Global Biometrics Market 2019-2027

Market Outlook

According to this research, the global biometrics market is expected to display a positive market trend over the forecast period of 2019-2027, exhibiting a CAGR of 19.87%.

Biometrics is a technology used for identifying and authenticating information of individual by measuring & analyzing their personal traits or behavioral characteristics. The advanced characteristics of this technology make it a favorable option over conventional PIN-based methods. Biometrics are used to secure the sensitive or personal data of an individual from fraudulent by unique identification technique. The unique features and high security of biometrics have led to the increased adoption of this technology in industries such as healthcare, government, defense, BFSI, transport & immigration and commercial security & non-commercial safety, among others.

Biometric technologies are increasingly being used to cater to the safety & security needs of individuals as well as organizations, owing to the rising number of threats, globally. Biometric authentication offers a reliable solution to enhance access control. Since biometric identification is challenging to elude, the systems using this technology provide a reliable identification & verification mechanism for mitigating the level of transaction frauds & security breaches. Thus, growing concerns pertaining to safety & security are primarily responsible for the growth of the biometrics market. Along with this, factors such as increase in identity threats & related costs and large-scale penetration of smartphones & tablets with biometric capabilities further propel the growth of this market.

Biometrics also play a major role when it comes to e-commerce and e-passports. The consistency in privacy protection and authentication plays a major role in boosting the e-commerce market. Also, the introduction of e-passports has resulted in a decrease in thefts, illegal immigration and trans-border crimes. Such advantages offered by biometric technology will further increase its adoption, thus fueling the growth of the biometrics market. However, the high cost of technology and the challenges of integrating biometrics into existing software curb the growth of this market. Moreover, data security & privacy concerns and the technical limitations associated with the usage biometrics, are challenging the growth of the global biometrics market.

Regional Outlook

The global biometrics market spans across the regions of North America, the Asia-Pacific, Latin America, the Middle East and Africa and Europe.

Online transactions in North America are prominent, owing to the higher internet penetration in the United States and Canada, coupled with the increasing e-commerce sales, which is further augmenting these transactions. These developments are likely to result in the deployment of advanced authentication technologies, such as biometrics. In addition to this, the United States and Canada boast of high scores in the cloud computing policy environment rankings of 2018, featuring in the top ten list. This is expected to pose tremendous opportunities for biometrics across the end-users. Furthermore, technology giants such as Amazon and Microsoft are headquartered in this region, which is expected to push the end-users toward biometrics on cloud. This, in turn, is set to propel the demand for biometrics solutions.

Competitive Outlook

The companies that have been mentioned in the biometrics market report are Siemens AG, Precise Biometrics AB, IDEMIA FRANCE S.A.S., Nuance Communications, Inc., NEC Corporation, M2SYS Technologies, Inc., Iris ID Systems, Inc., ImageWare Systems, HID Global Corporation, Gemalto N.V., Fulcrum Biometrics LLC, Fujitsu Limited, Fingerprint Cards AB, Crossmatch Technologies, Inc. (acquired by HID Global), BIO-key International, Inc. and Aware, Inc.

M2SYS, Inc. provides innovative, scalable & practical software and hardware solutions for biometric identity management. Biometric software & fingerprint SDK’s, fingerprint readers & scanners and cloud-based biometric systems are some of the product solutions provided by the company. The company’s enterprise biometric solutions find applications in areas such as financial services, workforce management, patient identification, educational services, etc. M2SYS’ platform makes it possible for clients to recognize people within any industry, business and medium and shields them from identity theft and fraud. M2SYS offers its products to a multitude of industries that include government, retail, banking, education and healthcare.