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.
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.
In North America’s biometrics market, U.S. accounted for majority of the market revenues. U.S. biometrics market has led by fingerprint biometrics systems, followed by multimodal and IRIS biometrics systems. Multimodal biometrics systems beheld healthy growth rate in both law enforcement and commercial offices, whereas fingerprint modality based access control systems’ growth majorly was from commercial offices. North America biometrics market revenue is projected to grow at a CAGR of 13% during 2014-20.
According to 6Wresearch, Global Biometrics Market is projected to reach $21.9 billion by 2020. Fingerprint biometrics technology based systems have generated significant revenues owing to low cost and ease of usage. However, in the forecast period, share of fingerprint biometrics technology is expected to decline due to growth of face, iris, vein and multi-modal biometrics systems. Need for higher accuracy and reliability has resulted into the adoption of these biometrics technologies.
Amongst all applications, government & transportation application has captured major share of pie in overall global biometrics market. Increasing 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 penetration 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. Also, fingerprint biometrics technology in smart devices would be used to verify individuals at payment gateways in financial transactions.
The key companies in global biometrics market include- Morpho Safran, 3M Cogent, NEC, Suprema, Nuance, Hitachi, Crossmatch Technologies, Iris ID, ZK Technologies and others.