LONDON--(BUSINESS WIRE)--According to the latest research study released by Technavio, the global multimodal biometrics market is expected to grow at a CAGR of over 15% until 2020.
This research report titled ‘Global Multimodal Biometrics Market 2016-2020’, provides an in-depth analysis of market growth in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments, including vein recognition, voice recognition, iris recognition, facial recognition, and finger print recognition.
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“Biometric technologies such as voice recognition and facial recognition technologies are finding wider application in the healthcare sector for end-to-end electronic processes. Its deployment is ensuring customer convenience and compliance with security regulations such as Health Insurance Portability and Accountability Act (HIPAA). With the introduction of mobile devices in the healthcare industry, use of applications for electronic prescribing, diagnosis and treatment, practice management, coding, and billing is rising steadily,” said Sunil Kumar Singh, one of Technavio’s lead analysts for automatic identification systems research.
Global multimodal biometrics market by technology 2015
- Vein recognition 4.17%
- Voice recognition 7.45%
- Iris recognition 22.23%
- Facial recognition 23.03%
- Finger print recognition 43.12%
Source: Technavio research
Global multimodal biometrics market by fingerprint recognition: largest segment
In 2015, the global multimodal biometrics market by fingerprint recognition was valued at USD 757.6 million. In 2015, adoption of fingerprint recognition in multimodal biometric systems was high because of low hardware cost. Coupled with this, government initiatives such as e-passports, border control programs, and e-governance are also fostering the growth of this market. NEC, a leading vendor, provides Integra-ID, a multimodal biometric system integrated with fingerprint recognition, to the Las Vegas Metropolitan Police Department to help prevent the entry of unauthorized individuals. NEC’s Integra-ID has also been adopted by the Bexar County Sheriff’s Office in San Antonio, Texas, to replace an existing automated fingerprint identification system.
By 2020, a number of educational institutions, retail stores, healthcare organizations, and banks are likely to adopt multimodal biometric systems integrated with fingerprint recognition to execute live finger scans that are reliable, non-intrusive, and accurate.
Global multimodal biometrics market by facial recognition: second largest segment
In 2015, the global multimodal biometrics market by facial recognition was valued at USD 404.6 million. The government sector in a number of countries have implemented multimodal biometric systems integrated with facial recognition for government identity programs such as driving licenses, ID cards, and e-passports. However, this technology does not work properly in poor lighting conditions, and with changes in face positioning, hairstyle, facial hair, and glasses. The time taken to identify an individual with this technology is also relatively high.
3D facial recognition, an emerging trend in the market, is being adopted by a number of biometrics vendors. 3D facial recognition is unaffected by changes in lighting conditions and is more accurate in identifying an individual.
Global multimodal biometrics market by iris recognition
In 2015, the global multimodal biometrics market by iris recognition was valued at USD 390.6 million. Since the iris of an individual has a detailed and unique texture, iris recognition finds high adoption in different sectors such as the transportation and BFSI. The need for strong biometric authentication in these sectors to avoid unauthorized intrusions drives its demand. Further, as the technology is non-intrusive, it further increases its acceptability among end-users.
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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