Biometrics Market Size Set to Cross $ 24 Billion by 2021
Favorable government
initiatives coupled with implementation of biometric technology in election
administration and criminal identification to boost global biometrics system
market through 2021
According
to a recently released TechSci Research report, “Global Biometrics Market By Type, By End Use Sector, By Region,
Competition Forecast and Opportunities, 2011 – 2021”, the global biometrics
market is projected to surpass $ 24.8 billion by 2021, on account of growing
security concerns across various end use sectors such as banking & finance,
consumer electronics, government, defense, healthcare. etc., owing to increasing
terrorist attacks and growing identity thefts. Biometric systems are capable of
providing an accurate validation as compared to traditional methods such as ID
cards, PINs, passwords, etc. As a result, the adoption of these systems is high
in various public as well as private offices for the
authentication, access control and time & attendance purposes.
Browse 51 market data Tables and 59 Figures
spread through 250 Pages and an in-depth TOC on "Global Biometrics Market"
http://www.techsciresearch.com/report/global-biometrics-market-by-type-fingerprint-recognition-facial-recognition-hand-palm-recognition-iris-scanner-voice-recognition-vein-scanner-others-by-end-use-sector-by-region-competition-forecast-and-opportunities-2011-2021/680.html
Increasing
number of government projects such as National ID cards, e-passports, e-visas,
etc. are significantly boosting adoption of biometric devices for
identification purposes. In addition, expanding global consumer electronics
market, which is projected to grow at a CAGR of over 7% in volume terms during
2016-21, coupled with increasing smartphone user base, which is forecast to
cross 3.5 billion by 2021, are expected to boost demand for biometric technology
for the purpose of access control and user identification over the next five
years. Moreover, rising global military spending, which is anticipated to touch
$1.7 trillion by 2021, is also expected to drive biometric device adoption for
authentication purpose in the defence sector in the coming years.
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Fingerprint
Recognition, Facial Recognition, Hand/Palm Recognition, Iris Scanner, Voice
Recognition, Vein Scanner are some of the major types of biometric technologies
being used across the world. In 2015, fingerprint recognition market dominated
the global biometrics market on account of their ease of use, low cost, high
speed and accurate results. However, vein scanner market is anticipated to witness
highest growth during the forecast period.
“Global biometrics market is anticipated to register heathy growth rate
over the next five years. With initiatives
being taken by the governments of various countries across the world to adopt
biometrics systems for identification and verification purposes, coupled with introduction
of e-passports and e-visas, as well as implementation of biometric technology
in election administration, a growing number of companies operating in global
biometrics market are increasingly partnering with governments of various
countries for supplying biometric systems.”, said Mr. Karan Chechi, Research Director with TechSci Research, a
research based global management consulting firm.
“Global
Biometrics Market By Type, By End Use Sector, By Region, Competition Forecast
and Opportunities, 2011 – 2021” has evaluated the future growth potential
of the global biometrics market and provides statistics and information on market
size, market share and growth forecasts. The report is intended to provide
cutting-edge market intelligence and help decision makers take sound investment
evaluation. Besides, the report also identifies and analyzes emerging trends
along with essential drivers, challenges and opportunities available in the global
biometrics market.
About TechSci Research
TechSci Research is a leading global market research firm
publishing premium market research reports. Serving 700 global clients with
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clients across 11 different industrial verticals. TechSci Research specializes
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