Global Biometrics Market to expand $50bn by 2024

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Global Biometrics Market to expand 50bn by 2024
Global Market Insights Inc.
Fuel Cell Market size worth 25.5bn by 2024
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Key Insights from Biometrics Market

• Biometrics Market size is estimated to surpass
  USD 50 billion by 2024 according to a new
  research report by Global Market Insights, Inc.
• High acceptance among various verticals including
  mobile banking and financial services owing to
  rising security concerns has enhanced biometrics
  market size. Government initiatives for
  biometrics implementation coupled with high
  deployment for criminal identification will
  remain the key factors driving industry demand.
• Industry players focus on technological
  advancements and new product launches to cater to
  the customer requirements. Benefits offered
  including provision of precise and accurate
  validation as compared to traditional validation
  methods such as PINs and ID cards, are
  anticipated to increase the industry penetration
  across the globe till 2024.

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Continued...

• Increased smartphone penetration coupled with
  expansion of consumer electronics will favor the
  biometrics market share over the forecast
  timeframe. In addition, rising investment in
  military defense due to authentication concerns
  is anticipated to offer high growth potential.
  Multimodal biometrics system is an emerging trend
  in public and private work space for stringent
  attendance recording purposes. However, high
  implementation cost and stored data uncertainty
  may hamper industry growth over the forecast
  timeframe.
• Non-AFIS will account for the highest biometrics
  market share, surpassing USD 18 billion till
  2024. This can be attributed to its high usage in
  various applications which include cashless
  vending and workforce management. Moreover, it
  finds use in various public areas that assure
  keyless entry and efficient security. Iris
  recognition will exhibit over 20 CAGR owing to
  wide integration of iris scanners mainly in
  smartphones.

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U.S. Biometrics Market Size, By Product, 2013
2024 (USD Billion)

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Continued...

• Benefits such as unauthorized vehicle use
  detection, reduction of overtime expenses, and
  identification of billing anomalies will support
  the transportation logistics segment growth
  from 2017 to 2024. Banking finance applications
  will benefit from the rising demand from various
  financial institutions for precise authentication
  and streamlining of operations.
• North America biometrics market is expected to
  account for more than 30 share till 2024. Rising
  demand from government security sector in U.S.
  coupled with the presence of major industry
  participants will escalate the industry growth.
  Moreover, favorable regulatory landscape in the
  U.S will help in fostering the industry demand.
  Asia Pacific is poised to grow at the highest
  CAGR owing to various government initiatives in
  the countries including China and India. National
  enrollment program (UIDAI Aadhar) in India, and
  China Resident Identity Card (CRIC) are among the
  implementation examples across the region.

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Continued...

• Global industry share is highly fragmented with
  various participants across the globe. BIO Key
  International, David Link, EyeVerfiy, Iris ID,
  and NEC Corporation are among the prominent
  players in the biometrics market. Other notable
  players include Lockheed Martin, Green Bit
  Biometric Systems, FaceFirst, ZKTeco, and 3M
  Cogent.
• Industry players focus on adoption of strategies
  including strategic alliances and partnerships to
  strengthen their position. For instance, in July
  2017, Iris ID entered into a strategic
  partnership with Tongrentang for high revenue
  generation.

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