This market research report includes a detailed segmentation of the global multimodal biometrics market by technology (fingerprint recognition, facial recognition, iris recognition, voice recognition and vein recognition). It also outlines the market shares for key regions such as North America, Europe, APAC, MEA, and Latin America. The key vendors analyzed in this report are BioID, IriTech, M2SYS, NEC and Safran.
Technavio’s market research analysts estimate the global multimodal biometrics market, to grow at a CAGR of 15 between 2016 and 2020. Multimodal biometrics is an integration of a number of biometric technologies, such as fingerprint, facial recognition, or voice recognition. Such integration of biometrics in a single device allows users to have accurate and reliable recognition and a fortified level of security. APAC is expected to be the fastest-growing region in the multimodal biometrics market, owing to the shift of the organizations from smart card-based systems to multimodal biometric systems.
The new market research report from Technavio provides a breakdown and analysis of the multimodal biometrics segments by technology.
“Of late, biometric technologies such as voice recognition and facial recognition technologies have gained traction in the healthcare sector. These technologies are providing end-to-end electronic processes to ensure customer convenience and compliance with security regulations. Owing to increased use of mobile devices such as smartphones, tablets, and PDAs in the healthcare sector, manufacturers are integrating mobile apps with multimodal biometrics to avoid unauthorized access to patients’ records. Due to the occurrence of fraudulent activities in the healthcare sector, the use of multimodal biometrics is expected to increase in this sector during the forecast period,” says Amrita Chaudury, Lead Analyst, ICT, Technavio Research
Fingerprint recognition dominates the multimodal biometrics market, accounting for 43% of the overall market share. The adoption of fingerprint recognition in multimodal biometric systems is high because of the low cost of hardware systems. The need to track employees and government initiatives such as e-passports, border control programs, and e-governance are fostering the growth of this market. By 2020, a number of educational institutions, retail stores, healthcare organizations, and banks are likely to adopt multimodal biometric systems integrated with fingerprint recognition to execute live finger scan, which is reliable, non-intrusive, and accurate.
Global multimodal biometrics market by fingerprint recognition ($ millions)
Source: Technavio, 2016
The leading vendors in the global multimodal biometrics market are BioID, IriTech, M2SYS, NEC and Safran. The market is fragmented with the presence of many multinational vendors and small regional players. Competition in the market is expected to intensify during the forecast period with an increase in solution extensions, technological innovations, and M&A. The market is witnessing consolidation where large vendors are acquiring smaller players to increase their market share and profit margins.
A more detailed analysis is available in the Technavio report, Global Multimodal Biometrics Market 2016-2020.
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