Global Biometrics Market to Grow at 14% CAGR through 2022
Growing security concerns and increasing number of e-government
processes, coupled with rising technological advancements to drive global
biometrics market through 2022
According to TechSci Research report, “Global
Biometrics Market By
Type, By End Use Sector, By Region, Competition Forecast & Opportunities,
2012 – 2022”, the
global market of biometrics is projected to exhibit a CAGR of 14% during 2017-2022.
Growth can be attributed to increasing deployment of biometric technology in various
government projects such as e-passports and
e-visas for identification purposes, growing mobile workforce, surging use of
digital transactions, etc. Additionally, increasing integration of biometric
technologies, such as fingerprint recognition, facial recognition, hand/palm
recognition, iris scanners and voice recognition in products and services by
sectors including banking & finance, consumer electronics, etc., for providing
security benefits to users is expected to drive global biometrics
market during forecast period.
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Adoption of
fingerprint recognition technology by several sectors grew during the past five
years, on the back of its high processing speed, ease of use, increased
awareness, etc., thereby enabling it to dominate the global biometrics market
in 2016. Deployment of other biometric technologies including hand/palm
recognition, iris scanner, voice recognition, etc., is anticipated to increase
during forecast period, owing to their growing adoption by several end use
sectors. Moreover, during the period of the study, Asia-Pacific is likely to
emerge as the fastest growing region in global biometrics market, on account of
large-scale government e-passport and national ID programs by several countries
in the region.
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“Deployment of biometric technology in Point of
Sales (POS) terminals is growing in order to secure and authenticate the payment
gateways, as biometric data of the users such as fingerprint, iris, etc., can’t
be easily hacked as compared to traditional methods such as PINs and passwords.
With rising awareness about the benefits of biometric POS terminals across
various end user segments, demand for these advanced security systems is
expected to grow, thereby positively influencing global biometrics market in
coming five years.”, 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
& Opportunities, 2012 – 2022” has evaluated the future growth
potential of global biometrics market and provides statistics and information
on market size, structure and future market growth. The report intends to
provide cutting-edge market intelligence and help decision makers take sound
investment evaluation. Besides, the report also identifies and analyzes the
emerging trends along with essential drivers, challenges and opportunities in
global biometrics market.
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