Biometric technology is used for
authentication and identification of individuals by measuring & analyzing
their private traits-fingerprints, hand geometry, iris, voice, vascular
pattern, face, palm print, or behavioral characteristics-signature, typing pattern.
Biometric technology provides the advanced technology over traditional PIN
based techniques. The upgraded version technology is used for the safe and
personal or sensitive data from fake use of an individual’s possessions, for
instance workstations, ATMs, mobile phones or access to desktops, smart cards,
laptops, or networks by unique identification technique.
According to study, “Global
Biometric Technology Market Size study, by Application Type (Face Recognition,
Voice Recognition, IRIS Recognition, Signature Recognition, AFIS, Non-AFIS,
Hand Geometry, Others), by End-Users (Government, Healthcare, Banking and
Finance, Consumer Electronics, Home Safety and Security, Commercial Safety and
Security, Others) by and Regional Forecasts 2018-2025” some of the key
companies are operating in the global biometric technology market are Accu-Time
Systems, Inc., Cognitec Systems GmbH, Bio-Key International, Inc., Digital
Persona Inc, Daon Inc., Inception Technologies, Irisguard, Inc, ZK Technology
LLC, Fujitsu Frontech Limited, Hitachi Ltd., Lumidigm, Inc, FaceFirst, DERMALOG
Identification Systems GmbH, Smartmatic International Corporation, Secunet
Security Networks AG, HID Global Corp., Idteck, EyeVerify Inc., East Shore
Technologies, Inc., 3M Company (Cogent Systems Inc.), IDEMIA, NEC Corporation,
M2SYS Technology LLC, AFIX Technologies, Morpha SA, Gemalto NV, Papillon
Systems, Precise Biometrics, Safran S.A., Siemens AG, Thales S.A., David Link,
Sonda Technologies, Crossmatch Technologies Inc., ImageWare Systems Inc., RCC
Holdings Ltd, Assa Abloy Group, 3M Cogent, Inc., Suprema Inc.
Based on type, the global biometric technology
market is segmented into behavioral biometric and physiological biometric.
Behavioral biometric includes voice recognition, signature recognition and
others (keystroke & odor). Physiology biometric includes iris recognition,
fingerprint recognition (AFIS & non-AFIS), hand geometry recognition, face
recognition and others (DNA & Ear). Based on functionality type, market is segmented
into combined functionality, contact functionality and non-contact
functionality. Based on authentication type, the market is segmented into
single factor authentication and multi factor authentication. Based on end-user
type, market is defined as banking & finance, healthcare, home safety &
security, government, consumer electronics, commercial safety & security
and others.
The global biometric technology is driven by
rising standards of living, increasing concern for safety & security,
growing applications of biometric technology in government & commercial
sectors, unique technology with easy usage and budding developments in emerging
markets. Apart from benefits, some of the major restraints include
technological limitations, high initial investments & cost of devices and
fear of privacy intrusion. In addition, key opportunities includes flourishing
use in cloud computing & e-commerce and evolving multilevel biometric
technology.
Globally, North American region holds as the
major share in terms in overall revenue to the market. The Asia Pacific region
is also expected to be the fastest growing, on account of increasing awareness
about the technology. Countries such as India & China are sights of
elevated growth rates in the region. In addition, initiatives for instance the
UIDAI project in India and e-KTP electronic ID initiative in Indonesia using
fingerprints, face, and eyes biometrics, are also estimated to provide new
opportunities to the market. The global biometric technology market is expected
to grow with a CAGR of 19.8% with of US $64.3 billion approximately by the end
of the year 2025.
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Ken Research
Ankur
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