Biometrics Technology Market | CMI PR

1. Coherent Market Insights Market Research and Business Consulting Services https://www.coherentmarketinsights.com/ BIOMETRICS TECHNOLOGY MARKET ANALYSIS

2. BIOMETRICS TECHNOLOGY MARKET ANALYSIS • Biometrics Technology Market, by Component (Face, Hand geometry, Voice, Signature, Iris, AFIS, Non-AFIS, and Others), by End-user (Government, Defense Services, Banking and Finance, Consumer Electronics, Healthcare, Home Safety and Security, Transport / Visa / Logistics, and Others (Retail, hospitality, gaming and automobile)), and by Geography (North America, Europe, Asia Pacific, and RoW) - Size, Share, Outlook, and Opportunity Analysis, 2020 - 2027

3. The global Biometrics Technology market is estimated to account for US$ 23,311.5 Mn in terms of value by the end of 2019. • Market Dynamics- Drivers • Increasing security concerns owing to rising terror attacks is expected to drive growth of the globalbiometrics technology market during the forecast period • Biometric security has gained major traction in the recent past, owing to rising terror attacks worldwide. According to the National Consortium for the Study of Terrorism and Responses to Terrorism, in 2012, 6,771 terror attacks took place globally which resulted in over 11,000 deaths and 21,600 injuries. Moreover, 1,280 people were kidnapped or taken hostage. In such situations, biometric technology helps to improve public safety in various ways. Currently, badges and tokens are being used to authorize access to controlled areas. These ways of authentication are not as secure as if the card can be easily stolen or misused. The reading system assumes that anyone who possesses the card is the right person who should be granted access which makes it less secure. Therefore, biometric identification is being adopted to improve access control such as sensitive areas. Thus, these factors are expected to drive growth of the market during the forecast period. • Ease of usage offered by biometrics is expected to propel the global biometrics technology market growth over the forecast period • The major advantage of biometrics technology is that it uses the physiological and behavioral characteristics of a person, in order to provide access to restricted areas. Forgetting a password is a human tendency, which is nullified by biometrics to enter controlled areas. As a result, they help to reduce the documentation cost which is associated while maintaining a password system since the information pertaining to a particular person is stored in the central database or server. Therefore, these factors are expected to propel the global biometrics technology market growth over the forecast period. • Statistics: • North America region held dominant position in the global Biometrics Technology market in 2019, accounting for 31.3% share in terms of value, followed by Europe, Asia Pacific, Latin America, Middle East & Africa (MEA) respectively.

4. Figure 1: Global Biometrics Technology Market Share (%), in terms of Value, By Region, 2019

5. Market Dynamics- Restraints • High cost of installation is expected to restrain growth of the global biometrics technology market during the forecast period • Although biometrics technology is efficient and consistent, its installation cost is significantly high and not affordable for small scale industry players. There are different costs for each biometric technology such as iris recognition systems cost between US$ 105 and US$ 200. There are several cost-effective alternatives to biometrics technology which include username and password, authentication tokens such as smart cards, standalone-tokens, etc., and knowledge-based authentication systems, etc. Therefore, these factors are expected to restrain growth of the global biometrics technology market during the forecast period. • Unreliability of biometric technology is expected to hamper the global biometrics technology market growth over the forecast period • Biometrics such as iris recognition and voice recognition cannot be identified properly in the case of sickness. If a person suffers from an eye defect, for example, the eyes of people affected with diabetes, get affected which results in differences. Moreover, it is often found that the voice of a person differs with age or if the person has a throat infection, biometrics technology finds it difficult to identify the person. Moreover, people working in the chemical sector cannot use fingerprint recognition authentication purpose as the fingerprints of people working there often gets affected. Therefore, these factors are expected to hamper the market growth in the near future.

7. Market Opportunities • Development of multimodal biometrics solutions can present lucrative growth opportunities • The choice of biometrics technology for implementation depends on the level of security and the type of application required. Even though biometrics is a useful tool which addresses the newfound concerns of the clients, not a single biometric technology has the ability to fully satisfy the customer demands. Hence, to improvise the security of biometric technology, multimodal biometrics is used. Multimodal biometrics uses one or more than one behavioral or physiological characteristic for verification and enrollment or identification hence providing the best security. • Research and development activities can provide major business opportunities • Key players in the market are focused on research and development activities, in order to novel products. For instance, in November 2012, Accu-Time Systems, Inc. launched a fingerprint scanner named AccuTouch USB. This device uses numerous light wavelengths to capture data and surface information from capillaries one millimeter below the skin’s surface which helps to give more accurate results. In October 2013, BIO-Key International, Inc. launched the FAST, Fingerprint Authentication Security Test which allows organizations to test fingerprint technology.

8. Figure 2: Global Biometrics Technology Market Value (US$ Mn), 2017 - 2027

9. The global biometrics technology market was valued at US$ 23,311.5 Mn in 2019 and is estimated to reach US$ 1,05,970 Mn by 2027 exhibiting a CAGR of 20.8% between 2020 and 2027. • Market Trends • Increasing security concerns • Rising security concerns and increasing dependence on computers to store important data are expected to drive the biometrics market in the upcoming years. Furthermore, prices of basic biometric machines such as fingerprint recognition devices, etc. have reduced significantly over the last decade. The minimum cost of a fingerprint attendance system is between US$ 70 to 80. Moreover, improving financial position of the people, as they aspire to safeguard their property has helped this technology to explore new markets across the globe. • Growing adoption in Asia Pacific region • Biometrics technology market in the Asia Pacific region is expected to see rapid growth in the upcoming years due to stringent government regulations and projects such as Aadhar, e-passport, etc. Furthermore, biometric market in Central and North Caucus regions of Russia is also expected to grow at a high pace in the upcoming years with the effect from the scheduled Sochi winter Olympics in 2014.

10. Value Chain Analysis

11. Technology Providers • The core technology providers of Biometrics Technology market provide product manufacturers with sensors, devices, template generation and pattern matching algorithms. Sensors use physical characteristics such as iris patterns, retina, DNA (Deoxyribo Nucleic Acid), fingerprints etc. to identify and authenticate the end users and are hence considered as an integral part of a biometric system. On the whole, a biometric sensor is a security system device which integrates digital technology and unique physical traits for recognition with high precision. Some of the biometric sensor solution providers are VIRDI, DigitalPersona, MorphoTrak and Lumidigm among others. • Competitive Section • Key players operating in the global biometrics technology market are Accu-Time Systems, Inc., Daon, Inc., BIO-Key International, Inc., IrisGuard, Inc., Fujitsu Limited, Lumidigm, Inc., IDTECK, Suprema, Inc., 3M Cogent, Inc., RCG Holdings, Ltd., and NEC Corporation. • Key Developments • Key companies in the market are focused on product launches, in order to expand the market presence. For instance, in July 2019, Daon, Inc. launched Identity X Digital Onboarding 2.0 for seamless all-digital customer onboarding. • Major market players are involved in product launches, in order to enhance the product portfolio. For instance, in November 2019, Fujitsu Limited launched FUJITSU Security Solution AuthConductor V2 for authentication method.

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