Ocean View, DE -- (SBWIRE) -- 06/18/2020 -- Global biometrics market size is estimated to surpass USD 50 billion by 2024; according to a new research report by Global Market Insights, Inc. High acceptance among various verticals including mobile banking and financial services owing to rising security concerns has enhanced biometrics market size. Government initiatives for biometrics implementation coupled with high deployment for criminal identification will remain the key factors driving industry demand.
Industry players focus on technological advancements and new product launches to cater to the customer requirements. Benefits offered including provision of precise and accurate validation as compared to traditional validation methods such as PINs and ID cards, are anticipated to increase the industry penetration across the globe till 2024.
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Increased smartphone penetration coupled with expansion of consumer electronics will favor the biometrics market share over the forecast timeframe. In addition, rising investment in military & defense due to authentication concerns is anticipated to offer high growth potential. Multimodal biometrics system is an emerging trend in public and private work space for stringent attendance recording purposes. However, high implementation cost and stored data uncertainty may hamper industry growth over the forecast timeframe.
Non-AFIS will account for the highest biometrics market share, surpassing USD 18 billion till 2024. This can be attributed to its high usage in various applications which include cashless vending and workforce management. Moreover, it finds use in various public areas that assure keyless entry and efficient security. Iris recognition will exhibit over 20% CAGR owing to wide integration of iris scanners mainly in smartphones.
Benefits such as unauthorized vehicle use detection, reduction of overtime expenses, and identification of billing anomalies will support the transportation & logistics segment growth from 2017 to 2024. Banking & finance applications will benefit from the rising demand from various financial institutions for precise authentication and streamlining of operations.
The past few years have proved to be highly lucrative for the banking and finance sector, with momentous innovations in technology and heightened mobility presenting new opportunities for the industry. Various financial establishments have embraced biometric technology as the primary authentication tool for employees, customers as well as to enhance security in certain processes. As a matter of fact, the banking and finance application segment is poised to register commendable growth at over 22% CAGR through 2024.
The transportation segment, on the other hand, is set to register the maximum revenue in the global biometrics market share over the projected timeline. This growth may be accredited to multiple advantages including the detection of billing inconsistencies, warnings against excessive fuel consumption and the consequent decrease in overhead costs as well as a significant reduction in overtime expenditures.
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Based on the regional outlook, the North America biometrics market is projected to grow substantially at a rate of 20% through 2024. This development is attributed largely to strong government support in the region, in the form of various beneficial regulatory mandates pertaining to biometrics usage.
Global industry share is highly fragmented with various participants across the globe. BIO Key International, David Link, EyeVerfiy, Iris ID, and NEC Corporation are among the prominent players in the biometrics market. Other notable players include Lockheed Martin, Green Bit Biometric Systems, FaceFirst, ZKTeco, and 3M Cogent.
Table of Contents (ToC) of the report:
Chapter 4. Biometrics Market, By Product
4.1. Global biometrics market share by product, 2016 & 2024
4.2. Face
4.2.1. Market estimates and forecast, 2013-2024
4.2.2. Market estimates and forecast, by region, 2013-2024
4.3. Hand geometry
4.3.1. Market estimates and forecast, 2013-2024
4.3.2. Market estimates and forecast, by region, 2013-2024
4.4. Voice
4.4.1. Market estimates and forecast, 2013-2024
4.4.2. Market estimates and forecast, by region, 2013-2024
4.5. Signature
4.5.1. Market estimates and forecast, 2013-2024
4.5.2. Market estimates and forecast, by region, 2013-2024
4.6. Iris
4.6.1. Market estimates and forecast, 2013-2024
4.6.2. Market estimates and forecast, by region, 2013-2024
4.7. AFIS
4.7.1. Market estimates and forecast, 2013-2024
4.7.2. Market estimates and forecast, by region, 2013-2024
4.8. Non-AFIS
4.8.1. Market estimates and forecast, 2013-2024
4.8.2. Market estimates and forecast, by region, 2013-2024
4.9. Others
4.9.1. Market estimates and forecast, 2013-2024
4.9.2. Market estimates and forecast, by region, 2013-2024
Browse complete Table of Contents (ToC) of this research report @ https://www.gminsights.com/toc/detail/biometrics-market
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.