LONDON--(BUSINESS WIRE)--The global biometrics market is expected to post a CAGR of more than 15% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
Governments across the world are increasing efforts to adopt various initiatives such as e-passport and national identity cards. For instance, in 2018, the New South Wales Government in Australia announced that it would provide monetary aid to support the rollout of the National Facial Biometric Matching Capability. Similarly, the EU has mandated the inclusion of fingerprint data in e-passports along with a digital photograph. Such initiatives by governments across the world are increasing the demand for biometric technologies, thereby driving the growth of the market.
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As per Technavio, the continuous developments of new products will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global Biometrics Market: Continuous Development of New Products
Vendors in the market are focusing on the development of new products to expand their product portfolios and stay competitive in the market. Many vendors are providing 3D facial recognition solutions to enable quick and secure unlocks in smartphones and other security applications. Some vendors are introducing fingerprint-controlled biometric locks for bikes. The development of such innovative biometric products is expected to boost market growth during the forecast period.
“Technological advancements in biometrics and the rising popularity of face and voice recognition biometrics in the BFSI sector will further boost market growth during the forecast period”, says a senior analyst at Technavio.
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Global Biometrics Market: Segmentation Analysis
This market report segments the global biometrics market by end-users (government, healthcare, BFSI, and others) and geography (Americas, APAC, and EMEA).
The Americas region led the market in 2018, followed by APAC and EMEA respectively. During the forecast period, the Americas region is expected to maintain its dominance over the market. This is due to increasing investments in biometric technologies by governments in the region. However, the APAC region is expected to witness the maximum incremental growth during the forecast period due to the rising adoption of biometric systems among several end-users in the region such as BFSI, consumer electronics, and governments.
Technavio’s sample reports are free of charge and contain multiple sections of the report, such as the market size and forecast, drivers, challenges, trends, and more.
Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Geographic comparison
- Key leading countries
- Landscape disruption
- Competitive scenario
- Vendors covered
- Vendor classification
- Market positioning of vendors
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