A new Technavio report offers biometrics market segmentation by end-user (government, transportation, BFSI, healthcare, retail, and others) and by technology (fingerprint recognition, iris recognition, hand geometry, facial recognition, voice recognition, and others). Key leading vendors include Cross Match Technologies, HID Global, 3M Cogent, NEC, and Safran.
Technavio’s market research analysts have released updated information on the biometrics market, with the publication of its new market research report, biometrics market in the BRIC countries.
The biometrics market in BRIC countries shows a promising growth rate and is expected to surpass US$ 5,500 million during the forecast period of 2014-2019. Among all the BRIC countries, India exhibits the highest growth rate between 2014 and 2019, growing at a rate of over 33%. Factors such as the government’s increasing investment in security initiatives like cross-border management program, e-passports, and the Aadhar card will foster growth in this market.
“Recently, it has been observed that voice biometrics is gaining prominence in the BFSI sector as it can verify a person’s identity by studying their pitch, vocal tract, harmonics, and dialect. As this method eliminates the need for a PIN-based password, enterprises in the BFSI sector are rapidly adopting voice biometrics as a security measure. An example of such a method is JPMorgan Chase, which uses voice recognition to identify fraudsters,” says Navin Rajendra, Lead Analyst, IT Hardware, Software, Services, Technavio Research.
A key trend observed in this market is the rise in popularity of biometrics in the government sector, especially in China. The government sector in China held the largest share of the market, accounting for close to 65% of the total market. The growing adoption of voice biometrics, facial recognition, DNA recognition, retina recognition, vein recognition, and iris recognition are expected to bolster the demand for biometrics in the government sector.
Segmentation of the biometrics market in China by end-user 2014-2019
Source: Technavio, 2015
Leading vendors in this market are Cross Match Technologies, HID Global, 3M Cogent, NEC, and Safran. This report includes an in-depth analysis and market shares and sizes of the sub-segments and geography. An analysis of the key companies, including their market shares, business overview, key financials, etc. is provided in this study. There are many key drivers, challenges, and opportunities that are discussed in detail.
More detailed analysis is available in the Technavio report Biometrics Market in the BRIC Countries 2015-2019.
https://www.technavio.com/%3Cp%3E%3Cstrong%3EWe%20can%20customize%20this%…
