Biometrics Industry Analysis, Statistics, Trends, and Forecast Report by 2024 - PowerPoint PPT Presentation

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Biometrics Industry Analysis, Statistics, Trends, and Forecast Report 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: Biometrics Industry Analysis, Statistics, Trends, and Forecast Report by 2024

Biometrics Market Research Reports and Industry
Analysis from 2017 to 2024 Global Market
Insights Inc.
Fuel Cell Market size worth 25.5bn by 2024
Key Insights from Biometrics Market
  • Biometrics Market size was valued at over USD 12
    billion in 2016, and estimated to surpass USD 50
    billion by 2024. Increasing adoption of
    technology in the security vertical and the
    confluence of organizations to meet
    authentication standards has added a renewed
    dynamism to biometrics market. With the
    biometrics technology having marked its presence
    across the security landscape, it is now rapidly
    penetrating its way into consumer, government,
    and industrial systems. Based on the concept of
    statistical analysis of biological data, the
    biometrics technology is proclaimed to be less
    prone to cybercrimes and hacking.
  • Recently, Mexicos National Banking and Security
    Commission has announced a new regulation in the
    country that would require all the banks to
    deploy fingerprint scanners for the clients by
    2018. Another instance is of FacePhi Biometria,
    where the company is seen signing deals to bring
    its selfie-based authentication system especially
    in the financial sector. Similar moves are likely
    to materialize in the coming years, in turn,
    propelling biometrics industry size.

  • Global Market Insights, Inc., claims that
    biometrics market will exceed USD 50 billion by
    2024, having been pegged at USD 12 billion in
    2016. High acceptance of biometrics in various
    verticals such as mobile banking and other
    financial services has further favored the growth
    of biometrics market. As the cybercrimes and
    identification errors are captivating the
    industry verticals, there has been a significant
    upsurge in the adoption of biometrics to ensure
    data security and privacy. Lately, there has been
    a plethora of fraudulent cases and data breaches
    in the financial sector. JP Morgan Chase for
    instance was one of the major victim, where the
    hackers accessed the critical data of
    approximately 83 million customers.
  • Such potential threats of data breach have led to
    greater demand for biometrics technologies in the
    banking finance sectors. As per the report,
    biometrics industry share is set to gain
    lucrative avenues from banking and finance
    sector, projected to register a healthy growth
    rate of 22 from 2017-2024. Apart from this,
    biometrics industry is also likely to demonstrate
    noticeable growth in healthcare, transportation,
    consumer electronics, and defense services

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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  • With the significant expansion of its vast
    application arena, it is quite evident that
    biometrics technology is gaining lot of
    popularity as it works on identification of
    individuals biological information. This
    technology uses physiological and/or behavioral
    characteristics of people to authenticate their
    identity. As every individual is unique, this
    technology uses separate identifiers such as face
    recognition, fingerprint, palm veins, hand
    geometry, DNA, iris recognition, voice and
    retina. Many companies have adopted these
    techniques to improve the security features.
  • For instance, Samsung and LG have incorporated
    iris scanners into their smartphones on a wider
    scale. The voice recognition technology is also
    seen gaining considerable traction in the mobile
    banking and commercial sector. The voice
    recognition segment of biometrics market is
    expected to register a CAGR of 22 over
    2017-2024, claim estimates. Over the coming
    years, biometrics industry is expected to witness
    several technological advancements that will make
    authentication more secure and convenient. Below
    mentioned are the three trends that will strongly
    influence the industry growth.

  • Mobile payment is touted as the future of
    financial transaction and is thus getting
    incorporated with biometrics to provide a strong
    security interface. Governments and businesses
    are vigorously looking for reliable
    authentication devices such as mobile biometrics
    to speed up human identification processing, in
    turn, providing a commendable impetus to
    biometrics market demand. Such technologies
    running on personal smartphones are sure to offer
    biometrics market the opportunity of clocking
    excellent growth rates in the ensuing years.
  • With the rapid growth of online shopping, online
    payment methods are slated to be subject to a lot
    of threats. The biometrics technology is expected
    to do wonders in this segment as accessing of
    user accounts through iris, facial recognition
    and fingerprints could go long way in ensuring a
    secure login than regular pins and credentials,
    validating the contribution of e-commerce in the
    growth of biometrics industry.

  • One of the biggest biometrics market trends to
    watch for will be the adoption of this technology
    parallel to the massive expansion of IoT. IoT
    being the biggest emerging concept for both
    businesses and consumers undeniably requires a
    robust security spectrum to protect critical
    data. In response to this, in the coming years,
    the global biometrics market will witness a
    remarkable upsurge with the technology being
    integrated in a wide variety of IoT applications
    ranging from smart homes, banking, healthcare,
    and automotive.
  • With the advancements and evolution in the tech
    space, identity management and security are
    certain to be the top-notch priorities of the
    businesses. Taking into account this trend, it is
    unarguable that biometrics industry is set to
    witness a profound profitability quotient in the
    ensuing years.

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