Industry Insights
Increasing demand of high level of security in different industries is the key factor driving the growth of the biometric technology. Biometric technology deals with the security purpose implied in a system which uses identical human characteristic such as face, hand geometry, voice, signature, iris, vein, DNA and finger print. Increasing number of terror attacks and crimes has forced to develop such system which provides high level of security. Traditional security provided by username, password, PIN, Patterns and tokens are vulnerable to attacks. Furthermore, Biometric technology uses physiological and behavioural characteristics, unique in each individual for identification hence it provides high level of security which is expected to impact the market growth. Security level is increased owing to these unique characteristics which can not be copied or stolen easily and hence is expected to augment the market growth.
Advance technology application such as e-passport in government sector uses biometric technology to provide security. Growth in e-passport program, government support, use of biometric technology in banking, healthcare, smartphones, election administration and extensive use in criminal identification and growing need for large scale surveillance at public gatherings are the major key drivers for the growth of the biometric technology market. However, High cost of systems and fear of privacy intrusion is expected to restraint the market over forecast period. Cloud computing for biometric technology and use of biometric technology in e-commerce are the key opportunities for the growth. Long time frame for implementation and interoperability with other technologies are expected to challenge the biometric technology market.
Application Insights
Biometric technology is used in the form of different human characteristics. Application includes face, hand geometry, voice, signature, iris, AFIS and non-AFIS. AFIS and non-AFIS segment are the key applications, expected to increase the biometric technology market. Face recognition biometric technology is used by smartphone or computer’s inbuilt camera by retailers, marketers, law enforcement procedures and others. Hand geometry technology is more viable and can work in the harshest of environments, both internal and external. This technology facilitates large number of users in huge factory, warehouse, and retail settings, expected to impact the market growth positively Voice recognition uses software compiled with hardware and is used in military (fighter jets), healthcare, personal computing (hands-free computing) and telecommunications. Iris authentication involves recognition of the picture of iris used in access control, time & attendance, public safety, transportation and immigration and national identity. AFIS and non-AFIS cover the largest part of the biometric technology market growth due to easy access of fingerprint recognition technology. AFIS and non AFIS are used mainly in real time attendance system in any organization. These applications are anticipated to increase the market growth over the forecast period.
End-Use Insights
Defence, government, travel & immigration, banking & finance, consumer electronics, home security, healthcare and commercial security government & transportation are expected to be the key end use segments over the forecast period. Increasing need and demand for the security in government offices and departments and increasing terror attacks at public transportation places are going to augment the market growth in near future. Commercial segment is expected to witness the significant growth owing to need of security at financial institutes and enterprises. However cost of the system is expected to challenge the growth in enterprise sector. Healthcare segment is expected to witness growth due to technological advancements and needed protection of patent privacy, false insurance claims and other frauds. All the end use segments are expected to grow at different rate owing to respective technological advancements with the growing needs.
Regional Insights
North American countries such as the US, Canada and Mexico are the largest market for biometric technology solutions due to the early technological advancements. In US, this technology is used at various places such as homeland security, defence, commerce and others. Owing to the increasing awareness of biometric technology, Asia Pacific countries such as Japan, china, India, Korea and Australia are expected to witness fastest growth in coming years. European countries UK, Italy, Germany and France are expected to show significant growth in coming six years. Increasing terror attacks in all over the world is going to drive the biometric technology market globally.
Competitive Insights
3M, Fingerprint Cards AB, Facebanx, Cross Match Technologies Inc., RCG Holdings Limited, Fulcrum Biometrics, Siemens AG, NEC Corporation, Suprema Inc., Safran SA, Fujitsu Ltd., Validsoft Uk Ltd and Thales SA are the key players in biometric technology solutions market. 3M Cognet provides wide range of palmprint & fingerprint identification products. And it has entered into the partnership with Siemens, blackberry, Accenture, Lookheed and Martin to make use of biometric technology into their products which is going to impact the global players.
