According to the report, the global next generation biometric market was approximately USD 12,890 million in 2018 and is expected to generate around USD 36,837 million by 2025, at a CAGR of around 16.20% between 2019 and 2025.
New York, NY, Aug. 13, 2019 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Next Generation Biometric Market by Authentication Type (Fingerprint, Face Recognition, Iris Recognition, Palm Print Recognition, Signature Recognition, and Others) and by Application (Government, Travel & Immigration, Defense, Home Security, Consumer Electronics, Banking and Finance, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2025”. According to the report, the global next generation biometric market was approximately USD 12,890 million in 2018 and is expected to generate around USD 36,837 million by 2025, at a CAGR of around 16.20% between 2019 and 2025.
Biometric technology is used to verify and authenticate the identity of individuals through certain biological and behavioral characteristics, such as fingerprints, facial expression, palm, voice, signature, eye, vein, iris, and DNA. Traditionally, identification documents and PIN were used to verify and confirm a person’s identity. But the introduction of the biometric system has made the verification of individuals for the purpose of security and safety easier and user-friendly. Biometric technology also offers several benefits to the users, such as a high degree of privacy, accuracy, uniformity across systems, interoperability, and ease of use. The next generation biometric market is likely to grow owing to the increasing government initiatives for restricting illegal activities, growing e-passport programs, and rising number of terrorist and criminal activities that require a high level of security. Additionally, this market is also driven by numerous benefits offered by biometric technology and various technological advancement related to data security. Moreover, the penetration rate of smartphones with fingerprints, eye, or face recognition in the market is also another key growth driver factor for the next generation biometric market. However, the high cost of biometric systems and risk of privacy intrusion may hamper this market. Conversely, the growing use of biometric technology in cloud computing and e-commerce will offer new growth opportunities in the market.
Browse through 37 Tables & 28 Figures spread over 110 Pages and in-depth TOC on “Global Next Generation Biometric Market: By Type, Applications, Industry Size, Share, Trends, Analysis, and Forecast, 2018–2025”.
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The next generation biometric market is fragmented on the basis of the authentication type and application. Based on authentication type the market is divided into iris recognition, palm print recognition, face recognition, signature recognition, fingerprint, and others. The fingerprint segment is expected to dominate the global market, owing to its wide application by various end-users. The iris and face recognition segment is likely to register the highest CAGR in the future, owing to the growing penetration of smartwatches with eye detection technology due to its ease of use.
By application, the market is categorized into travel and immigration, government, consumer electronics, home security, banking and finance, defense, and others. The travel and immigration segment is expected to register the highest CAGR in the future, owing to the flourishing global tourism industry and the increasing number of travelers traveling through flights due to their improved living standards. The government segment will hold a major market share, as global governments are moving toward digitalization for ensuring higher security via the use of biometric technology.
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North America dominated the next generation biometric market globally in 2018, due to the growing number of IT companies, the easy availability of skilled personnel for conducting the biometric verification, and various government initiatives to restrict illegal activities across the region. The U.S holds the predominant position in this regional market and will maintain its dominance over the forecasted time period as well. This can be attributed to various technological advancements and rising number of government initiatives encouraging the adoption of digital platforms in the lifesciences industry.
Europe held the second-largest share of the market for next generation biometric globally in 2018, due to the increasing regional awareness about data security and growing government funding for e-passport programs. Germany and the U.K. are major contributors to the European next generation biometric market.
Browse the full “Next Generation Biometric Market by Authentication Type (Fingerprint, Face Recognition, Iris Recognition, Palm Print Recognition, Signature Recognition, and Others) and by Application (Government, Travel & Immigration, Defense, Home Security, Consumer Electronics, Banking and Finance, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2025” Report at https://www.zionmarketresearch.com/report/next-generation-biometric-market
The Asia Pacific next generation biometric market is likely to register the highest CAGR in the future, owing to the growing use of consumer electronics, increasing the use of biometric technology in healthcare centers, and rising regional awareness about safety and security. Furthermore, developing countries of India and China are witnessing increasing biometric systems demand. Both countries have initiated a biometric national ID program. With the help of this program, the awareness regarding next generation biometric technology is generated which is fuelling the growth of biometric systems.
The Latin American market is estimated to witness moderate growth over the forecast time period, owing to the growing awareness about security and increasing use of technology-driven devices. The Middle East and Africa shows slow growth in next generation biometric market, due to the lack of technically skilled personnel and fewer number of IT companies in the region. In addition, the lack of funding for advanced technology needed in next generation biometric systems is also restraining the region’s next generation biometric market.
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Some major players operating in the next generation biometric market are Cross Match Technologies, 3M, Facebanx, Fujitsu, Fingerprint Cards, Fulcrum Biometrics, RCG Holdings, NCE Corporation, Safran, and Siemens.
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This report segments the global next generation biometric market into:
Global Next Generation Biometric Market: By Authentication Type
- Face Recognition
- Iris Recognition
- Palm Print Recognition
- Signature Recognition
Global Next Generation Biometric Market: By Application
- Travel and Immigration
- Home Security
- Consumer Electronics
- Banking and Finance
Global Next Generation Biometric Market: By Region
- North America
- The U.S.
- Asia Pacific
- Latin America
- The Middle East and Africa
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