Biometrics technology is utilized for the objective of verification and authentication. Biometrics analyzes and measures both behavioral and physiological traits such as fingerprints; voice patterns; vein and signature patterns; eye retinas and irises; DNA; hand measurements; and, facial patterns for identification or authentication objectives of a human being. The global biometrics system market is expected to grow at the CAGR of 21.5% by 2022, and the revenue is estimated around $41,792 million. The key driver for the growth of the market is raising application of biometrics system in election administration. Political and election administration leaders have a desire for biometrics. It is used in the process of infusing, documentation systems and their registration with biometrics. However, biometrics can support observing the problem of wide number of registrations; and so, in that respect, rising trust in the legitimacy of the process is driving such an inescapable and strong move towards biometric technologies in ID cards and registration across Latin America and Africa at this moment. Other key drivers are government support across the globe to adopt biometrics systems for the objective of verification and identification; usage of biometrics for criminal identification; introduction of e-passports; high usage of biometrics in smartphones and technological advancements are supporting growth of the biometric systems market. Technology advancements and rising adoption of these technologies may significantly decrease the whole implementation cost. Growing cloud technologies for biometric data and usage in e-commerce are the key opportunity areas for the market. The market is facing some restraints such as huge cost of biometric devices and fear of privacy intrusion and disturbance. Biometric technology is costly and requires training, and proper staff to necessitate and implement that all the people at any point gets the new card and/or re-register. At the same time, it observed one point of major fraud and multiple registrations. The biometrics system market is also facing a challenge i.e. security issue.
The global biometrics system market is segmented on the basis of application, end users, and by geography. Among all application, the market is segmented into signature recognition, voice recognition, hand geometry, face recognition, iris recognition, AFIS, Non AFIS, and other applications. According to the application segment of biometrics technology, the non-AFIS segment has driven the market in 2012 due to its ease of use and cost benefits. Moreover, the non-AFIS application segment provides flexibility and needs less maintenance as compared to other recognition systems. The iris application segment has huge untapped potential as a developing technology in areas of access control and high-end security. This application segment provides high security by supporting one-to-many identification. The growth of iris biometrics technology systems is expected to enhance by their high use for national ID drives, banking services and control for access to networks. Thus, iris recognition systems market is projected to grow at the fastest under the global biometrics systems market in the coming years. Among end users, it is segmented into healthcare, government, military & defense, consumer electronics, commercial & home security, travel & immigration and others. The rising government investment for utilizing biometric systems across many economic sectors has been a major factor boosting the global biometrics systems market. Healthcare sector is also estimated to grow significantly due to use of biometrics technology for preventing false insurance claims; patient privacy; and, other health care frauds.
On the basis of geography, North America, Europe, Asia Pacific, and ROW are the major segments of this global biometrics system market. North America is expected to be the leading market during the forecast period. In the U.S., biometrics systems are majorly used in several departments Inc.luding homeland security, defense, justice, state and commerce, etc. Asia Pacific is estimated to show high growth due to rising awareness for biometrics technology. The China, India, Russia and Mexico Market for biometrics system are estimated to grow significantly. Initiatives such as the UIDAI project in India use eyes, fingerprints and face biometrics for individual identification and e-KTP electronic ID initiative in Indonesia.
Some of the major players of the market 3M cogent Inc., Accu-time systems Inc., Biokey international Inc., CogniTech systems GmbH, Cross Match Technologies, Daon Inc., Fujitsu Ltd., Fulcrum Biometrics, iDTech, Siemens ag, suprema Inc., RCG Holding Ltd., NEC corporation, Precise Biometrics Ab etc. Mergers, product launches, Innovation and expansion are some of the key strategies adopted by the market players.
On April 2014, Cross match acquires DigitalPersona. Cross Match and DigitalPersona are both leaders in biometric technologies with a solid brand presence in worldwide market. But, due to little overlap in portfolios, the company has decided to merge and offer their customers a portfolio of solutions that is unparalleled in the biometrics industry. This acquisition will also offer to widen their global coverage and gain high competitive advantage.