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According to a report,“Biometrics Technology Market Analysis Report By End-Use (Government, Banking & Finance, Transport/Logistics, Defense & Security), By Application (AFIS, Iris, Non-AFIS), and Segment Forecasts, 2018 – 2025”, published by Grand View Research, Inc., the global biometrics technology market size is likely to reach USD 59.31 billion by 2025, 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.

Key Takeaways from the report:

• 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.

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• Airport Security Market: National security is of vital importance at critical infrastructures such as airports. In recent years, the policy and aim of many authorities has shifted from potential threat identification to deploying measures that prevent infiltration of any type of threats into the infrastructure. 

• Physical Security Market: The growing popularity of smart security in light to increasing criminal activities caused by theft and leading vandalism to the properties are anticipated to be the key trend driving the growth of the physical security market. 

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.

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About Grand View Research

Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.

For more information: www.grandviewresearch.com

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