The
global biometrics market is expected to grow at a rapid and healthy
CAGR of 20.8% from 2013 to 2019. According to the report, the global
biometrics market is anticipated to reach a value of US$23.3 billion
by the end of the forecast period.
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the full report at with complete TOC Biometrics Technology Market
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The
report analyzes the biometrics technology market in terms of
applications, end-use segments, and geographical regions. Biometrics
technology identifies an individual on the basis of their face,
signature, fingerprints, DNA, typing rhythms, iris pattern, and more.
These factors provide secure and convenient authentication to users
and prevent the potential escalations of mistaken identity in both
private and public sectors. Biometrics technology facilitates
high-level security and cannot be stolen or misused as it is created
on an individual’s behavioral and physiological characteristics for
identification.
The
use of biometrics is seen in multiple private and public
applications, contact centers, government facilities, and several
industry spaces, including consumer electronics,
transport/logistics/visa, healthcare, defense services, and home
safety and security. Amongst the lot, the transport/visa/logistics
end-use segment accounted for the largest market share in 2012.
Growth in this market segment was mainly due to the dire need to
establish travelers’ credentials as a part of border security.
Another end-use segment that is expected to grow at a rapid pace in
the upcoming years is the global banking sector.
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This
technology will be used in many private and government sectors such
as the national border control project and national identity schemes
like e-passports. They will be some of the key contributors to the
overall growth of the biometrics market in the forthcoming years.
The
global biometrics technology market is divided on the basis of
application segment as global face recognition, global hand geometry,
global voice recognition, global signature recognition, global iris
recognition, global AFIS, global Non-AFIS, and others. Among all the
application segments, the non-AFIS segment majorly dominated the
biometrics market in 2012. Non-AFIS systems are far more reliable,
convenient to use, and flexible. They are also popularly used due to
its user-friendliness, low-maintenance, and cost-effectiveness as
compared to other recognition systems.
In
contrast, iris recognition systems have an enormous untapped market
growth in the global biometrics technology market. This market
segment will rise with increasing adoption mainly in areas of
high-end security and access control applications. Nonetheless, iris
recognition systems are expected to grow at a rapid rate in the next
four years.
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Press Release Biometrics Technology Market
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As
some of the major manufacturers in the biometrics technology market
continue to upgrade and improvise their products to offer better
quality in biometric devices, the global market for various biometric
technologies is poised for sustained growth throughout the forecast
period, 2013 - 2019.
In
the recent past, key players such as NEC Corporation and Safran
Morpho accounted for the highest share of the total biometrics
technology market by revenue. Other renowned companies such as 3M
Cogent, DigitalPersona, and BIO-Key International aim to expand their
customer base with advanced innovative products, aid of strategic
alliances and new development activities in the research and
development segments.
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