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Biometrics Market: Top Challenges to Face in 2020-2024

Author : Ronak Bora | Published Date : 2020-09-10 

Biometrics market is increasing adoption of technology in the security vertical and the confluence of organizations to meet authentication standards has added a renewed dynamism. With the biometrics technology having marked its presence across the security landscape, it is now rapidly penetrating its way into consumer, government, and industrial systems. Based on the concept of statistical analysis of biological data, the biometrics technology is proclaimed to be less prone to cybercrimes and hacking.

Recently, Mexico’s National Banking and Security Commission has announced a new regulation in the country that would require all the banks to deploy fingerprint scanners for the clients by 2018. Another instance is of FacePhi Biometria, where the company is seen signing deals to bring its selfie-based authentication system especially in the financial sector. Similar moves are likely to materialize in the coming years, in turn, propelling biometrics market.

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Biometrics market will exceed USD 50 billion by 2024, having been pegged at USD 12 billion in 2016. High acceptance of biometrics in various verticals such as mobile banking and other financial services has further favored the growth of biometrics market. As the cybercrimes and identification errors are captivating the industry verticals, there has been a significant upsurge in the adoption of biometrics to ensure data security and privacy.

Lately, there has been a plethora of fraudulent cases and data breaches in the financial sector. JP Morgan Chase for instance was one of the major victim, where the hackers accessed the critical data of approximately 83 million customers. Such potential threats of data breach have led to greater demand for biometrics technologies in the banking & finance sectors.

As per the report, biometrics industry share is set to gain lucrative avenues from banking and finance sector, projected to register a healthy growth rate of 22% from 2017-2024. Apart from this, biometrics industry is also likely to demonstrate noticeable growth in healthcare, transportation, consumer electronics, and defense services. In fact, the transportation application within biometrics market is estimated to be the highest revenue contributor in the coming seven years.

Top Key Players In Biometrics Market are 3M Cogent, BIO-key International, CMI Time Management, David-Link, EyeVerify, FaceFirst, Green Bit Biometric Systems, Iris ID, Lockheed Martin, MorphoTrust, NEC Corporation, Pradotec, Smartmatic, ViRDI, ZKTeco

With the significant expansion of its vast application arena, it is quite evident that biometrics technology is gaining lot of popularity as it works on identification of individuals’ biological information. This technology uses physiological and/or behavioral characteristics of people to authenticate their identity. As every individual is unique, this technology uses separate identifiers such as face recognition, fingerprint, palm veins, hand geometry, DNA, iris recognition, voice and retina.

Many companies have adopted these techniques to improve the security features. For instance, Samsung and LG have incorporated iris scanners into their smartphones on a wider scale. The voice recognition technology is also seen gaining considerable traction in the mobile banking and commercial sector. The voice recognition segment of biometrics market is expected to register a CAGR of 22% over 2017-2024, claim estimates.

Table Of Content:

Chapter 4.   Biometrics Market, By Product

4.1.  Global biometrics industry share by product, 2016 & 2024

4.2.  Face

4.2.1. Market estimates and forecast, 2013-2024

4.2.2. Market estimates and forecast, by region, 2013-2024

4.3.  Hand geometry

4.3.1. Market estimates and forecast, 2013-2024

4.3.2. Market estimates and forecast, by region, 2013-2024

4.4.  Voice

4.4.1. Market estimates and forecast, 2013-2024

4.4.2. Market estimates and forecast, by region, 2013-2024

4.5.  Signature

4.5.1. Market estimates and forecast, 2013-2024

4.5.2. Market estimates and forecast, by region, 2013-2024

4.6.  Iris

4.6.1. Market estimates and forecast, 2013-2024

4.6.2. Market estimates and forecast, by region, 2013-2024

4.7.  AFIS

4.7.1. Market estimates and forecast, 2013-2024

4.7.2. Market estimates and forecast, by region, 2013-2024

4.8.  Non-AFIS

4.8.1. Market estimates and forecast, 2013-2024

4.8.2. Market estimates and forecast, by region, 2013-2024

4.9.  Others

4.9.1. Market estimates and forecast, 2013-2024

4.9.2. Market estimates and forecast, by region, 2013-2024

Chapter 5.   Biometrics Market, By Application

5.1.  Global biometrics industry share by application, 2016 & 2024

5.2.  Banking & finance

5.2.1. Market estimates and forecast, 2013-2024

5.2.2. Market estimates and forecast, by region, 2013-2024

5.3.  Defense Services

5.3.1. Market estimates and forecast, 2013-2024

5.3.2. Market estimates and forecast, by region, 2013-2024

5.4.  Government

5.4.1. Market estimates and forecast, 2013-2024

5.4.2. Market estimates and forecast, by region, 2013-2024

5.5.  Consumer electronics

5.5.1. Market estimates and forecast, 2013-2024

5.5.2. Market estimates and forecast, by region, 2013-2024

5.6.  Healthcare

5.6.1. Market estimates and forecast, 2013-2024

5.6.2. Market estimates and forecast, by region, 2013-2024

5.7.  Transport/Visa/Logistics

5.7.1. Market estimates and forecast, 2013-2024

5.7.2. Market estimates and forecast, by region, 2013-2024

5.8.  Others

5.8.1. Market estimates and forecast, 2013-2024

5.8.2. Market estimates and forecast, by region, 2013-2024

Chapter 6.   Biometrics Market, By Region

6.1    Key trends by region

6.2    North America

6.2.4   U.S.

6.2.5   Canada

6.3    Europe

6.3.3   UK

6.3.4   Germany

6.3.5   France

6.3.6   Italy

6.3.7   Spain

6.4    Asia Pacific

6.4.3   China

6.4.4   India

6.4.5   Japan

6.5    Latin America

6.5.3   Brazil

6.5.4   Mexico

6.6    MEA

6.6.3   GCC

6.6.4   South Africa

Browse complete Table of Contents (ToC) of this research report @ https://www.gminsights.com/toc/detail/biometrics-market

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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

 

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About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for fractovia and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. [email protected] | https://twitter.com/RonakBora26

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