Government projects to propel biometrics markets to $21.9b by 2020

Government projects to propel biometrics markets to $21.9b by 2020

In global biometrics market, Asia-Pacific is anticipated to overtake North America by 2015, owing to increasing government spending towards IT security, government biometric based projects such as, National ID Program, Biometric Driver’s license, Biometric Passports & Visas and others. Additionally, Asia-Pacific biometrics market is driven by increasing crime rate (crimes related to thefts and homicides), terrorist threats and shift from traditional smart card based systems towards biometric based systems across various countries in Asia-Pacific region.

According to 6Wresearch, global biometrics market is projected to touch $21.9 Billion by 2020. Increasing IT security spending, government biometric based projects, terrorist threats, and emerging cyber security market is boosting the demand for biometric systems. North America leads the overall biometrics market, where the U.S. is the major revenue generating country in this region. Increasing homeland security, government spending, research and development activities are driving the growth of the U.S. in North American biometrics market.

Fingerprint biometrics is the key revenue generating biometric technology in global market and is anticipated to continue its domination through 2020; though, higher growth of face, IRIS, vein and multimodal biometrics systems are exhibited in the coming years.

Amongst all applications, government & transportation sectors accounts for largest of the global biometrics market share. However, consumer electronics application sector is expected to witness higher growth over the next five years, owing to increasing demand for biometrics enabled devices such as smartphones, and laptops, which uses fingerprint technology for authenticating the individuals. In Addition, banking & financial application sector would also exhibit higher growth in the coming years, on account of increasing mobile banking.

In global biometrics market, government & transportation application accounted for largest of the revenue share, owing to government biometric based projects such as national ID cards, biometric passports, visa and others. On the contrary, commercial offices accounts for majority of the biometric systems’ volume sales, where fingerprint biometric based time & attendance systems have been sold largely. In biometrics market, consumer electronics application is growing at tremendous rate due to increasing demand for biometric enabled smartphones and tablet PCs.

The report estimates and forecast overall Global Biometrics Market by revenue & volume and by technologies. The report segments biometrics market by applications such as government & transportation, commercial offices, industrial, defense, hospitality & healthcare, banking & financial, retail and consumer electronics. The report also gives insights on market share by companies, price trends, market trends, company profiles, upcoming government projects, product matrix, competitive positioning, market drivers and restraints.

The report highlights Morpho Safran, 3M Cogent, NEC, Suprema, Nuance, Hitachi, Crossmatch Technologies, Iris ID, ZK Technologies and others as the key companies in global biometrics market.