The global Biometrics Technology Market size is expected to reach USD 59.31 billion by 2025, with a CAGR of 19.5% during the forecast period. This technology has its applications in public, commercial and private sectors. Biometrics is related to human characteristics which identify fingerprint, palm veins, face recognition, hand geometry, retina for its authorization. To avoid security breaches, this technology is applied in various sectors and it provides high degree of security and accuracy.
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Key Players:
The industry participants in the
market comprise of companies such as Precise Biometrics AB, NEC Corporation, 3M
Cogent, Fujitsu Limited, FaceFirst, Nuance Communications, and Hitachi.
Growth Drivers:
The security concerns are
anticipated to drive the market demand over the forecast period. Biometrics
technology is accessed in the computer industry for identification and access
control. To protect the most important data, old techniques are not robust
enough as a result of which this technology is being used widely. It has
applications in government offices, border control, airports, financial
institutions, healthcare industry and law on account of which the demand is
expected to increase rapidly.
Application Insights
The biometrics technology finds
usage in applications such as face recognition, hand geometry, signatures,
automated fingerprint identification systems (AFIS), voice recognition, iris,
and non-AFIS. Hand recognition is very widely used a form of application in
biometrics technology.
Palm veins and print are
contactless applications which are expected to grow over forecast period owing
to the security concerns. AFIS finds application in conducting background
checks of the workforce of an organization. These all will be used for civil
applications.
Iris application is majorly used
in government programs. It also used in ATM facilities and financial
institutions. These applications will see growth over the forecast period.
End-Use Insights:
The demand in the government
sector is expected to grow rapidly over the forecast period to prevent issues
such as illegal immigration and identity theft. The commercial sector is
anticipated to experience increased demand on account of growing application in
defense and security end-use.
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