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.
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.
