Global Biometrics Market is projected to reach $21.9 billion by 2020 according to a new study by 6Wresearch, which reckons that North America leads the overall biometrics market, where the U.S. is the major revenue generating country in this region.
According to the report of the study, biometrics market is one of the key growing electronic security markets in the global landscape. Increasing government spending, national ID projects, e-passports & visas, rising crime rates, growing terrorist activities, cybercrimes, and data thefts are the factors that are spurring the market for various biometrics technologies globally.
Increasing homeland security, government spending, research and development activities are driving the growth of the U.S. in North American biometrics market.
Biometrics market growth outlook
Until 2014, North American region dominated overall biometrics market; however, by the end of 2015, the share of the region is expected to decline to become second largest in the industry. Growth in Asia-Pacific (APAC) biometrics market is exhibited as major factor for the declining share of North American region. Surging security spending, introduction of several government projects, increasing IT spending, data thefts, and shift from traditional smart card based systems towards biometric based systems are boosting the growth of Asia- Pacific biometrics market.
Fingerprint biometrics technology accounts for majority of the market share in the overall biometrics market. Ease of usage and affordable in nature have resulted for its market dominance. However, in the forecast period, share of fingerprint technology is expected to decline due to growth in other biometrics technologies such as Face, IRIS, Vein and also the adoption of multimodal biometrics systems.
The key companies in global biometrics market include- Morpho Safran, 3M Cogent, NEC, Suprema, Nuance, Hitachi, Crossmatch Technologies, Iris ID, ZK Technologies and others.