The global biometrics technology market is expected to reach USD 59.31 billion by 2025, according to a new study by Grand View Research, Inc. The increasing demand for biometrics technology across various applications is expected to favor the market growth over the next nine years. Biometrics technology is used by several verticals in private, public, and commercial sectors to overcome security threats. This is expected to fuel the market demand over the forecast period.
The increasing use of biometrics technology in consumer electronics, to enhance customer experiences, is expected to drive the market over the coming years. Implementation of biometrics technology for e-commerce applications may enable secure transactions and provide new opportunities to the market. High initial investments may hinder the industry growth over the forecast period.
The biometrics technology is extensively used for e-passport programs and to counter illegal migrations. Government and defense services are further expected to witness high growth over the forecast period. Biometrics technology can be used in banking and finance to increase efficiency and prevent frauds enabling the industry to grow at a significant rate over the next nine years.
Browse full research report on Global Biometrics Technology Market: http://www.grandviewresearch.com/industry-analysis/biometrics-industry
Further key findings from the study suggest:
- Transport/logistics emerged as a dominant end-use segment in 2015 and accounted for over 27% of the biometrics technology market in the same year
- Non-AFIS was estimated to be a considerable application segment in 2015 and accounted for over 38% of the overall industry revenue
- The Non-AFIS technology is used in various enterprises to enable authorized access, owing to its accuracy and efficiency. AFIS application is also expected to grow at a significant rate, owing to its use in fingerprint and palm identification for many civil applications
- North America was estimated to be the largest regional market in 2015 and is expected to grow at a considerable rate over the forecast period
- Biometrics technologies are used in various departments in the U.S., owing to their strict security standards. The Asia Pacific region is also expected to contribute, significantly, to the industry growth with the increasing use of the technology in countries such as India, China, and Indonesia
- The key market participants include NEC Corporation, Fujitsu Limited, Precise Biometrics AB, 3M Cogent, FaceFirst, and Hitachi
Browse more reports of this category by Grand View Research: http://www.grandviewresearch.com/industry/electronic-security-systems-and-devices
Grand View Research has segmented the global biometrics technology market based on end-use, application, and region:
Biometrics Technology End-Use Outlook (Revenue, USD Million; 2014 – 2025)
- Banking and Finance
- Consumer Electronics
- Defense & Security
Biometrics Technology Application Outlook (Revenue, USD Million; 2014 – 2025)
- Hand Geometry
Biometrics Technology Regional Outlook (Revenue, USD Million,2014 – 2025)
- North America
- Asia Pacific
- Latin America
- The Middle East & Africa
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
For more information: www.grandviewresearch.com