SAN FRANCISCO, April 18, 2019 /PRNewswire/ -- The global biometrics technology market size is likely to reach USD 59.31 billion by 2025, according to a new study by Grand View Research, Inc., experiencing a CAGR of 19.5% during the forecast period. Surging demand for biometrics technology across various applications is projected to favor the growth of the market over the coming years. Biometrics technology is used by various verticals in public, private, and commercial sectors to counter security threats. This is estimated to stimulate the growth of the market over the forecast period.
Key suggestions from the report:
The transport/logistics segment emerged as the leading end-use segment in 2017 and is projected to exhibit a CAGR of 18.1% over the forecast period
The non-AFIS segment accounted for 38.1% of the overall market revenue in 2017. The technology is used in various enterprises to enable authorized access, owing to its accuracy and efficiency. AFIS applications are also poised to register a significant CAGR during the forecast period, owing to its use in fingerprint and palm identification for many civil applications
North America was the largest regional market in 2017. Biometrics technologies are used in various departments in the U.S., owing to their strict security standards
Asia Pacific is also anticipated to contribute significantly to the global market, due to increasing use of the technology in countries such as India, China, and Indonesia
The key market participants include Accu-Time Systems, Inc.; BIO-key International, Inc.; David-Link; EyeVerify, Inc.; and FaceFirst.
Widening scope of applications of biometrics technology in consumer electronics, in order to improve customer experiences, is poised to augment the market over the same period. Incorporation of biometrics technology into e-commerce applications can enable secure transactions and unfold ample growth opportunities to the market. High initial investment cost is anticipated to hamper growth prospects.
Biometrics technology is being increasingly acknowledged for e-passport programs and to keep a check on illegal migrations. Government organizations and defense services are further expected to experience sharp rise in the demand for the technology. In addition, it is used in banking and finance to increase efficiency and to prevent frauds. This is further likely to positively influence the growth of the market.
Grand View Research has segmented the global biometrics technology market based on application, end-use, and region
Biometrics Technology Application Outlook (Revenue, USD Million, 2014 - 2025)
Biometrics Technology End-use Outlook (Revenue, USD Million, 2014 - 2025)
Banking and Finance
Defense & Security
Biometrics Technology Regional Outlook (Revenue, USD Million, 2014 - 2025)
Baggage Scanners Market – The baggage scanners market is expected to witness substantial growth with the increase in the unlawful and the unethical practices around the world. In order to protect integrity of any nation against anti-social organizations and terrorist threats, security equipment such as baggage scanners are being installed at various places.
Security Printing Market – Increased instances of forgery and counterfeiting practices are expected to drive the security printing market over the forecast period.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.