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Biometrics Technology Market is Expected to Reach $13.8 Billion by 2015: Hexa Research Inc.
Date:9/2/2015

FELTON, California, September 2, 2015 /PRNewswire/ --

Biometric technology deals with the security purpose implied in a system which uses identical human characteristic such as face, hand geometry, voice, signature, iris, vein, DNA and finger print. Increasing number of terror attacks and crimes has forced to develop such system which provides high level of security. Traditional security provided by username, password, PIN, Patterns and tokens are vulnerable to attacks. Furthermore, Biometric technology uses physiological and behavioral characteristics, unique in each individual for identification hence it provides high level of security which is expected to impact the market growth. Security level is increased owing to these unique characteristics which cannot be copied or stolen easily and hence is expected to augment the market growth. Increasing demand of high level of security in different industries is the key factor driving the growth of the biometric technology.

Advance technology application such as e-passport in government sector uses biometric technology to provide security. Growth in e-passport program, government support, use of biometric technology in banking, healthcare, Smartphone's, election administration and extensive use in criminal identification and growing need for large scale surveillance at public gatherings are the major key drivers for the growth of the biometric technology market.

Browse full research report with TOC on " Biometrics Technology Market Analysis By Application (Face, Hand geometry, Voice, Signature, Iris, AFIS, Non-AFIS), By End-Use (Government, Defense & Security, Banking & Finance, Consumer Electronics, Healthcare, Residential, Commercial, Transportation) And Segment Forecasts To 2020" at : http://www.hexaresearch.com/research-report/biometrics-technology-industry/

However, High cost of systems and fear of privacy intrusion is expected to restraint the market over forecast period. Cloud computing for biometric technology and use of biometric technology in e-commerce are the key opportunities for the growth. Long time frame for implementation and interoperability with other technologies are expected to challenge the biometric technology market.

Biometric technology is used in the form of different human characteristics. Application includes face, hand geometry, voice, signature, iris, AFIS and non-AFIS. AFIS and non-AFIS segment are the key applications, expected to increase the biometric technology market. Face recognition biometric technology is used by Smartphone or computer's inbuilt camera by retailers, marketers, law enforcement procedures and others. Hand geometry technology is more viable and can work in the harshest of environments, both internal and external. This technology facilitates large number of users in huge factory, warehouse, and retail settings, expected to impact the market growth positively Voice recognition uses software compiled with hardware and is used in military (fighter jets), healthcare, personal computing (hands-free computing) and telecommunications. Iris authentication involves recognition of the picture of iris used in access control, time & attendance, public safety, transportation and immigration and national identity. AFIS and non-AFIS cover the largest part of the biometric technology market growth due to easy access of fingerprint recognition technology. AFIS and non AFIS are used mainly in real time attendance system in any organization. These applications are anticipated to increase the market growth over the forecast period.

Defence, government, travel & immigration, banking & finance, consumer electronics, home security, healthcare and commercial security government & transportation are expected to be the key end use segments over the forecast period. Increasing need and demand for the security in government offices and departments and increasing terror attacks at public transportation places are going to augment the market growth in near future. Commercial segment is expected to witness the significant growth owing to need of security at financial institutes and enterprises. However cost of the system is expected to challenge the growth in enterprise sector. Healthcare segment is expected to witness growth due to technological advancements and needed protection of patent privacy, false insurance claims and other frauds. All the end use segments are expected to grow at different rate owing to respective technological advancements with the growing needs.

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About Hexa Research: 

Hexa Research Inc. is a market research and consulting organization, offering industry reports, custom research and consulting services to a host of key industries across the globe. We offer comprehensive business intelligence in the form of industry reports which help our clients obtain clarity about their business environment and enable them to undertake strategic growth initiatives.

 

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