27-May-2019: The global biometrics
technology market size is likely to reach USD 59.31 billion by 2025, according
to a new study by Grand View Research, Inc., experiencing a CAGR of 19.5%
during the forecast period. Surging demand for biometrics technology across various
applications is projected to favor the growth of the market over the coming
years. Biometrics technology is used by various verticals in public, private,
and commercial sectors to counter security threats. This is estimated to
stimulate the growth of the market over the forecast period.
Widening scope of applications of biometrics technology in consumer electronics, in order to improve customer experiences, is poised to augment the market over the same period. Incorporation of biometrics technology into e-commerce applications can enable secure transactions and unfold ample growth opportunities to the market. High initial investment cost is anticipated to hamper growth prospects.
Widening scope of applications of biometrics technology in consumer electronics, in order to improve customer experiences, is poised to augment the market over the same period. Incorporation of biometrics technology into e-commerce applications can enable secure transactions and unfold ample growth opportunities to the market. High initial investment cost is anticipated to hamper growth prospects.
Biometrics technology is being
increasingly acknowledged for e-passport programs and to keep a check on
illegal migrations. Government organizations and defense services are further
expected to experience sharp rise in the demand for the technology. In
addition, it is used in banking and finance to increase efficiency and to prevent
frauds. This is further likely to positively influence the growth of the
market.
In depth research report on Biometrics
Technology Market
Further
key findings from the report suggest:
· The
transport/logistics segment emerged as the leading end-use segment in 2017 and
is projected to exhibit a CAGR of 18.1% over the forecast period
· The
non-AFIS segment accounted for 38.1% of the overall market revenue in 2017. The
technology is used in various enterprises to enable authorized access, owing to
its accuracy and efficiency. AFIS applications are also poised to register a
significant CAGR during the forecast period, owing to its use in fingerprint
and palm identification for many civil applications
· North
America was the largest regional market in 2017. Biometrics technologies are
used in various departments in the U.S., owing to their strict security
standards
· Asia
Pacific is also anticipated to contribute significantly to the global market,
due to increasing use of the technology in countries such as India, China, and
Indonesia
· The key
market participants include Accu-Time Systems, Inc.; BIO-key International,
Inc.; David-Link; EyeVerify, Inc.; and FaceFirst.
Grand View Research has
segmented the global biometrics technology market based on application,
end-use, and region
Biometrics
Technology Application Outlook (Revenue, USD Million, 2014 - 2025)
· Face
· Hand
geometry
· Voice
· Signature
· Iris
· AFIS
· Non-AFIS
· Others
Biometrics
Technology End-use Outlook (Revenue, USD Million, 2014 - 2025)
· Government
· Banking
and Finance
· Consumer
Electronics
· Healthcare
· Transport/Logistics
· Defense
& Security
· Others
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more research reports of this category:
About
Grand View Research
Grand View Research, Inc. is a
U.S. based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides syndicated
research reports, customized research reports, and consulting services. To help
clients make informed business decisions, the company offers market
intelligence studies ensuring relevant and fact-based research across a range
of industries including technology, chemicals, materials, healthcare and
energy.
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