The global biometrics market is expected to post a CAGR of over 15% during the period 2019-2023, according to the latest market research report by Technavio.
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Technavio predicts the global biometrics market to post a CAGR of over 15% by 2023. (Graphic: Business Wire)
A key factor driving the growth of the market is the increasing need for surveillance and security. Rising concerns about terrorism, the surge in criminal activities, and other security threats globally have raised the need for advanced security solutions. Biometric surveillance systems such as facial recognition, fingerprint recognition, voice recognition, iris recognition, and retina recognition are widely used by end-users such as by stadiums, law enforcement agencies, banks, and correctional departments to maximize security. They use biometrics to establish the identity of visitors upon application for a visa or on their arrival at border checkpoints. In November 2017, IDEMIA, a subsidiary of Safran, in collaboration with Royal Caribbean Cruises, completed a trial with the US Customs and Border Protection (CBP) using facial recognition to validate passenger identity for the entry and re-entry to cruise ships. Such activities are set to increase the implementation of biometric surveillance and security systems to enhance security.
This market research report on the global biometrics market 2019-2023 also provides an analysis of the most important trends expected to impact the market outlook during the forecast period. Technavio classifies an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
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In this report, Technavio highlights the technological advancements as one of the key emerging trends in the global biometrics market:
Global biometrics market: Technological advancements
The biometrics market is undergoing tremendous technological advancements, with major vendors investing significantly in bringing advancements in biometric solutions. Recently, advancements have been achieved in sensor technology used in biometric systems. The emergence of in-display fingerprint sensors, a cutting-edge new biometric technology in mobile devices, is another notable advancement in this field. For instance, in December 2018, Qualcomm Technologies announced the launch of Qualcomm 3D Sonic Sensor, an in-display fingerprint sensor based on ultrasonic imaging techniques. The adoption of 4-finger biometric authentication in mobile devices is also on the rise. High incidences of data breaches and stolen passwords have led to the development of better biometric security solutions for mobile devices. Furthermore, consumer needs have shifted toward enhanced convenience and safety regarding card payments. Therefore, the emergence of advanced technologies is expected to boost the growth of the global biometrics market.
“Technology is being increasingly used to simplify and augment customer engagement across business sectors, and the BFSI sector is no exception. In this sector, face recognition and voice recognition biometrics are quickly overshadowing touch and type-based interactions given their convenience without compromising on the security of transactions. Voice recognition biometrics offers secure access to bank accounts by helping end-users execute transactions by verifying their identity with their voice. Banks are using conversational interfaces like chatbots and home assistants for voice recognition biometrics for their operations,” says a senior analyst at Technavio for research on IT security.
Global biometrics market: Segmentation analysis
This market research report segments the global biometrics market by end-user (government, healthcare, BFSI) and geographical regions (APAC, EMEA, and the Americas).
The Americas led the market in 2018 with a market share close to 40%, followed by APAC and EMEA respectively. During the forecast period, the APAC region is expected to register the highest incremental growth followed by the EMEA region.
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Market Landscape
- Market ecosystem
- Market characteristics
- Market segmentation analysis
Market Sizing
- Market definition
- Market size and forecast
Five Forces Analysis
Market Segmentation
Geographical Segmentation
- Regional comparison
- Key leading countries
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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View source version on businesswire.com: https://www.businesswire.com/news/home/20190108005402/en/
