According to a recently released TechSci Research report, "Global Biometrics Market By Type, By End Use Sector, By Region, Competition Forecast and Opportunities, 2011 - 2021", the global biometrics market is projected to surpass $ 24.8 billion by 2021, on account of growing security concerns across various end use sectors such as banking & finance, consumer electronics, government, defense, healthcare. etc., owing to increasing terrorist attacks and growing identity thefts. Biometric systems are capable of providing an accurate validation as compared to traditional methods such as ID cards, PINs, passwords, etc. As a result, the adoption of these systems is high in various public as well as private offices for the authentication, access control and time & attendance purposes.
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"Global Biometrics Market"
Increasing number of government projects such as National ID cards, e-passports, e-visas, etc. are significantly boosting adoption of biometric devices for identification purposes. In addition, expanding global consumer electronics market, which is projected to grow at a CAGR of over 7% in volume terms during 2016-21, coupled with increasing smartphone user base, which is forecast to cross 3.5 billion by 2021, are expected to boost demand for biometric technology for the purpose of access control and user identification over the next five years. Moreover, rising global military spending, which is anticipated to touch $1.7 trillion by 2021, is also expected to drive biometric device adoption for authentication purpose in the defence sector in the coming years.
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Fingerprint Recognition, Facial Recognition, Hand/Palm Recognition, Iris Scanner, Voice Recognition, Vein Scanner are some of the major types of biometric technologies being used across the world. In 2015, fingerprint recognition market dominated the global biometrics market on account of their ease of use, low cost, high speed and accurate results. However, vein scanner market is anticipated to witness highest growth during the forecast period.
"Global biometrics market is anticipated to register heathy growth rate over the next five years. With initiatives being taken by the governments of various countries across the world to adopt biometrics systems for identification and verification purposes, coupled with introduction of e-passports and e-visas, as well as implementation of biometric technology in election administration, a growing number of companies operating in global biometrics market are increasingly partnering with governments of various countries for supplying biometric systems.", said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
"Global Biometrics Market By Type, By End Use Sector, By Region, Competition Forecast and Opportunities, 2011 - 2021" has evaluated the future growth potential of the global biometrics market and provides statistics and information on market size, market share and growth forecasts. The report is intended to provide cutting-edge market intelligence and help decision makers take sound investment evaluation. Besides, the report also identifies and analyzes emerging trends along with essential drivers, challenges and opportunities available in the global biometrics market.