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

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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.(Free-Pr-Online.com)

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.

Source
Link:http://www.6wresearch.com/press-releases/global-biometric-bio-metric-market.html

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