Biometrics Market to exceed $31bn by 2023

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Biometrics Market Global Industry Analysis
Report, Share, Size, Growth, Price Trends and
Forecast, 2016 2023 Fractovia.org
Fuel Cell Market size worth 25.5bn by 2024
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Key Insights of Biometrics Market

• Biometrics technology has marked its significant
  presence across the security landscape and is
  being deployed widely across all the sectors
  globally. Biometrics market size accounted for
  USD 9.58 billion in 2015 and is expected to
  exceed a revenue of USD 31 billion by 2023,
  according to Global Market Insights, Inc.
• Biometrics technology is based on the concept of
  statistical analysis of biological data, which is
  believed to be less prone to hacking than the
  password trends. The biometrics identifiers are
  physiological and/or behavioral characteristics
  of respective individuals which are analyzed to
  authenticate the identity of the individuals.
  Example of these identifiers are fingerprint,
  face recognition, palm veins, palm print, DNA,
  iris recognition, hand geometry, and retina.
• There has been a lot of fraudulent cases recorded
  lately and the industries are much alert towards
  their data security and privacy, which is leading
  towards huge adoption of biometrics technology
  worldwide. In 2014, JP Morgan Chase, a banking
  MNC, was a victim of data breach in which hackers
  accessed the critical data of approximately 83
  million customers.

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Continued

• This made the BFSI sector more vigilant and
  increased the biometrics adoption across this
  industry. Banks and financial institutions have
  now integrated biometrics technology with their
  mobile applications to ensure highly secured
  online access to their customers. For instance,
  ING Group and Deutsche Bank are using biometric
  authentication on their mobile banking app with
  the help of Apples Touch ID. The biometrics
  market growth in the BFSI industry is estimated
  to record a CAGR of 20 over the period of
  2016-2023.
• Biometrics application in the government sector
  is yet another significant area for potential
  growth prospects. The increasing number of fraud
  and hacking cases have promoted the adoption of
  this technology by the government to set high
  security and privacy standards.
• The growing popularity of electronics passports
  containing biometrics identifiers such as
  fingerprints, iris, facial data, etc., along with
  the government inclination towards building a
  robust infrastructure are few of the factors
  catalyzing biometrics market size in the
  government sector. The biometrics application in
  this sector is expected to reach USD 6.5 billion
  by 2023.

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Europe biometrics market size, by application,
2012-2023 (USD Million)

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Continued.

• Moreover, the residential biometrics application
  is also estimated to witness significant growth
  over the coming years owing to the growing trend
  of fingerprint door locks and rising demand for
  home safety and security. The biometrics
  application in the residential security segment
  is anticipated to surpass USD 1.1 billion by
  2023.
• Favorable regulatory landscape has made North
  America a vital contributor towards the
  biometrics market share. The U.S will primarily
  drive the regional revenue over the coming
  timeframe. The Asia Pacific biometrics market
  will also witness significant growth trends over
  the coming timeframe, with an estimated CAGR of
  17.2 over the period of 2016-2023. Government
  norms favoring the biometrics authentication are
  the major revenue drivers across this region. For
  instance, the concept of e-Aadhaar by Unique
  Identification Authority of India (UIDAI),
  emphasizes on logging through biometrics
  technology to ensure secured and authenticated
  identification of individuals.
• The industry players are continuously exploring
  new technologies to sustain their market value
  and stay ahead of the competition. The coming
  years will offer huge growth opportunities for
  the security device manufacturers on account of
  security being a key parameter to be looked after
  across all the sectors. Consumer Electronics,
  Commercial, Residential, Transportation, and
  Healthcare industries will also witness huge
  adoption of biometrics technology over the next
  few years.

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