Next Generation Biometrics Market

Date: 2016-05

Biometrics is the measurement of physiological traits such as finger print, voice, face, iris, and so on. Biometric devices are pattern recognition systems which use the mathematical algorithms to identify and authenticate an individual by measuring and analyzing the already fed biometric data of those individual traits. These are reliable and accurate than any other security devices owing to the non-duplicity of the individual traits.
The Next Generation Biometrics Market Report is an exhaustive study of the biometric devices and sensors that are utilized across several industries. The market is primarily classified into: Single factor and Multi-factor. The single factor type consists of technology such as Iris, Face, Fingerprint, Palm and others, whereas, the multi-factor type includes different combinations such as Fingerprint and Card/PIN, Face and PIN/Card, Face and Palm, Iris and Fingerprint and others. The biometrics market is studied across various applications such as Banking, Consumer Electronics, Government, Healthcare, Hospitality, Retail, Gaming, Residencies is incorporated in the report. Additionally, the report analyses the strategic opportunities, life cycle of industry, market landscape and similar others. Furthermore, the market is evaluated based on the key attributes such as the power of producers and consumers, analysis on the degree of competition, and threats from substitutes and new entrants.
The market is estimated to be $5.9 billion in 2014. The increasing demand for security along with convenience in a cost effective device is the key driver for the market. The market scenario is different for each end use industry. Currently, Consumer Electronics is the most potential market segment. There is lot of scope and innovation in this segment, where already global players are putting efforts to launch new products and gain competitive advantage. Geographic wise, emerging regions hold high potential value and present good amount of opportunities for players in the market. Enterprises and Healthcare sectors are the growth segments in these regions apart from government market and consumer electronics market.
Americas dominated the market in 2014 followed by Europe. APAC and RoW regions are the growth regions pacing at higher annual growth rates. With greater disposable income and high demand from consumer end, these regions are projected to witness quick growth in the market. Apart from these, government initiatives in law enforcement and defense also immensely hike the market value.
The market is characterized by established brands with high revenue; high R&D capital reserves and well instituted distribution channels. But, the market place is also being disrupted by firms with innovative solution that have emerged to solve specific problems. With cost effective solutions offering greater security, companies will be able to position themselves uniquely. In this market, border control application for multi-modal devices and government application in emerging countries are the opportunities for the players.

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