|Mar 2015||275||TechSci Research||ASDR-180788|
Biometrics is a technique to measure fingerprints, iris patterns, facial features and other physiological characteristics which are unique to an individual, for the purpose of identification and authorization. Global biometrics market is witnessing escalation in demand from various sectors. This is primarily due to improving accuracy rate, reliability and longevity of biometric authentication systems. Biometric systems market is driven by continuous launch of better products. Of the available technologies in the market, fingerprint biometrics is the most widely used biometric recognition technology, but the trend seems to be changing given that other biometric technologies like palm vein and hand geometry are becoming more feasible and prevalent. Over the next five years, vein scanners are expected to witness escalation in demand and consequently register fastest growth among all other segments.
According to “Global Biometrics Market Forecast & Opportunities, 2020”, the market for biometric authentication systems is projected to grow at a CAGR of around 14% till 2020. The driving forces for this highly competitive market will be increasing security needs, government projects and constant development in technology. In 2014, government projects accounted for about 13% share in global biometric authentication systems market. In addition, biometric systems are gaining attraction in the residential sector as a result of which the market for these systems is estimated to grow significantly. Due to high initial investment and fulltime R&D costs, which are two major entry barriers restricting entry of new players into the biometrics market, well established players face negligible threat from new entrants. However, competition among existing players is intensifying, with each trying to gain a greater share. Proven credibility of biometric products and competitive pricing have diminished the threat of substitutes, and with small as well as established players offering biometric products in the market, competitive rivalry is set to intensify further. The report also discusses various other aspects affecting the market like the bargaining power of suppliers and buyers. “Global Biometrics Market Forecast & Opportunities, 2020” discusses the following aspects: