Global Biometrics Market to Reach $25.31 Billion by 2020
The report by BIS Research entitled, Global Biometrics Authentication and Identification Market: Focus on Modality, Motility & Application - Estimation & Forecast (2015-2020) has covered all the aspects of biometrics industry.
Bloomington, MN, October 9, 2015 (Newswire.com) - With security breaching and criminal incidences on the rise, safety and security has become the major area of concern for public places like banks, shopping malls, airports etc. To provide ease and comfort to its customers, Malaysian Bank, Hong Leong has released a biometrics-enabled mobile banking feature on its app, allowing users to access ATMs and validate payments with their fingerprints. This function enables users to access and perform various services, which includes checking balances, transferring funds, cardless ATM withdrawals. "Before this, mobile banking apps using biometric authentication only allowed users to check balances. So with Hong Leong Connect on your mobile devices, you can even leave your wallet behind," stated HLIB managing director and CEO Raja Teh Maimunah Raja Abdul Aziz.
The report by BIS Research entitled, Global Biometrics Authentication and Identification Market: Focus on Modality, Motility & Application – Estimation & Forecast (2015–2020) has covered all the aspects of biometrics industry. Whether it is the market drivers or the issues this industry is currently facing along with the opportunities, the report has it all. According to the report, the global biometric market value is anticipated to grow from $10.08 billion in 2014 to $25.31 billion in 2020 at an estimated CAGR of 16.56% from 2015 to 2020. The major demand is generated from APAC and Middle East, and the countries like the U.S. and U.K. continue being the leading revenue generating countries in the global market.
The report segments the market into modality, motility, application and geography. The study finds that the major drivers for the biometrics market includes the substantial rise in smartphones and tablets, growth in e-commerce services, strict government regulations, use of biometric technology in banking and healthcare and extensive use in criminal identification. Some of the key questions answered in the report are:
• What are the key drivers, growth trends, and key challenges for future growth of Biometrics market in the next 3-5 years?
• Who are the key market players and key component providers?
• What are the different modalities under Biometrics and how will the market for individual modality grow through the forecast period?
• What are the recent breakthroughs which might lead to the dominance of such technologies in the market?
• What will be the compounded annual growth rate (CAGR) for the global market and individually for different modality motility, application, and geography?
• How significantly do the global and the local competition affect the company's market share?
Besides highlighting the market drivers, the report also focuses on the restraints for biometrics industry. The key challenges standing in the way of market growth are the fear of privacy infringement, integration of biometric technology into existing software and high cost of systems. On the other hand, there are several key opportunities for DNA biometrics system in the e-commerce and cloud computing space, according to the report. The report also includes profiles of some major market players like Apple Inc, Authentic Inc, Cognitec Systems among others.
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