Biometric Authentication and Identification Market Aims to Expand at Double-Digit Growth Rate
The evolution of technology from paper to electronic to digital and now biometric has played a crucial role in shaping the economy. This evolution has resulted in enhancing the operational capabilities of various industries, such as automotive, manufacturing, and construction, in terms of enhanced safety measures, connectivity, cost reduction, and convenience for users. Such enhancements in technology have been seen in the human interactions occurring in the digital world. In the context of human interactions, it is necessary to identify and prove in ways who one claims to be. This is where identification technologies, such as biometrics, come into picture. Biometric refers to the science of identifying the unique physical and behavioral characteristics, which an individual inherits from his/her birth. The biometric technology is broadly referred to the art of capturing, processing, and measuring the individual’s characteristics electronically and comparing the collected records with existing records.
Read Report Overview: Biometric Authentication and Identification Market
The global biometric authentication and identification market is estimated to generate revenue of $18.81 billion in 2018, and is projected to reach $51.98 billion by 2023, at a CAGR of 22.54%. This high growth is supported by the growing demand from a range of distinct applications where the current authentication technologies and methods struggle to deliver optimum performance. Moreover, due to a strong demand from a myriad of application areas, there has been a surge in enhancing the current biometric modalities by combining different features such as identification of any individual through facial and iris recognition, and facial and palm, among others. Conditional access through biometric security has become far more important after the increasing incidences of terrorist activities such as the shootings in Munich Mall, and Berlin attacks, both in Germany in 2016.
Fingerprint to be the Largest Market in the Modality Segment
The global biometric authentication and identification market has been categorized into several modalities, namely fingerprint, facial, eye, vein, palmprint, voice, handwritten/signature, and others. The wide availability of such unique characteristics and more reliability, which the physical and behavioral characteristics offer, has helped in the user authentication and identification market to expand at a reasonably high rate.
Government to be the Major Contributor in the Application Category
The global biometric authentication and identification market has been categorized into six key application areas, i.e. government, banking and financial institutions, enterprise, healthcare, commercial, and others. Owing to the increasing crime rate and fraudulent access to high security areas, the use of biometrics in various forms of authentication systems is rapidly gaining momentum. Market areas, such as criminal investigation (forensics), banks, and penitentiaries, among others, have benefited the most with the emergence of biometric technology in access control systems. The modern-day biometric solution eliminates the need for managing access through keys and locks and presents the users with option of automating the authentication and various access control features.
North America to be Dominating Region in Global Biometric Authentication and Identification Market
The global biometric authentication and identification market has been categorized into four key regions, namely, North America, Europe, Asia-Pacific, and Rest-of-the-World.
North America is expected to generate the maximum revenue in the global biometric authentication and identification market. The total revenue generation from North America is estimated to reach $5.87 billion in 2018 and is expected to reach $15.23 billion by 2023, at a CAGR of 21.00%. Another region generating considerable revenue in the global biometric authentication and identification industry is Asia-Pacific. The region is estimated to account for revenue of $5.18 billion in 2018 and is further projected to surpass North America to reach $15.80 billion by 2023 at a CAGR of 25.00%.
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Key Market Players and Competition Synopsis
ASSA ABLOY, Fingerprint Cards AB, Fujitsu, IDEMIA, NEC Corporation, Precise Biometrics, Secunet Security Networks, Siemens AG, Thales Group
The companies that are profiled in the report have been selected post undergoing in-depth interviews with experts and understanding details around companies such as product portfolio, annual revenues, market penetration, research and development initiatives, and domestic and international presence in the biometric authentication and identification industry.