Market Research Future (MRFR) has released a new market intelligence report on the global next generation biometrics market. The report provides readers with a clear view into the global next generation biometrics market’s probable growth trajectory over the forecast period from 2017 to 2023 based on a detailed study of the market’s historical growth trajectory and key factors affecting the market growth. The global next generation biometrics market is expected to exhibit a strong 18% CAGR over the forecast period from 2017 to 2023, rising to a valuation of USD 32 billion.
Next generation biometrics are used for identification and access control in a number of varied industries. Biometrics utilize unique body markers such as fingerprints or iris patterns instead of physical objects such as cards or codes to identify individuals. This makes them inherently more secure than conventional security apparatus, as biomarkers are much harder to copy and misuse than other methods of access control. The increasing rate of corporate espionage and terrorism has led to companies adopting next generation biometrics on a mass scale to ensure the safety and security of their internal resources. This is likely to be the major driver for the global next generation biometrics market over the forecast period, as the need for personal identification procedures that can withstand the ever-changing landscape of cyber attacks and provide reliable security is increasing.
On the other hand, while next generation biometrics are much safer than conventional security mechanisms, they still carry some inherent loopholes, such as the risk of Trojan horse attacks, tampering, spoofing, overriding of Yes/No response, and substitution and replay attacks. Such vulnerabilities have led to the growing need for security platforms and software to fulfill the needs of a growing majority of industrial and corporate giants. This is likely to be the defining theme of the global next generation biometrics market over the forecast period, as key manufacturers look to bring in fortified, secure products that can adapt to the changing cyber security scenario and provide consistent security.
By component, Next Generation Biometric Collection Market is segmented into hardware, solutions, and services. The hardware segment is further classified into scanners, cameras, fingerprint readers, and others. Services are further classified into installation services and support and maintenance services.
By function, the next generation biometrics market is segmented into contact, non-contact, and others.
By technology, the market is segmented into fingerprint, face, iris, palm, voice, signature, DNA, and others.
By vertical, the market is segmented into BFSI, military and defense, government, healthcare, consumer electronics, IT, travel and immigration, and others.
By authentication type, the market is segmented into single factor authentication and multi-factor authentication. Single factor authentication includes fingerprint recognition, iris recognition, palm print recognition, face recognition, vein recognition, signature recognition, voice recognition, and others such as DNA recognition, keystroke recognition, and gait recognition. Multi-factor authentication includes biometrics combined with smart card technology, biometrics combined with pin technology, two-factor authentication, and three-factor authentication.
The early adoption of biometrics in North America is likely to ensure the steady dominance of the region in the global next generation biometrics market over the forecast period. The growing need for DNA profiling and other more intimate, supposedly tamperproof ways of identifying individuals in the armed forces is likely to be at the center of the growth of the next generation biometrics market in North America over the forecast period. The increasing populist support for novel biometric technologies such as face scanning and iris scanning in consumer electronics is also likely to be a major driver for the next generation biometrics market in North America over the forecast period.
Asia Pacific is expected to exhibit growth at the fastest growth rate over the forecast period due to the growing demand for stronger security protocols in the BFSI, government, and military sectors. The growing economic environment in Asia Pacific is likely to drive the demand from the next generation biometrics market in the region over the forecast period.
Key players in the global next generation biometrics market include Safran SA, 3M Cogent Inc., Suprema Inc., Fulcrum Biometrics LLC, Bio-Key International Inc., Secunet Security Networks AG, Precise Biometrics AB, Thales Group, Cross Match Technologies Inc., Fujitsu Ltd., and NEC Corporation.
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