Market Highlights
Biometric technology is an electronic process for identification and verification. It has gained quick mileage and is accepted on a large-scale across different industry domains. The global biometric authentication & identification market, as per this report by Market Research Future (MRFR), is expected to thrive saliently during the forecast period 2016 to 20277. Increasing applications across various industry domains is likely to prompt market growth over the next couple of years.
Biometric technology assures the highest level of accuracy and reliability. This, in turn, is anticipated to accelerate revenue growth for the players in the biometric authentication & identification market in the foreseeable future. The commercial application of the product in organizations for tracking and identifying applications is one of the major drivers of the market. It is poised to catalyze the rate of growth of the biometric authentication & identification market during the review period.
Top Boosters and Key Barriers
The biometric technology offers a host of advantages including high degree of security in the public, commercial and private sectors. The technology helps record all the unique human characteristics, such as fingerprints, retina, voice patterns and DNA for authorization. As a result, with the increasing demand, the biometric authentication and identification market share is set to expand in the next couple of years.
The market has gained massive traction in recent years on account of the augmented use of biometric authentication and identification technology for better security across different verticals in a variety of industries. With the biometric technology, the chances of frauds as well as security breaches compared to traditional techniques like tokens and passwords has come down significantly, which boosts the market growth across the globe.
Furthermore, the rising adoption of the technology within the e-commerce industry to facilitate secure payments also speeds up the market growth. Mounting concerns with regard to internal as well as external securities can leave a positive impact on the global market in the following years. The surging use of the technology in private and government sectors for employee attendance and identification can drive the market growth in the approaching years.
Segmentation:
By modality, the global biometric authentication & identification market size has been divided into market statistics and multimodal biometric.
By motility, the global biometric authentication & identification market has been bifurcated into fixed and mobile.
By application, the biometric authentication & identification market has been segmented into government, consumer electronics, commerce, among others.
Regional Analysis:
The global biometric authentication & identification market, on the basis of region, has been segmented into North America, Asia Pacific (APAC), Europe, and the Rest of the World (RoW). The segments are further analyzed on the basis of key country-level markets. North America is projected to exhibit rapid growth over the next couple of years. The rising adoption of the technology across different domains such as healthcare, BFSI, e-commerce, government, etc. is expected to catapult the biometric authentication & identification market on upward trajectory. The regional market is projected to expand at a high CAGR in the coming years. Asia Pacific is also prognosticated to observe rapid developments in the biometric authentication & identification market. The growth of the end-user industry domains is likely to dictate the growth of the regional market in the nearby future.
Competitive Dashboard:
3M Cogent, Apple INC, Anviz Global, Aware INC, Cognitec Systems, Bio-Key International INC, Crossmatch Technologies, Fingerprint Cards AB, Diamond Fortress Technologies, Fujitsu Global, and Synaptics INC are few of the major players of the global biometric authentication & identification market. Key players are observed to focus on organic approaches for growth, such as technological developments, product innovations, product portfolio development, research & development, etc. In addition, inorganic approaches are also anticipated to intensify competitiveness in the biometric authentication & identification market. Some of these inorganic approaches are mergers & acquisitions, strategic alliances, collaborations, agreements, etc.
Industry News:
In October 2019, a provider of mobile and cloud-based identity verification solutions, ImageWare Systems Inc, has announced the launch of a biometric authentication solution, GoVerifyID, for the macOS operating system.
In October 2019, Thailand Central Bank has launched the test-run the use of biometric technology. It has collaborated with ten commercial banks and non-bank financial institutions for the electronic identification of customers.