iCrowd Newswire – Jun 13, 2020
Adoption of biometrics technologies is expected to expand at a fast pace across industries, especially government, banking, consumer electronics, and healthcare, owing to increasing demand for secure transactions and effective identity verification solutions. With increasing penetration of mobile phones in customers’ lives and rising trend of digitization among sectors, smart phone makers such as Apple, Google, Samsung, Huawei and others have integrated various types of biometric technologies including fingerprint, face, and iris scan in their smartphones to increase security and enhance the customer experience.
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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.
Due to growing incidents of security breaches, the demand for biometric-based identification solution is rising at a fast pace. Presently, fingerprint and facial recognition are two of most popular biometric applications in the consumer and enterprise segments and other applications such as iris scan are also expected to register high growth in the future digital world. Both private, as well as government organizations, are widely investing in biometrics for a number of applications including attendance, access control, timekeeping, security, and verification, among others. There are countries such as India that are using biometrics such as fingerprint and retina scan as national ID for its citizens.
The market players present in biometrics technologies market are mainly focusing on product enhancements by implementing advanced technologies. By signing partnership, contracts, joint ventures, funding, and inaugurating new offices across the world permit the company to maintain its brand name globally. Few of the recent developments are listed below:
2019: IDEMIA announced partnership with ONFIDO for digital identity verification and customer solution.
2019: NEC Corporation partnered with Centre for Development of Advanced Computing (C-DAC).
2019: Precises’ fingerprint software deployed in a series of mobile devices – first integration with Asian partner Egis Technology.
Growing awareness regarding the advantages offered by biometric-based identification over traditional methods is expected further fuel the demand of biometrics devices, applications, and services among industries such as banking, financial services, insurance, healthcare, government, and travel among others. In addition to this, the advent of cloud computing technology is driving the market growth of biometric as a service. Some of the major reasons for the rising adoption of various cloud-based solutions are on-demand environment, low initial investment, sophisticated cloud & hosting models, advanced features, and fast integration & customizations. With investment in cloud-based solutions, enterprises are anticipated to reduce their operational costs, decrease human errors, and thus increasing the overall productivity. Governments in both developing and developed regions are taking various initiatives to boost the adoption of digital & cloud-based services among consumers and industries. Owing to all these positive developments, the adoption of cloud-based solutions such as biometric as a service is expected to grow at an impressive rate during the forecast period from 2019 to 2027.
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Keywords: Biometrics technologies market, Biometrics technologies market 2020, Biometrics technologies market 2027