Biometric Technology Market | Demand Side - Growth of Internet and Multiple Password Requirements

1. Biometric Technology Market Opportunity Analysis and Industry Forecast, 2016-2023 Growth of Internet and Multiple Password Requirements Global Opportunity Analysis and Industry Forecast, 2015-2022

2. Introduction Biometric Technology Market Report, published by Allied Market Research, forecasts that the global market is expected to garner $10.72 billion by 2022, registering a CAGR of 19.4% during the period 2016-2022. In the year 2015, North America was the highest revenue-generating region, owing to increasing adoption of advanced security and authentic solutions and service in the government and commercial sector. Furthermore, the region is projected to continue its dominance throughout the forecast period due to increasing need for multilevel biometric solutions and services in various end-user verticals. Europe was the second largest market, in terms of revenue generation, followed by Asia-Pacific. Major factors that boost the biometric technology market worldwide include increasing security & privacy concerns and rising standard of living. Biometric Technology Market

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4. Overview Biometrics technology is used for identification and authentication of individuals by measuring and analyzing their personal traits-fingerprints, iris, hand geometry, voice, face, vascular pattern, palm print, or behavioral characteristics-signature, typing pattern, gait. It is a major industry which forms a significant part of the biometric market. Biometric technology provides advanced methodology over traditional PIN based methods. This technology is used to secure the sensitive or personal data from fraudulent use of an individual’s possessions, such as ATMs, smart cards, mobile phones or access to desktops, laptops, workstations, or networks by unique identification technique. Biometric Technology Market

5. It uses both physiological as well as psychological traits for identification that makes it beneficial in variety of crucial applications, such as national security, law enforcement, enterprise &e-governance, personal information & business transactions, and others. Biometric systems are designed with a storage component for biometric data samples of individuals and are linked to the information on their identity. Traditional methods could be compromised; for instance, a PIN or password could be forgotten or a key could be lost, but biometric traits are difficult to steal or forget. Owing to its unique characteristics and high security, biometric technology is used in variety of applications in industries, such as defense, government, healthcare, banking & finance, transport & immigration, commercial security, non-commercial safety, and others (hospitality, gaming, automobile, retail). Biometric Technology Market

6. Top Investment Pockets Biometric Technology Market

7. Fingerprint recognition systems are used as a reliable and stable security mechanism in various end-user verticals, such as real estate, government, defense, retail, and others. Fingerprint recognition systems have witnessed wide acceptance in various applications owing to their novel technology, affordable price, and easy usage. The increasing adaptation of fingerprint recognition biometric system in tablets, mobile devices, e-commerce, and cloud computing along with emerging security aspects of fingerprint technology are expected to generate a high demand in the biometric technology market. Face recognition is a versatile technology, which is expected to show rapid growth during the forecast period owing to its high adoption in retail, defense and law enforcement, and consumer electronics sectors. Biometric Technology Market

8. Key Findings Major driving forces for the growth of the biometric technology market are increasing severity & privacy concerns and continuous technological advancements. Fingerprint recognition segment dominated the biometric technology market in 2015; however, the iris segment is expected to grow at the highest CAGR. North America dominated in 2015, whereas Asia-Pacific is expected to register the fastest growth. Key Players: Key players adopt product launches, and mergers & acquisitions as their key growth strategies to expand their presence and gain a competitive edge. Companies profiled in the report include 3M Company (Cogent Systems, Inc.), Fujitsu Frontech Limited, ImageWare Systems, Inc., Suprema, Inc., Safran S.A., secunet Security Networks AG, Thales S.A., BIO-key International, Inc., NEC Corporation, and Precise Biometrics. Biometric Technology Market

9. Contact Allied Market Research About Allied Market Research: Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions". AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain. Contact Us: 5933 NE Win Sivers Drive, #205, Portland, OR 97220, United States. Int'l: +1-503-894-6022 Toll Free: +1-800-792-5285 Fax: +1-800-792-5285 Biometric Technology Market

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