Global Biometrics Market to Grow at 14% CAGR through 2022

Growing security concerns and increasing number of e-government processes, coupled with rising technological advancements to drive global biometrics market through 2022         

According to TechSci Research report, “Global Biometrics Market By Type, By End Use Sector, By Region, Competition Forecast & Opportunities, 2012 – 2022”, the global market of biometrics is projected to exhibit a CAGR of 14% during 2017-2022. Growth can be attributed to increasing deployment of biometric technology in various government projects such as e-passports and e-visas for identification purposes, growing mobile workforce, surging use of digital transactions, etc. Additionally, increasing integration of biometric technologies, such as fingerprint recognition, facial recognition, hand/palm recognition, iris scanners and voice recognition in products and services by sectors including banking & finance, consumer electronics, etc., for providing security benefits to users is expected to drive global biometrics market during forecast period.

 

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Adoption of fingerprint recognition technology by several sectors grew during the past five years, on the back of its high processing speed, ease of use, increased awareness, etc., thereby enabling it to dominate the global biometrics market in 2016. Deployment of other biometric technologies including hand/palm recognition, iris scanner, voice recognition, etc., is anticipated to increase during forecast period, owing to their growing adoption by several end use sectors. Moreover, during the period of the study, Asia-Pacific is likely to emerge as the fastest growing region in global biometrics market, on account of large-scale government e-passport and national ID programs by several countries in the region.

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“Deployment of biometric technology in Point of Sales (POS) terminals is growing in order to secure and authenticate the payment gateways, as biometric data of the users such as fingerprint, iris, etc., can’t be easily hacked as compared to traditional methods such as PINs and passwords. With rising awareness about the benefits of biometric POS terminals across various end user segments, demand for these advanced security systems is expected to grow, thereby positively influencing global biometrics market in coming five years.”, 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 & Opportunities, 2012 – 2022” has evaluated the future growth potential of global biometrics market and provides statistics and information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment evaluation. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in global biometrics market. 

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