Rising Biometrics Security Market Growth

Rising  Biometrics Security Market Growth

Biometrics has been the next big thing for over two decades.  Persistence Market Research released its own report entitled “Next Generation Biometric Market – PMR Market Insight Report 2015 to 2021”, in which the biometrics market is expected to grow at a significant growth rate.

TYPES OF BIOMETRIC DEVICES

• Automated fingerprint identification systems (AFIS)

• Palm and vein reading systems that supplement AFIS

• Non-automated fingerprint identification systems

• Facial recognition

• Iris scans

• Integrated AFIS, face, and iris systems

• DNA readers

• Biometric signatures

• Data encoders

• Bar coder

• Document scanner

According to the report, this explosive growth rate can be attributed to the increasing occurances of terrorism and the theft of crucial data and information, which have raised concerns about national and personal security.

The report covers a number of key topics, including market segmentation according to types, application, products and technology; geographic segmentation including North America, Europe, Asia and RoW; the market size and forecast for the different segments and geographies; company profiles of some of the market’s leading companies; and Porter’s five forces analysis of the market.

The report highlights some of several key drivers of the market, including the growth in e-passport program, government support and extensive use in criminal identification. Additionally, the increasing need for large scale surveillance at public gatherings and penetration of smartphones will also drive the global next-generation biometrics market.

In terms of challenges that hinder the growth of the global next generation biometrics market, the report singles out high cost of systems and fear of privacy intrusion.

In early 2015 Mobey Forum carried out a survey about biometrics amongst 235 respondents from Europe, North America and the Middle East, 59% of which were from banks and other financial institutions and 32% were from solution providers. 

The paper focuses on the applicability of biometrics as a method of identification, authentication and authorisation for services in mobile banking and payments services. It contends that the acceleration of mobile in the banking sector has been critical for getting biometrics out of the starting blocks. In partnership with mobile, biometrics offers considerable benefits, especially with regard to user experience. It should be noted that biometrics is also potentially valuable in other areas of financial services such as employee screening, know-your-customer, online dealing transactions, and insurance.

For banks and payment service providers, security is a minimum requirement, but convenience wins customers; they will not adopt security measures that are inconvenient. This is confirmed in the results of the survey and also by prevailing consumer attitudes to biometrics. Fuelled by the Apple ‘cool’ factor, users appear generally positive towards biometrics at this point, even across a range of age groups.

At the same time, historic concerns about biometrics, for example with regards to accuracy and price, are no longer so pressing. Other concerns, like security, however, still are. For biometrics to succeed, it must be used in combination with secure technologies for storage and processing.

Mobey Forum survey shows that the vast majority of banks intend to implement biometrics in the relatively near future, just as the number of handset manufacturers planning to integrate biometric capabilities into their devices rises.

Conversely, the growing use of biometric technology in e-commerce and cloud computing for biometric technology will serve as an opportunity, which should help fuel the growth of the global biometrics market.

The report identifies some of the key players dominating the market, including 3M, Cross Match Technologies, Inc., Facebanx, Fingerprint Cards AB, Fujitsu Ltd., Fulcrum Biometrics, NCE Corporation, RCG Holdings Limited, Safran SA, and Siemens AG. South Korean biometric technology firm VIRDI has integrated its access control solution with HIKVISION.

The new solution brings multi-factor recognition to the HIKVISION iVMS-5200P video surveillance software by allowing various authentication methods, such as a card, pin number, fingerprint, face, and mobile key. The total solution is based on ONVIF (Open Network Video Forum) which is a global standard. VIRDI’s managing director of sales commented in a statement that: “We will expand our overseas business cooperating with the global enterprise in security industry.”

The company had previously successfully integrated its fingerprint authentication system with PAXTON’s enterprise access control solution.

Biometrics technologies used for measuring and evaluating human body characteristics, like fingerprints, irises and retinas, vocal and facial patterns for authentication and identification purposes. A prominent rise in the embracing of biometrics technology can be seen in India over the last five years. In addition to the most high-flying and well-liked technique of biometric authentication, which is fingerprint recognition, additional means of biometric authentication are swiftly gaining traction in the country on account of the rising need for data security in miscellaneous sectors. India Government initiatives such as issuance of e-passports and emergence of e-banking and visa employing biometric systems for identification and authentication purposes, have been enormously boosting the use of biometric technology.

The growth of Biometrics in India is predicted to be massive on account of the proliferated uses of biometric devices in public as well as Indian private sectors. The need for enhanced security and to authenticate the access to confidential data has made the use of biometric devices mandatory for better performance of the organization. The report segments the market by end-user and geography. The report finds the major drivers for the face and voice biometrics market include growth in e-passport program, government support, biometrics in smartphones, use of biometric technology in banking and healthcare, extensive use in criminal identification, use of biometric technologies in election administration and growing need for large scale supervision at public meetings.

Latin America is one of the fastest growing regions in global biometrics market with countries such as Brazil, Mexico, and Argentina contributing majorly for the growth of the market. Market growth in Latin America would result from government expenditures and customer focused corporate investments. Brazil accounted a major share on the whole Latin America’s biometrics market. Government spending, increasing security spending, cybercrimes and deployment of face recognition scanners across borders and airports of countries, are the factors that are making the biometrics technology grow lucratively in Latin America.

Mexico is expected to grow with more number of projects such as national ID, voter ID, e-passports, e-driver’s license, and ID cards based on biometrics. Mexico is one of the key countries in global biometrics market, which is utilizing fingerprint, face and IRIS based biometric systems in its national ID project. Mexico and Argentina are developing their own biometric national ID systems to avoid identity fraud. Biometric identification system can help facilitate advancements in social, political, and economic development.

Demand for biometrics access control systems is expected to increase in the next two years. Brazil biometrics market is emerging as one of the fastest growing biometrics markets in Latin America. Sporting of international events such as FIFA World Cup 2014 and Olympics 2016, escalating private investments, rising security concerns and increasing government security spending, are the factors driving the growth of biometrics in Brazilian market. With the increase in the demand for these devices, more number of local manufacturers would want to step up their presence in the market.

The report offers the countries showing growth in Latin America and emerging companies along with a list of their Financials and presents a host of investment opportunities ready for the taking. This report on the outlook for lucrative investment areas reviews the potential future returns, technological advancements, regulations and market responses so as to provide a clear perspective on the potential implications for the growth prospects of Biometrics Market in Latin America during the forecast period (2014-2020).

DNA analysis market in the government sector in North America is growing at a CAGR of more than 10%. North America is an early adopter of DNA analysis technology due to high investments by government and law enforcement agencies in the US and Canada. However, the market is likely to experience saturation and a reduction in contribution from the government sector during the forecast period.

The DNA analysis market in the government sector in Europe is growing at a CAGR of close to 13%. The demand for DNA analysis solutions is augmented by increased security concerns at airports, railways, seaports, and borders caused by terrorist threats.