According to the new research report published by The Insight Partners, titled “Biometrics Technologies Market - Global Analysis and Forecast to 2027”, the global biometrics technologies market is expected to reach US$ 27.66 Bn by 2027, registering a CAGR of 16.4% during the forecast period 2019-2027.

In 2018, Asia Pacific the global biometrics technologies market accounted for the largest share, growing at a CAGR of 18.4%

The global biometrics technologies market is propelled by rising applications of biometrics solutions in the commercial and government industry. In the commercial sector, the use of biometrics technologies refers to biometric systems in retail and customer-facing settings, which includes access control and identification, point-of-sale, and payments. Biometrics systems in the commercial sector include fingerprint, palm vein, iris recognition, and facial recognition. Biometrics technologies also used in the government sector from the past few years, and fingerprint recognition was the first practical adoption of biometric technology. In the government sector, previously in law enforcement for identification purpose fingerprinting of criminals was used to record on paper cards which were stored in filing cabinets and warehouse repositories. Nowadays, developments in mobile and computer technology enable a police officer to readily fingerprint a criminal using a biometrics application downloaded on the smartphone. Fingerprint biometric technologies are also used for access to security-restricted buildings and are a precise digital identification technique for numerous government applications such as national identification cards, border control, passports, and voter registration.

While security attacks become more pervasive, biometrics technologies would become an important component of identity management. The online identities mainly used today would be interchanged by the more accurate identifiers that biometrics technologies can provide. Several industries are starting to adopt biometric technologies that replace traditional passwords and usernames and to offer increased security for improved consumer experiences and transactions.

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Key findings of the study:

Government or public sector is one of the crucial sectors where security plays a very important role. Governments across the world are going through digital transformation to deliver enhanced services to their citizens. The governments are increasingly adopting advanced solutions to increase productivity, security, and efficiency of various government services. Biometric identity verification is already playing a critical role in many government services such as national IDs, passports, voter IDs, and driver licenses. The implementation of biometric verification solutions is expected to further increase in the government sector, owing to the rising number of public welfare schemes and government projects in various countries. Some of the major applications of biometrics-based identification in this sector include border control, welfare schemes, customs security, internet access at public places, and law enforcement services, among others.

Presently, the implementation of biometrics systems is gaining momentum in almost every geography across the globe. These systems are being widely adopted by governments, irrespective of economic or political structure, size as well as geography. There are several examples of successful deployment of these systems around the globe. In 2018, the U.S. Customs and Border Protection (CBP) announced a pilot project, the Vehicle Face System, which is to be set up at the Anzalduas border crossing. The project was intended to capture facial biometrics of travelers entering as well as departing the U.S. and match those images with photographs available on files present in government holdings.

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The global biometrics technologies market is segmented on technology and application. Based on the technology, the biometrics technologies market is segmented into fingerprint recognition, palm recognition, face recognition, iris recognition, voice recognition, others. Based on application, the biometrics technologies market is bifurcated into the banking and finance, government, healthcare, military & defense, consumer electronics, others. Geographically, the biometrics technologies market is fragmented into five regions, including North America, Europe, Asia-Pacific, Middle East & Africa, and South America.

The well–established market players operating in the biometrics technologies market are Aware, Inc., BIO-key International, Inc., IDEMIA, ImageWare Systems, Inc., Fujitsu Limited, Gemalto NV, Precise Biometrics AB, NEC Corporation, Suprema Inc., and Secunet Security Networks AG.

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The overall global biometrics technologies market size has been derived using both primary and secondary source. The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the global biometrics technologies market. It also provides an overview and forecast for the biometrics technologies market based on all the segmentation provided for the global region. Also, primary interviews were conducted with industry participants and commentators to validate data and analysis. The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the biometrics technologies market.

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Biometrics Technologies Market Is to Reach Us$ 55.4 Bn by 2027