Global Biometrics Market is Projected to Touch $21.9 Billion by 2020-6Wresearch

Posted On: May 31, 2016

Buoyed by Government Projects, Global Biometrics Market is Projected to Touch $21.9 Billion by 2020; Asia-Pacific (APAC) to Acquire Leadership in the Forecast Period - 6Wresearch

6Wresearch announces the release of exhaustive and detailed "Global Biometrics Market (2014-2020)" report covering technologies, regions, countries, and applications. The report estimates and forecasts the market by technologies such as Fingerprint, Face, IRIS, Hand/ Palm-Print, Voice, Vein, Keystroke Dynamics, DNA, GAIT, and Multimodal biometrics. The report consists regions such as North America, Latin America, Europe, Asia-Pacific, Middle-East and Africa and further has been divided into countries including Canada, United States, Brazil, Mexico, Argentina, Colombia, Germany, United Kingdom, France, Italy, Spain, Russia, China, India, Japan, South Korea, Indonesia, Australia, Saudi Arabia, UAE, Turkey, Israel, Egypt, South Africa, and Nigeria. The report also segregates the market into time & attendance systems, access control systems, and identifies solutions based biometric systems by various technologies.

The biometrics market is one of the key growing electronic security markets in the global landscape. Increasing government spending, national ID projects, e-passports & visas, rising crime rates, growing terrorist activities, cybercrimes, and data thefts are the factors that are spurring the market for various biometrics technologies globally.

According to 6Wresearch, Global Biometrics Market is projected to reach $21.9 billion by 2020. In the global biometrics market, fingerprint biometrics technology has contributed to the majority of the market revenues. Ease of usage and low cost of fingerprint-based biometrics devices have resulted in their dominance. In the forecast period, fingerprint biometrics technology is expected to maintain its leadership; however, demand for other biometrics technologies based systems is exhibited on account of higher reliability and accuracy.

IRIS, face, vein, and multimodal biometrics are relatively growing at higher growth rates due to lower FAR and FRR as compared to fingerprint biometrics technology. Globally, the market for multimodal biometrics systems is expected to surge owing to their increasing penetration in government & transportation applications. Usage of these systems in national IDs and biometric passports & visas majorly are fueling the multimodal biometrics market.

Globally, government & transportation application has captured a major share of the pie in the overall global biometrics market. National ID projects, e-passports & visas, biometrics technology-enabled driving license, and several other government projects across the globe have led to this application dominance. Consumer electronics application is the fastest-growing application in the global biometrics market. Increasing usage of smart devices such as smartphones and tablet PCs in the global market is witnessed as a major driving factor, where biometrics technologies especially fingerprint is used for authenticating the individuals over these devices to restrict unwanted access. Further, the e-commerce industry is witnessing exponential growth in various countries of the world, which would surge the shipment of biometric-enabled smartphones and tablets in the global market.

Until 2014, the North American region dominated the overall biometrics market; however, by the end of 2015, the share of the region is expected to decline to become the second-largest in the industry. Growth in Asia-Pacific (APAC) biometrics market is exhibited as a major factor for the declining share of the North American region. Surging security spending, the introduction of several government projects, increasing IT spending, data thefts, and shift from traditional smart card-based systems towards biometric-based systems are boosting the growth of the Asia- Pacific biometrics market.

China, Japan, South Korea, and India are the prime revenue-generating countries in the Asia-Pacific biometrics market. Other countries such as Australia, The Philippines, Sri Lanka, Bangladesh, Thailand, and Malaysia are also expected to play a vital role in the growth of overall Asia-Pacific's biometrics market in the forecast period. For instance, Sri Lanka and the Philippines would be commencing biometrics-based passports from 2014 and 2015 onwards, respectively, and would spur the demand for biometrics devices for identity solutions in the country.

On the other hand, regions such as Middle-East, Latin America, and Africa are growing at a higher growth rate than APAC, North America, and Europe in the global biometrics market. In the Middle-East biometrics market, Saudi Arabia is emerging as one of the key growth markets on account of changing government reforms, the establishment of industries, emerging IT/ITeS sector, government initiatives, and mandatory policies. For instance, the government has mandated biometrics enabled visas for all the tourists visiting in the country, which would drive the growth of the biometrics market in the country. Also, The General Directorate of Passports has directed the capturing of the fingerprint of all expatriate men and women living in the country. Further, with the upcoming FIFA World Cup 2022 in Qatar, the demand for advanced security systems is expected to increase in the forecast period. The Qatari government is planning to invest more than $200 billion for the upcoming sporting event, which would be invested in the construction and renovation of stadiums, hotels, metro rail, and highways.

In Latin America, countries such as Brazil, Mexico, Argentina, and Colombia are contributing majorly to the growth of the market, where Brazil accounted for a major share of the pie in overall Latin America's biometrics market. Although Brazil has dominated the Latin American biometrics market, Mexico is expected to register higher growth in the coming year. Biometric projects such as national ID, voter ID, e-passports, e-driver's license, and ID cards based on biometrics for children between the age group of 4-18 years is exhibiting higher demand for biometric devices in the country. Mexico is one of the key countries in the global biometrics market, which is utilizing fingerprint, face, and IRIS based biometric systems in its national ID project.

Africa's biometrics market is in the nascent stage. Lack of awareness and lower security & IT spending are the key factors that have restricted the adoption of biometrics devices in the African region. Countries such as South Africa and Nigeria are the key revenue generating countries in the African biometrics market.

South Africa biometrics market growth is buoyed by several factors such as the government's initiation for biometric-based projects, increasing government spending, and IT security markets. Additionally, increasing crime rates in the country have also driven the need for biometric systems in the country. South Africa's IT spending is estimated to reach $11.4 billion in 2014, growing at over 10%, which is expected to spur the market for biometrics technologies in commercial applications especially. In South Africa's biometrics market, fingerprint biometrics technology leads and is expected to maintain its dominance in the overall market.

The key companies in the global biometrics market include- Morpho Safran, 3M Cogent, NEC, Suprema, Nuance, Hitachi, Crossmatch Technologies, Iris ID, ZK Technologies, and others.

"Global Biometrics Market (2014-2020)" provides in-depth analysis with 243 figures and 258 tables covered in 650+ pages. The report estimates and forecasts overall Global Biometrics Market by revenue & volume and by technologies. The report segments the biometrics market by applications such as government & transportation, commercial offices, industrial, defense, hospitality & healthcare, banking & financial, retail, and consumer electronics. The report also gives insights on market share by companies, price trends, market trends, company profiles, upcoming government projects, product matrix, competitive positioning, market drivers, and restraints.

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