consumers is something they know.
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However, biometric technology is something that an individual is, since it is a part of their physiological or behavioral aspect. This is the main reason why biometrics technology is gaining the market space in security technologies so rapidly. Security applications provided by biometrics technology are highly accurate. According to biometrics.gov, most biometric systems provide a high level of accuracy (over 95% and may reach 100%), while matching biometrics against a big database of biometrics; and while matching a biometric for the originally enrolled biometric.
According to a market intelligence firm, the biometrics technology (geometry, voice, face, hand, iris, AFIS, Non-AFIS, signature, and others) market is estimated to exceed $23 billion by the end of 2019, with a CAGR of 20.8%.
Biometrics Technology Market Determinants
The dynamics of the global biometrics technology industry is determined by various factors such as market drivers, market restraints, and market opportunities.
The biometrics technology industry is growing rapidly due to the growing number of applications it finds in the government sector. In addition, the number of security threats due to rising terror attacks and crimes have become a major concern world over, biometrics technology provides an effective solution to this concern. Biometrics is easy to use, since, users don’t have to remember any password or carry a key card with them.
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However, the biometrics market is restrained due to the high cost of biometric recognition technologies. The unreliability factor associated with this technology also suppresses the market. Even though, there are a few market constraints, the drivers for this technology are more. Furthermore, advancement in multimodal biometrics solutions presents a key opportunity that contributes towards the growth of this market.
Segmentation of Biometrics Technology Industry
The global biometrics technology market is segmented majorly according to its application type, end-user type, and region type. According to application type, the biometrics technology market is segmented into face, voice, hand geometry, signature, AFIS, Iris, Non-AFIS, and others (DNA and typing rhythms.)
Depending on the end-user type, the market of biometrics technology is divided into government, banking and finance, defense services, healthcare, consumer electronics, commercial safety and security, home safety and security, transport/visa/logistics, and others (gaming, retail, hospitality, and automobile).
According to geography, the market is segmented into North America, Europe, Asia Pacific, and Rest of the World.
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Biometrics Technology Market Insights
The market sector of biometrics technology in Europe and North America are relatively mature. The increasing numbers of security concerns resulting from terror attacks, other crimes, other government projects, e-passports, e-government services, e-banking, etc., are responsible for the growth of biometrics technology in Asia-Pacific region. Apart from the mature market countries, countries such as India, Indonesia, China, Israel, South Korea, and others have also implemented similar programs.
According to the end-use sector, government and transport/visa/logistics segments together generated over 50% of the overall biometrics technology market in 2012. The primary reason behind this growth was the increasing need for examining the credentials of traveler’s.
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The same market intelligence company stated that North America generated 32.1% market revenues in 2012, and will continue to dominate the market in terms of revenues during the forecast period of 2013 - 2019. Asia-Pacific region is estimated to grow at a fastest CAGR of 22%, with other countries such as Australia, India, Japan, China, and others will display a strong necessity for building infrastructure in relation to border security and national identification.
The global biometrics technology industry comprises many multinational and domestic players. In 2012, the industry was dominated by 19% share by Morpho SA (Safran). Other key players in the industry include NEC Corporation, 3M Cogent, Accu-Time Systems, and DigitalPersona.
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