Next Generation Biometrics Market is Expected to Reach $24.4 Billion in 2020

Date: 2015-09-07

“Many countries have adopted biometrics for e-passports, e-visas, and driving licenses.  The next generation biometrics market in travel & immigration is most dominant. The government application is followed by the travel & immigration application which accounted for the largest share in 2014 as biometrics has been adopted in national IDs and law enforcement applications such as cross-border control, security surveillance, crime, and forensic investigation. 

The biometric technologies are more in demand in the military & defense and banking & finance sectors. With high rate of fraudulent activities in the financial and banking sector, banks and financial institutions have started adopting biometrics technologies in their operation. Biometrics technologies are now used in online banking, e-transactions, telephonic transactions, and others. 

The biometrics systems are used for the commercial and home security purposes which is one of the driving factors for the growth of the biometrics market. Biometric technology is used for time & attendance and workforce management in commercial applications.

The report talks about the next generation biometrics market size and forecasts from 2014 to 2020 including the historical years. According to this report, the next generation biometrics market is expected to reach $24.4 billion in 2020, at a CAGR of 17.9% between 2015 and 2020. 

The players involved in the next generation biometrics market include Safran SA (France), NEC Corporation (Japan), 3M Cogent Inc. (U.S.), Fujitsu Ltd. (Japan), Suprema Inc. (U.S.), Cross Match technologies (U.S.), Fulcrum Biometrics (U.S), Thales SA (France), Bio-Key International Inc. (U.S), Precise Biometrics AB (Sweden), and Secunet Security Networks AF (Germany).

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