Biometric Technology Market 2021 | Business Opportunities, Market Challenges & Global Industry Analysis
Growing adoption of biometrics systems in the BFSI sector for securing financial transactions across the globe is estimated to augment the market.
Rising concerns regarding internal and external securities are likely to drive the market during the same period. Additionally, increasing use of the technology in government and private sectors for employee identification and attendance is projected to fuel the overall demand over the coming years.
The global biometric technology market is expected to garner $10.72 billion by 2022, registering a CAGR of 19.4% during the period 2016-2022.
The physical biometric segment dominated the market with around 81% share, owing to increasing adoption of fingerprint recognition and face recognition biometric solutions across various end-user verticals, in 2015. The iris recognition segment is projected to expand at the highest CAGR of around 22%, owing to widening applications of iris recognition biometric solutions at vehicle checkpoints, airport security, and for employee identification.
The banking & financial sector led the market, followed by the public sector, both collectively accounting for around 60% of the market revenue in 2015.
In the year 2015, North America was the highest revenue-generating region, owing to increasing adoption of advanced security and authentic solutions and service in the government and commercial sector. Furthermore, the region is projected to continue its dominance throughout the forecast period due to increasing need for multilevel biometric solutions and services in various end-user verticals. Europe was the second largest market, in terms of revenue generation, followed by Asia-Pacific. Major factors that boost the biometric technology market worldwide include increasing security & privacy concerns and rising standard of living.
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The global biometric technology market is classified based on geography into North America, Europe, Asia-Pacific, and LAMEA. North America generated the largest revenue in 2015, followed by Europe. Asia-Pacific is projected to expand at the highest CAGR of around 22% during the forecast period.
Profiling Key Players: 3M Company (Cogent Systems, Inc.), Fujitsu Frontech Limited, ImageWare Systems, Inc., Suprema, Inc., Safran S.A., secunet Security Networks AG, Thales S.A., BIO-key International, Inc., NEC Corporation, and Precise Biometrics.
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