Global Next Generation Biometric Market was valued US$ 9.61 Bn in 2017 and is expected to reach US$ 35.21 Bn by 2026 at a CAGR of 17.62 % during the forecast period.
Integration of biometrics in smartphones, the introduction of e-passport, and an increase in the usage of biometric systems for criminal identification are the major factors for the growth of global next generation biometric market. Also, an increase in the use of biometric technology in banking and healthcare and adoption of biometric technology in election administration are other driving factors of global next generation biometric market. Fear of privacy intrusion and inconvenience and high cost of biometric devices hamper the market growth of the next-generation biometric market. Use of biometric technology in e-commerce and cloud computing for biometric technology provides a lot of opportunities for the global next-generation biometric market.
IRIS recognition is one of the fastest growing amongst the type of solution. Few benefits of this technology are that it is easy to use, difficult to forge and is accurate. Terrorist attacks; other cross-border illegal activities and cybercrimes have created the need for implementing the iris recognition technology. The iris recognition application in the consumer electronics sector is expected witness the highest growth rate during the forecast period mainly because of the commercialization of various iris scan-based electronic devices, like smartphones, tablets, smart watches, notebooks, and others. However, the increasing expansion of iris recognition in several verticals is expected to increase growth during the forecast period.
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Next generation biometrics has attracted end-user industries, like government, defense, travel & immigration, home security, banking & finance, consumer electronics, healthcare. For instance, Major Banks are also rolling out biometric authentication. JP Morgan, Chase, Bank of America and Wells Fargo allow their customers to log in to mobile banking via fingerprint authentication. Voice authentication is also deployed in banks’ call centers to identify customers. Next generation biometric authentication can also raise the satisfaction of their customers, as it can eliminate passwords and increase the demand to adopt for biometrics in the banking sector, which makes this market grow optimistically.
This market is expected to witness significant growth in emerging economies, such as the Asia-Pacific region, which is estimated to grow steadily over the forecast period. Apart from the consumer electronics and government sector, the healthcare sector is expected to experience a rise in the application of next-generation biometrics in these regions. Few countries, like China, India, Russia, and Mexico are driving the growth of biometric systems. China has initiated a biometric national ID program, which commenced in 2013. However, the increase in computer storage of essential documents has increased the need for next-generation biometric systems.
With the acquirement of 3M's Identity Management Business, Gemalto makes a strategic move by in-sourcing biometric technology. Combining market access, technologies and expertise will enable Gemalto to further accelerate the deployment of trusted national identities and to offer strong end-to-end biometric authentication solutions throughout the digital economy.
The objective of the report is to present a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, industry-validated market data and projections with a suitable set of assumptions and methodology. The report also helps in understanding dynamics, structure by analyzing the market segments by type, service, components, and region and, project the global market size. The report also provides a clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the Next Generation Biometric market. The report also provides PEST analysis, PORTER’s analysis, SWOT analysis to address the question of shareholders in arranging the efforts and investment in the near future to a particular market segment.
Scope of Global Next Generation Biometric Market
Global Next Generation Biometric Market, By Technology
• Travel & Immigration
• Home Security
• Consumer Electronics
• Banking and Finance
• Asia Pacific
• Middle East & Africa
• South America
• Cross Match Technologies
• Fingerprint Cards AB
• Fujitsu Ltd.
• Fulcrum Biometrics
• RCG Holdings Limited
• Safran SA
• Siemens AG
• Suprema Inc.
• Thales Group
• ValidSoft UK Ltd
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