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 forecast market by technologies such as Fingerprint, Face, IRIS, Hand/ Palm-Print, Voice, Vein, Keystroke Dynamics, DNA, GAIT and Multimodal biometrics. The report consist 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 market into time & attendance systems, access control systems and identity solutions based biometric systems by various technologies.
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 global biometrics market, fingerprint biometrics technology has contributed for majority of the market revenues. Ease of usage and low cost of fingerprint based biometrics devices have resulted for 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 rate due to lower FAR and FRR as compared to fingerprint biometrics technology. Globally, market for multimodal biometrics systems is expected to surge owing to their increasing penetration in government & transportation application. Usage of these systems in national IDs and biometric passports & visas majorly are fueling multimodal biometrics market.
Globally, government & transportation application has captured major share of pie in 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 for 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 major driving factor, where biometrics technologies especially fingerprint is used for authenticating the individuals over these devices to restrict unwanted access. Further, m-commerce industry is witnessing exponential growth in various countries of the world, which would surge the shipment of biometric enabled smartphones and tablets in global market.
Until 2014, North American region dominated overall biometrics market; however, by the end of 2015, the share of the region is expected to decline to become second largest in the industry. Growth in Asia-Pacific (APAC) biometrics market is exhibited as major factor for the declining share of North American region. Surging security spending, 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 Asia- Pacific biometrics market.
China, Japan, South Korea and India are the prime revenue generating countries in Asia-Pacific biometrics market. Other countries such as Australia, The Philippines, Sri Lanka, Bangladesh, Thailand and Malaysia are also expected to play vital role in the growth of overall Asia-Pacific's biometrics market in the forecast period. For instance, Sri Lanka and 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 higher growth rate than APAC, North America and Europe in global biometrics market. In Middle-East biometrics market, Saudi Arabia is emerging as one of the key growing markets on account of changing government reforms, establishment of industries, emerging of IT/ITeS sector, government initiatives and mandatory policies. For instance, government has mandated biometrics enabled visas for all the tourists visiting in the country, which would drive the growth of biometrics market in the country. Also, The General Directorate of Passports has directed capturing of fingerprint of all expatriate men and women living in the country. Further, with upcoming FIFA World Cup 2022 in Qatar, demand for advanced security systems is expected to increase in the forecast period. Qatari government is planning to invest more than $200 billion for the upcoming sporting event, which would be invested in construction and renovation of stadiums, hotels, metro rail, and highways.
In Latin America, countries such as Brazil, Mexico, Argentina and Colombia are contributing majorly for the growth of the market, where Brazil accounted for major share of pie in the overall Latin America's biometrics market. Although, Brazil has dominated the Latin American biometrics market, but, 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 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 African biometrics market.
South Africa biometrics market growth is buoyed by several factors such as government's initiation for biometric based projects, increasing government spending and IT security markets. Additionally, increasing crimes 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 application specially. 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 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 forecast overall Global Biometrics Market by revenue & volume and by technologies. The report segments 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.
Media Source: THE-MEA.CO.UK