BANGALORE, October 13, 2015 /PRNewswire/ --
Mordor Intelligence is pleased to announce the publication of the report on Global Next Generation Biometric Market.
The next generation biometric market is expected to increase to $23.8 billion by 2020 at a CAGR of 16.8% over the period 2014-2020. The inclination of growth towards E-Passport program and the initiatives taken by the government are the key drivers, which are making the next generation biometric market to grow significantly. Interoperability of biometrics system is one of the major factors challenging the market growth, in addition to the long time frame for implementation.
The market is highly competitive with organizations such as Safran SA, 3M, Cross Match Technologies, Facebanx, Fujitsu, Siemens, Thales SA, and Fingerprint Cards AB as well as some small and medium companies.
Get the Full Report Here: Global Next Generation Biometric Market
In terms of geography, North America holds 42.1 percent share, followed by Europe. The market is experiencing significant growth in emerging economies such as the Asia-Pacific region, which is estimated to grow steadily over the period 2015-2020. Enterprises and Healthcare sectors would be the major contributor for growth in these regions apart from government market and consumer electronics market. The report has been segmented as:
- Technology Type:
- Face Recognition
- Finger Recognition
- IRIS Recognition
- Palm Print Recognition
- Voice Recognition
- Signature Recognition
- By End-User:
- Government Application
- Defence Application
- Travel & Immigration Application
- Home Security
- Banking & Finance
- Consumer Electronics
- Geographical Region:
- North America
- Middle East
- Latin America
The biometric market is very popular because biometric characters such as face, fingerprint, hand, and so on cannot be lost, stolen, or easily forged. The growing technological propagation and amalgamation of next generation biometric products with a vast kind of applications such as the government and travel & immigration are the major factors driving the growth of the next generation biometric market.
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SOURCE Mordor Intelligence LLP