A Credence Research report has forecasted that the biometrics technology market will reach USD 34,5 billion by 2022.
The report called ‘Biometrics Technology Market - Growth, Share, Opportunities & Competitive Analysis, 2015 – 2022’ suggests that this significant growth is due to the increased adoption in both public as well as private sector. Governments around the world are adopting biometric technologies for access authorization, identification and verification, e-passport management and national border control projects.
The increasing use of attendance management in business organizations and commercial security applications and for online banking transactions are also contributing to this growth in biometric adoption. Other key growth factors include increasing use of electronic devices and motor vehicle for access management, as well as escalating security concerns around the world.
The report classifies biometrics technologies into the technology categories of face recognition, hand geometry recognition, voice recognition, signature recognition, iris recognition, automated fingerprints identification systems (AFIS), non-AFIS and others.
There is a significant demand for biometric technologies expected from banking and finance and government sector as fraud and security concerns continue to increase in these sectors.
Credence Research predicts that Asia Pacific will experience the fastest growth with increasing adoption of biometrics technologies particularly in India and China. Meanwhile, North America’s and Europe’s banking and financial industry remains a lucrative market segment for biometrics technology.