Biometrics Market Growth Influenced by Increasing Cases of Security Breaches

Biometrics authentication refers to the process of technological authentication that is primarily utilized in information assurance (IA). It involves several methods for identifying and authenticating secure entry based on human biological information which include voice analysis, facial recognition, and retinal and fingerprint scanning. In comparison with traditional security systems, that are reliant on passwords, smart cards and personal identification numbers (PINs), biometrics offer a higher level of accuracy and security. According to the global biometrics market report by IMARC Group, the market reached a value of US$ 16.7 Billion in 2018.

A weak password is one of the primary reasons for the increasing prevalence of security system and data breaches. It also represents the weakest link in an organization’s security system. Moreover, resetting a lost or forgotten password consumes the time of IT support department and reduces an employee’s productivity. As a result, the demand for biometrics is rising across the globe. Additionally, biometrics are employed in various government organizations for acquiring stable, reliable and enhanced security since biometric traits are difficult to forge or forget. Further, increasing adoption of fingerprint recognition in consumer electronics like tablets and smartphones is anticipated to offer lucrative opportunities to investors in the upcoming years. Owing to these factors, the global biometrics market size is expected to exceed US$ 37.2 Billion by 2024, exhibiting a CAGR of around 14% during 2019-2024.

Non-AFIS Technology Exhibits Dominance

On the basis of the technology, the market has been segregated into face recognition, hand geometry, voice recognition, signature recognition, iris recognition, automated fingerprint identification system (AFIS), non-AFIS and others. Presently, non-AFIS exhibits a clear dominance in the market due to its cost-effectiveness and user-friendly interface. Moreover, in comparison with other recognition systems, these systems are convenient to use and generally require low maintenance.

Single-Factor Authentication Accounts for the Majority of the Market Share

On the basis of the authentication, the market has been bifurcated into single and multifactor authentication. At present, single-factor authentication accounts for the majority of the global biometrics market share. Single-factor authentication (SFA) refers to an identity verification process, based on which the access-requesting party needs to produce to the authenticating party a single identifier that is associated with its identity. It is utilized as a default in numerous systems as it is easy to implement.

Market Segmentation: Based on Functionality, Component and End User

• Based on the functionality, the market has been classified into contact, non-contact and combined. Amongst these, contact represents the largest segment, holding the dominant market share.
• The market has been analyzed on the basis of the component into hardware and software.
• On the basis of the end user, the market has been segregated into government, defense services, banking and finance, consumer electronics, healthcare, commercial safety and security, transport/visa/logistics, and others.

North America Dominates the Market

North America currently represents one of the leading markets for biometrics owing to its extensive utilization in different departments like defense and commerce. Moreover, governments in the region are concerned about security threats, escalating crime rates as well as terror attacks. As a result, they are funding and approving various projects to minimize these concerns. Other major markets include Europe, Asia Pacific, Latin America, and Middle East and Africa.

Competitive Landscape

The competitive landscape of the market has been analyzed with some of the key players being Accu-Time Systems, Inc., BIO-Key International, Inc., Cognitec Systems, GmbH, Fujitsu Limited, 3M Cogent, Inc., IDTECK, NEC Corporation, Siemens AG, RCG Holdings, Ltd., Suprema, Inc., Lumidigm, Inc., IrisGuard, Inc., Daon, Inc., DigitalPersona, Inc. and Morpho SA (Safran).

About IMARC Group: IMARC Group is a leading market research and consulting company that offers management strategy and market research worldwide. The company has done multiple projects on the biometrics industry, which has enabled clients to set up and expand their businesses successfully. Some of the company’s offerings include:

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• Innovation and Product Development

Imarc Group is a leading market research and consulting company that offers management strategy and market research worldwide.