|AFIS biometrics market is expected to witness significant CAGR growth in coming years owing to its increasing usage in law enforcement and civil applications. Moreover, it also assists in background checking in private sector.
Travel application segment in biometrics market accounted for majority of share in 2015 due to stringent government regulations and norms to improve the overall security. The country such as UK and the U.S. are passing strict norms to maintain the safety. For instance, according to Visa Entry Reform Act of 2002 in the U.S. it is compulsory to use biometrics in the visas process.
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Biometrics Market is expected to grow at a CAGR of over 15% from 2016 to 2023. Increasing usage of these biometric systems for criminal and fraudulent identification is expected to drive the growth in the coming years. Government initiatives to adopt these technology as a robust identification technique will further propel the biometrics market growth.
The technology offers statistical scrutiny of biological data, which is less prone to hacking as compared to password security. The biometrics identify physiological and behavioural characteristics of individuals which are examined to validate the identity an individual. Such factors are contributing to the increased revenue for biometrics market.
Growing fraudulent cases across the industries have augmented the importance of these systems in order to maintain data security and privacy thus, increasing the adoption globally. For instance, in 2014 JP Morgan was victim of data breach in which hackers accessed the important data of around 83 million customers. This made the sector more attentive and increased the usage of these system across the industry.
The increasing propagation of smartphones, demand for wearable technology, and availability of diverse range of these biometric solutions is expected to propel the industry growth over the period. Moreover, security breaches, stringent security protocols, ease of use, speed of security clearance, IoT landscape, safe and robust systems against potential hackers is driving the demand for the biometrics market.
Uncertainty related to the storage of the collected data may hinder the growth from 2016-2023. Records that contain sensitive identification data including fingerprints may become a cause for unlawful access and misuse. In addition, excessive cost associated with the system may pose a challenge to the biometrics market growth.
Fingerprint recognition technology accounted for majority of share in biometrics market as it is old, low cost, and easy to install. It is also used in e-visas, e-passports, and driving licenses to authenticate the data of an individual. Fingerprint authentication find usage various application and are widely being adopted by the companies.
North America hold maximum number of shares in biometrics market owing to strong demand in security and government sectors. Companies increasing investment in biometric based security solutions have also contributed to the revenue. Asia Pacific are expected to witness highest growth over the future due to the rising criminal activities.
The major player operating in the biometrics market includes 3M Cogent, BIO-Key International, CMI Time Management, Iris ID, Lockheed Martin, NEC Corporation, Smartmatic, and Pradotec. Companies are providing customized solutions to provide unique solutions to the customers.
Browse key industry insights spread across 90 pages with 90 market data tables & 57 figures & charts from the report, “Biometrics Market Size By Application (Banking & Finance, Consumer Electronics, Defense Services, Government, Transportation, Healthcare), By Product (AFIS, Non-AFIS, Hand Geometry, Signature, Voice, Iris, Face), Industry Analysis Report, Regional Outlook (U.S., Canada, UK, Germany, France, Russia, China, India, Japan, South Korea, Mexico, Brazil), Application Potential, Price Trends, Competitive Market Share & Forecast, 2017 – 2024” in detail along with the table of contents:
Table of Content (TOC-)
Chapter 3. Biometrics Industry Insights
3.1. Industry segmentation
3.2. Industry landscape, 2013 – 2024
3.3. Industry ecosystem analysis
3.3.1. Distribution channel analysis
3.3.2. Vendor matrix
3.4. Technology & innovation landscape
3.5. Regulatory landscape
3.6. Industry impact forces
3.6.1. Growth drivers
220.127.116.11. Rising security concerns
18.104.22.168. North America
22.214.171.124.1. Strong demand from government sector
126.96.36.199.2. Compulsion of e-visas and e-passports for new applicants
188.8.131.52.1. Rapid technological advancements
184.108.40.206.2. Wide usage in military & IT
220.127.116.11. Asia Pacific
18.104.22.168.1. Favorable regulatory scenario
22.214.171.124.1. Increasing government expenditure on security enhancement
126.96.36.199.2. Increasing deployment of face recognition scanners
188.8.131.52.1. Modernized identification process for voter equality
184.108.40.206.2. Mandatory government regulations
3.6.2. Industry pitfalls & challenges
220.127.116.11. High capital investment
18.104.22.168. Stored data security concerns
22.214.171.124. North America
126.96.36.199.1. Unfeasible deployment at all border exits
188.8.131.52.2. Technology related issues
184.108.40.206.1. Data privacy concerns
220.127.116.11. Asia Pacific
18.104.22.168.1. Budget constraints
22.214.171.124.1. Spoofing attacks
126.96.36.199.1. System vulnerability
3.7. Growth potential analysis
3.7.1. Business models
3.8. Porter’s analysis
3.8.1. Supplier power
3.8.2. Buyer power
3.8.3. Threat of new entrants
3.8.4. Threat of substitutes
3.8.5. Internal rivalry
3.9. Competitive landscape, 2016
3.9.1. Strategy dashboard
3.10. PESTEL analysis
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