A new report by Allied Market Research, titled, “Global Biometric Technology Market: Opportunities and Forecasts, 2015 – 2022,” projects that the global biometric technology market is expected to generate revenue of $10.72 billion by 2022, with an estimated CAGR of 19.4% from 2016 to 2022.
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The physical biometric segment dominated the market with around 81% share, owing to increasing adoption of fingerprint recognition and face recognition biometric solutions across various end-user verticals, in 2015. The iris recognition segment is projected to expand at the highest CAGR of around 22%, owing to widening applications of iris recognition biometric solutions at vehicle checkpoints, airport security, and for employee identification.
The banking & financial sector led the market, followed by the public sector, both collectively accounting for around 60% of the market revenue in 2015.
The global biometric technology market is classified based on geography into North America, Europe, Asia-Pacific, and LAMEA. North America generated the largest revenue in 2015, followed by Europe. Asia-Pacific is projected to expand at the highest CAGR of around 22% during the forecast period.
Key Findings of the Study:
- Major driving forces for the growth of the biometric technology market are increasing severity & privacy concerns and continuous technological advancements.
- Fingerprint recognition segment dominated the biometric technology market in 2015; however, the iris segment is expected to grow at the highest CAGR.
- North America dominated in 2015, whereas Asia-Pacific is expected to register the fastest growth.
Key players adopt product launches, and mergers & acquisitions as their key growth strategies to expand their presence and gain a competitive edge. Companies profiled in the report include 3M Company (Cogent Systems, Inc.), Fujitsu Frontech Limited, ImageWare Systems, Inc., Suprema, Inc., Safran S.A., secunet Security Networks AG, Thales S.A., BIO-key International, Inc., NEC Corporation, and Precise Biometrics.
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Allied Market Research (AMR) is a market research and business-consulting firm of Allied Analytics LLP, based in Portland, Oregon. AMR offers market research reports, business solutions, consulting services, and insights on markets across 11 industry verticals. Adopting extensive research methodologies, AMR is instrumental in helping its clients to make strategic business decisions and achieve sustainable growth in their market domains. We are equipped with skilled analysts and experts, and have a wide experience of working with many Fortune 500 companies and small & medium enterprises.