Biometric technology is used for authentication and identification of individuals by measuring & analyzing their private traits-fingerprints, hand geometry, iris, voice, vascular pattern, face, palm print, or behavioral characteristics-signature, typing pattern. Biometric technology provides the advanced technology over traditional PIN based techniques. The upgraded version technology is used for the safe and personal or sensitive data from fake use of an individual’s possessions, for instance workstations, ATMs, mobile phones or access to desktops, smart cards, laptops, or networks by unique identification technique.
According to study, “Global Biometric Technology Market Size study, by Application Type (Face Recognition, Voice Recognition, IRIS Recognition, Signature Recognition, AFIS, Non-AFIS, Hand Geometry, Others), by End-Users (Government, Healthcare, Banking and Finance, Consumer Electronics, Home Safety and Security, Commercial Safety and Security, Others) by and Regional Forecasts 2018-2025” some of the key companies are operating in the global biometric technology market are Accu-Time Systems, Inc., Cognitec Systems GmbH, Bio-Key International, Inc., Digital Persona Inc, Daon Inc., Inception Technologies, Irisguard, Inc, ZK Technology LLC, Fujitsu Frontech Limited, Hitachi Ltd., Lumidigm, Inc, FaceFirst, DERMALOG Identification Systems GmbH, Smartmatic International Corporation, Secunet Security Networks AG, HID Global Corp., Idteck, EyeVerify Inc., East Shore Technologies, Inc., 3M Company (Cogent Systems Inc.), IDEMIA, NEC Corporation, M2SYS Technology LLC, AFIX Technologies, Morpha SA, Gemalto NV, Papillon Systems, Precise Biometrics, Safran S.A., Siemens AG, Thales S.A., David Link, Sonda Technologies, Crossmatch Technologies Inc., ImageWare Systems Inc., RCC Holdings Ltd, Assa Abloy Group, 3M Cogent, Inc., Suprema Inc.
Based on type, the global biometric technology market is segmented into behavioral biometric and physiological biometric. Behavioral biometric includes voice recognition, signature recognition and others (keystroke & odor). Physiology biometric includes iris recognition, fingerprint recognition (AFIS & non-AFIS), hand geometry recognition, face recognition and others (DNA & Ear). Based on functionality type, market is segmented into combined functionality, contact functionality and non-contact functionality. Based on authentication type, the market is segmented into single factor authentication and multi factor authentication. Based on end-user type, market is defined as banking & finance, healthcare, home safety & security, government, consumer electronics, commercial safety & security and others.
The global biometric technology is driven by rising standards of living, increasing concern for safety & security, growing applications of biometric technology in government & commercial sectors, unique technology with easy usage and budding developments in emerging markets. Apart from benefits, some of the major restraints include technological limitations, high initial investments & cost of devices and fear of privacy intrusion. In addition, key opportunities includes flourishing use in cloud computing & e-commerce and evolving multilevel biometric technology.
Globally, North American region holds as the major share in terms in overall revenue to the market. The Asia Pacific region is also expected to be the fastest growing, on account of increasing awareness about the technology. Countries such as India & China are sights of elevated growth rates in the region. In addition, initiatives for instance the UIDAI project in India and e-KTP electronic ID initiative in Indonesia using fingerprints, face, and eyes biometrics, are also estimated to provide new opportunities to the market. The global biometric technology market is expected to grow with a CAGR of 19.8% with of US $64.3 billion approximately by the end of the year 2025.
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Global Biometric Technology Market
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