- Opportunity and Forecast, 2016-2025
Biometrics are metrics related to human characteristics, mainly used for security, inspection, diagnosis, and surveillance purposes. Biometric authentication is used for identification and access control in large organizations and government offices. It is categorized into physiological and behavioral characteristics. Physiological characteristics include fingerprints, face recognition, DNA, palm prints, and others, whereas behavioral characteristics include gait, voice, typing rhythm, and others. With technological advancements, brain and heart signals are used for biometric authentication. In addition, operator signature has emerged as a trend for authentication to ensure data safety.
Trend of issuing electronic passports containing iris, fingerprint, and facial information and integration of consumer electronics with biometrics fuel growth of the global biometrics industry. Increase in security concerns due to identity frauds, high capital investment, and rise in data breach incidents may limit growth of this market. However, technological advancements and favorable government policies are anticipated to create opportunities in this industry.
The global biometrics market is segmented based on product, application, and geography. Based on product, the market is classified into AFIS, non-AFIS, signature, hand geometry, iris, voice, and face. The application segment is classified into banking & finance, residential, commercial, defense & security, consumer electronics, transportation, government, and healthcare. Geographically, it is analyzed across North America, Asia-Pacific, Europe, and LAMEA.
Key players operating in the industry are 3M Cogent, BIO-key International, CMI Time Management, David-Link, EyeVerify, FaceFirst, Green Bit Biometric Systems, Iris ID, Lockheed Martin, NEC Corporation, and Pradotec. These market players have implemented new product launches, mergers & acquisitions, partnerships, expansion, collaborations, joint ventures, and other strategies to gain a strong position and competitive advantage in the global market.
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