Biometric Technology Market - Global Industry Analysis

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Biometric technology refers to the utilization of technology to recognize a person based on different biological aspects of a person. Fingerprint recognition is the first biometric technology that has been grouped loosely by digital forensics.

Increasing safety concerns related to traditional old PIN-based method is expected to drive the biometric technology market. It secures one’s personal or sensitive data from fraudulent use, which includes smartcards, mobile phones, ATM pins, access to laptops, workstations, desktops, and networks that require a unique identification technique. Moreover, the surging applications of biometric technology in government and commercial sectors are also fueling the biometric technology market growth. The technology uses psychological and physiological qualities that make its favorable for numerous vital applications, such as law enforcement, national security, e-governance and enterprise, business transactions, and personal information. Furthermore, high security and unique quality of biometric technology make it useful in a variety of industry verticals, such as healthcare, government, defense, transport and immigration, banking and finance, non-commercial safety, and commercial security. Biometric systems store enrolled samples that can be recalled to do a match during authentication. Additionally, the traditional security methods could be compromised when it comes to security; for instance, chances of forgetting a password or PIN and loss of key, but biometric characters are hard to forget or steal. However, the high initial investments and expensive nature of biometrics devices may curtail the biometric technology market.

The application segment of the biometric technology market includes face recognition, non-AFIS, voice recognition, hand geometry recognition, signature recognition, iris recognition, middleware recognition, AFIS, fingerprint recognition, and others. Face recognition is a multi-purpose technology, which is anticipated to grow in the future due to its high adoption in defense, retail, consumer electronics, and law enforcement sectors. The surge for face recognition is gaining popularity specifically for social media integration and smartphone applications. It has huge market potential due to its integration with 2D and 3D recognition systems along with its surging acceptance in the retail sector to differentiate between trustworthy customers and shoplifters.

The Asia Pacific biometric technology market is the fastest-growing region globally. Countries in the Asia Pacific have started standardizing security screening systems for detecting individuals who pose a threat and then search them. The police department in Thailand has already implemented facial recognition systems on all the border checkpoints, which will reduce the number of incidents risking life and property.

Some prominent players in the global biometric technology market are 3M, Fujitsu Frontech, Imageware Systems, Suprema, Safran, Secunet Security Networks, Thales, Bio-Key International, NEC Corporation, and Precise Biometrics.