Global Biometrics Market to expand $50bn by 2024 - PowerPoint PPT Presentation

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Global Biometrics Market to expand $50bn by 2024


Request Sample of Report @ Biometrics includes individual authentication by evaluation of unique biological traits. This authentication is possible through hand geometry, voice recognition, fingerprint identification, signature verification, among other ways. Biometrics is considered to have a better authentication reliability as compared to numeric codes and physical devices. Numerous technologies are developed to deal with individual identification with advancements in hardware, readers, sensors, pattern recognition, and image & signal processing technologies. – PowerPoint PPT presentation

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Title: Global Biometrics Market to expand $50bn by 2024

Global Biometrics Market to expand 50bn by 2024
Global Market Insights Inc.
Fuel Cell Market size worth 25.5bn by 2024
Key Insights from Biometrics Market
  • Biometrics Market size is estimated to surpass
    USD 50 billion by 2024 according to a new
    research report by Global Market Insights, Inc.
  • High acceptance among various verticals including
    mobile banking and financial services owing to
    rising security concerns has enhanced biometrics
    market size. Government initiatives for
    biometrics implementation coupled with high
    deployment for criminal identification will
    remain the key factors driving industry demand.
  • Industry players focus on technological
    advancements and new product launches to cater to
    the customer requirements. Benefits offered
    including provision of precise and accurate
    validation as compared to traditional validation
    methods such as PINs and ID cards, are
    anticipated to increase the industry penetration
    across the globe till 2024.

  • Increased smartphone penetration coupled with
    expansion of consumer electronics will favor the
    biometrics market share over the forecast
    timeframe. In addition, rising investment in
    military defense due to authentication concerns
    is anticipated to offer high growth potential.
    Multimodal biometrics system is an emerging trend
    in public and private work space for stringent
    attendance recording purposes. However, high
    implementation cost and stored data uncertainty
    may hamper industry growth over the forecast
  • Non-AFIS will account for the highest biometrics
    market share, surpassing USD 18 billion till
    2024. This can be attributed to its high usage in
    various applications which include cashless
    vending and workforce management. Moreover, it
    finds use in various public areas that assure
    keyless entry and efficient security. Iris
    recognition will exhibit over 20 CAGR owing to
    wide integration of iris scanners mainly in

U.S. Biometrics Market Size, By Product, 2013
2024 (USD Billion)


Browse Full Market Research Report On
Biometrics Market _at_ http// Reques
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  • Benefits such as unauthorized vehicle use
    detection, reduction of overtime expenses, and
    identification of billing anomalies will support
    the transportation logistics segment growth
    from 2017 to 2024. Banking finance applications
    will benefit from the rising demand from various
    financial institutions for precise authentication
    and streamlining of operations.
  • North America biometrics market is expected to
    account for more than 30 share till 2024. Rising
    demand from government security sector in U.S.
    coupled with the presence of major industry
    participants will escalate the industry growth.
    Moreover, favorable regulatory landscape in the
    U.S will help in fostering the industry demand.
    Asia Pacific is poised to grow at the highest
    CAGR owing to various government initiatives in
    the countries including China and India. National
    enrollment program (UIDAI Aadhar) in India, and
    China Resident Identity Card (CRIC) are among the
    implementation examples across the region.

  • Global industry share is highly fragmented with
    various participants across the globe. BIO Key
    International, David Link, EyeVerfiy, Iris ID,
    and NEC Corporation are among the prominent
    players in the biometrics market. Other notable
    players include Lockheed Martin, Green Bit
    Biometric Systems, FaceFirst, ZKTeco, and 3M
  • Industry players focus on adoption of strategies
    including strategic alliances and partnerships to
    strengthen their position. For instance, in July
    2017, Iris ID entered into a strategic
    partnership with Tongrentang for high revenue

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