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Global Biometrics Market to register tremendous surge in revenue growth over next 10 years

Global biometrics market: Adoption and implementation of biometric systems has been witnessing a rapid increase in the recent past owing to various benefits and advantages related to convenience and security. These technological systems use information about an individual or employee to ascertain their identity, and also serve to restrict unauthorized entrance or access to specific areas, locations and premises or sensitive or personal information and data. Biometric systems rely on specific data about unique biological traits in order to work effectively. The technology is also gaining increasing adoption in wearable devices such as smart watches, eye glasses, and fitness bands etc.

Devices with biometric identification capabilities such as heart rate sensor and blood pressure monitors are witnessing increasing uptake among consumers globally. Biometrics is also witnessing increasing adoption in sectors such as defense, healthcare, banking and financial, hospitality, educational institutes, multinational companies, and various government departments and offices. In the banking sector, biometrics is not only a highly secure option, but also cost-effective. It alleviates issues related to remembering passwords, Personal Identification Number (PIN) and other details associated with debit, credit or other such card. In addition, some other major factors driving this trend include the ever-growing threat of terrorism and entry of illegal migrants in various countries across the globe.

Concerns regarding security breaches is resulting in increasing adoption of these systems, especially in countries such as the U.K. and the U.S. currently. In addition, biometric systems are being increasingly adopted in multinational as well as private companies across the globe. Growing economies such as China and India have been witnessing significantly high upsurge in adoption, as these systems serve as attendance portals and also enable employers to monitor movement of their employees within the office premises at all times, while also serving to restrict entry of unauthorizes personnel to specific locations such as server rooms etc. Biometric face recognition, fingerprint recognition, and iris recognition systems are some of the systems that have been gaining popularity so far. These provide smart surveillance capabilities, enable easy and convenient customer verification and access control features, which ensures an added level of security.

However, installation of biometric authentication systems is complex and requires skilled personnel to get the task done. There is also the possibility of system breach leading to data or information loss. In addition, the entire system installation cannot be reset easily. These are some of the primary factors hampering demand for biometric systems in the defense sector owing to need for high level of security to safeguard against breach of highly confidential data.

However, ongoing technological advancements is expected to address these concerns and glitches in the near future owing to constant research and development. Development and launch of new and innovative biometric systems is expected to drive growth of this market to a significant extent over the forecast period. Two emerging technologies expected to drive market revenues in the near future include systems such as iris scanners and behavioral analytics.

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Revenue from sales of iris recognition systems is expected to be higher than that of fingerprint and facial recognition systems in future, owing to slimmer chances of malfunction or error.  However, revenue from sales of facial recognition systems is expected to witness significantly high growth over the forecast period, especially for security and defense agencies such as the police and army etc. This is due to advantages such as being able to track and monitor suspected terrorist or other criminal elements using networked cameras located at any part of a city or country. Revenue from the market in North America is expected to be relatively higher than that of other countries. This is due to increasing demand form security and defense agencies to stem the illegal influx of migrants from Mexico. In addition, adoption in countries in Europe is expected to increase significantly in the near future owing to influx or migrants and refugees from countries in the Middle East owing to civil war and the presence of terror groups such as ISIS, Al Qaida etc. Revenue from Asia Pacific is expected to witness fastest growth during the forecast period, with countries such as China and India upgrading defense facilities with secure military biometric authentication capabilities.

Some major players in the global biometrics market include 3M Cogent, Inc. Crossmatch, M2SYS Technology, NEC Corporation, Safran Identity and Security, Aware, Inc., BIO-Key International, Inc., Fulcrum Biometrics LLC, and HID Global Corporation.