Latest global market research on the Next Generation Biometrics market report that offers an exhaustive coverage of the industry with brief analysis, data charts, product type, application, figures, statistics that help take business decisions, company profiles and more.
The Global Next Generation Biometrics Market is accounted for $13.89 billion in 2017 and is expected to reach $63.26 billion by 2026 growing at a CAGR of 18.3% during the forecast period.
Next Generation Biometrics Market increasing number of government initiatives to adopt biometrics, growing need for surveillance and security owing to the threats of terrorist attack, proliferation of biometric technology in applications such as financial institutes, retail & automotive and increased convenience, secure identity management & superior human resource management are the key driving factors for the market growth. However, high deployment costs are hindering the market growth.
SOME OF THE KEY PLAYERS IN GLOBAL NEXT GENERATION BIOMETRICS MARKET ARE
Assa Abloy, Aware, Bio-Key International, Cognitec Systems, Cross Match Technologies, Daon, Facebanx, Fujitsu, NEC, Precise Biometrics, Safran, Secunet Security Networks, Securiport and Stanley Black & Decker and Thales
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The identity of a person’s based on certain physical or behavioral characteristics is recognized and authenticated by the biometric process. A person can be exceptionally identified by evaluating one or more distinguishing biological traits through biometric verification. The uniqueness of a person can be identified from different types of biometric technologies such as fingerprints, signature, palm recognition, face detection and record of their voice.
This data is then compared to the biometric data of several other persons kept in a database to authenticate a person’s identity. With the help of this biometric technology, the government agencies are able to solve crimes, prevent fraud in voting or public benefit applications, secure national borders, or protect identities for a variety of other applications, such as access control, banking and employee background checks.
Based on Application, Banking & Finance segment held considerable market share during the forecast period. These Authentication systems can also lift satisfaction of their customers, as it can eliminate passwords and increase the demand to adopt for biometrics in banking sector, which makes this market grow bullishly.
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For instance, Major Banks are also rolling out biometric authentication. JP Morgan, Chase, Bank of America and Wells Fargo allow their customers to log in to mobile banking via fingerprint authentication. By geography, Asia Pacific is expected to grow at a faster rate due to technological advancements and effective pricing of biometric devices across the region.
- Noncontact Functionality
- Combined Functionality
- Contact Functionality
AUTHENTICATION TYPES COVERED:
- Single-Factor Authentication
- Multifactor Authentication
- Miltary & Defence
- Law Enforcement
- Banking & Finance
- Residential Homes
- Consumer Electronics
- Travel & Immigration
- Other Applications
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