LONDON--(BUSINESS WIRE)--According to the latest market research study released by Technavio, the global biometrics market in hospitality sector is expected to exceed USD 612 million by 2020, growing at a CAGR of almost 28% during the forecast period.
This research report titled ‘Global Biometrics in Hospitality Sector 2016-2020’, provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes an up to date analysis and forecast for various market segments and all geographical regions.
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The report segments the global biometrics market in hospitality sector by technology and can be divided into three broad segments:
- Global fingerprint identification market in hospitality sector
- Global facial recognition market in hospitality sector
- Global vein recognition market in hospitality sector
Global fingerprint identification market in hospitality sector
The global fingerprint identification market in the hospitality sector is likely to reach USD 397 million by 2020, growing at a CAGR of 27%.
“In 2015, fingerprint technology was the most widely adopted technology in the hospitality sector for employee authentication, PC login, and tracking employee working hours,” says Amrita Choudhury, lead analyst at Technavio for IT security research.
The increasing adoption of mobile and hand-held biometrics in the hospitality sector has increased the adoption of fingerprint technology. Technavio expects the emergence of 3D fingerprint scanners to boost market growth.
The fingerprint scan information is also used to provide access to amusement park visitors who have purchased tickets and entered the park with a particular pass.
Global facial recognition market in hospitality sector
The global facial recognition market in the hospitality sector is expected to reach USD 147 million by 2020, growing at a CAGR of over 30%.
Facial biometrics is increasingly being adopted in the hospitality sector for access control and employee identification. The integration of analytics and facial recognition technology with surveillance infrastructure is driving the growth of the market. Facial biometrics is used in the hospitality sector for mass surveillance to identify employees and track visitors’ activities in hotels, restaurants, amusement parks, and casinos.
Many vendors are also offering facial recognition-based attendance monitoring solutions to track employees and record their working hours.
According to Amrita, “The facial recognition biometrics market in the hospitality sector is likely to experience a YoY increase during the forecast period with the introduction of 3D facial recognition.”
Global vein recognition market in hospitality sector
The global vein recognition market in the hospitality sector is expected to exceed USD 60 million by 2020, growing at a CAGR of over 29%.
Vein recognition technology is a user-friendly contactless biometric technology that ensures a low false rejection rate. Vein readers and sensors are technologically advanced compared to fingerprint and palm print recognition and ensure higher accuracy. They can be easily integrated into other biometric systems. In addition, vein recognition technology is extremely difficult to forge and breach.
Technavio’s ICT analysts highlight the following five vendors as the top contributors to the global biometrics market in hospitality sector:
- 3M Cogent
- Crossmatch
- Fujitsu
- M2SYS Technology
- NEC
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About Technavio
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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