According to an eminent research firm, Market Research Future (MRFR), the global next generation biometrics market would reach the valuation of USD 32BN approximately, registering over 18% CAGR throughout the forecast period (2017-2023). This new era of security being hailed as safer, and more convenient, it is much closer than one can think to bid a goodbye to keys, cards, passwords and PIN codes, etc.
Increasing uptake of next-generation biometrics in border security control, crime-fraud prevention & detection, attendance recording, payment systems, and access control is a key driving force behind the market growth. Besides, the proliferation of technology and smart mobile devices alongside, the incorporation of next-generation biometric products in government and travel & immigration industry verticals are driving the market.
On the other hand, some of the loopholes in the next generation biometrics system, such as spoofing, tampering, overriding of Yes/No response, and instances of inaccuracy, i.e., false acceptance rate (FAR) and false recognition rate (FRR) and attacks such as substitution & replay attacks, masquerade attack, Trojan horse attack, etc. are posing challenges on the way to market growth.
Also, the high cost of deployment and risk involved in privacy intrusion are impeding the growth of Next Generation Biometrics Market. Nevertheless, this advanced biometrics is increasingly achieving success in criminal investigations, which would support the growth of the next generation biometrics market.
North American region would retain its dominance over the global next generation biometrics market. Technological advancements and increasing usages by law enforcement agencies and various other sectors are some of the factors driving the regional market. Moreover, early adoption of the latest cutting-edge identification and recognition technologies assures an edge over other regions.
The next generation biometrics market in the Asia Pacific region accounts for the second-largest market, globally. Huge advancements in the related technologies and the availability of futuristic yet cost-competitive identification technologies is a key driving force behind the growth, the regional market is witnessing.
Also, the increasing adoption of next-generation biometric systems across government and commercial sectors for identification of individuals provides impetus to the growth of the regional market. Additionally, the dynamic growth in industries such as web, telecom, data centers, and the internet of things (IoT) ensures a substantial share of the region in the global space.
Highly competitive, the next generation biometrics market appears to be fragmented owing to the presence of numerous well-established players. Mergers & acquisitions, brand reinforcement, and innovation remain key trends of these leading players. The market would witness intensified competition with an increase in innovations and M&A.
Players invest substantially in research and development to innovate and upgrade their portfolios cost-effective. So far mergers and acquisitions have been a key strategy for the key players to strengthen their reach to the customers.
Players leading the next generation biometrics market include NEC Corporation (Japan), Safran SA (France), 3M Cogent Inc. (US), Suprema Inc. (South Korea), Fujitsu Ltd. (Japan), Cross Match Technologies Inc. (US), Thales Group (France), Fulcrum Biometrics LLC (US), Bio-Key International Inc. (US), Secunet Security Networks AG (Germany), Precise Biometrics AB (Sweden), ValidSoft (UK), Facebanx (UK), Fingerprint Cards AB (Sweden), RCG Holdings Limited (Hong Kong), and Siemens AG (Germany), among others.
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