Global Biometrics Authentication and Identity Market to Reach $25.31 Billion Till 2020

Global biometric market value is expected to grow from $10.08 billion in 2014 to $25.31 billion in 2020 at a high CAGR of 16.56% from 2015 to 2020.

BIS Research has evaluated the future growth prospects of biometric authentication market globally and its report entitled: Global Biometric Authentication & Identification Market: Focus On Modality, Motility & Application – Estimation & Forecast (2015–2020) indicates that the global biometric market value is expected to grow from $10.08 billion in 2014 to $25.31 billion in 2020 at a high CAGR of 16.56% from 2015 to 2020.

Mounting data security and privacy concerns are resulting in increasing demand for biometrics worldwide, for access control and authentication purpose. Integration of biometric technologies in security systems has been contributing extensively to the growth of biometrics market globally. Owing to these advances in technology, the global biometrics market is booming at a rapid rate and is adopted by major application verticals such as Government (Law enforcement, Border security, ID issuance and Homeland Security), Healthcare, Enterprises, Banking and Financial Institutions, Consumer Electronics and Retail and Commercial verticals.

Global biometric market value is expected to grow from $10.08 billion in 2014 to $25.31 billion in 2020 at a high CAGR of 16.56% from 2015 to 2020.

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The market report is segmented by modality, motility, application and geography incorporating Porter’s Five Forces analysis. It comprehensively answers all the major aspects of biometric industry, like the growth trends, the breakthroughs leading to the dominance of such technologies in the market, the effect of global and local competition on market’s share among others. The research study has covered the maximum qualitative and quantitative information employing primary as well as secondary research.

”The biometrics authentication and identity market report provides statistical information on market structure, estimates, shares and is intended to provide cutting-edge market intelligence and help decision makers take sound investment evaluation. Besides this, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in global biometrics market”, the analysts at BIS Research said.

According to the market report, 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. Stringent government regulations with regard to data security along with heavy investments in major research and development projects in these countries are likely to increase the adoption of biometrics.

The report has been developed with unrivalled access to the key players in this market sector namely: Apple, Authentec, Fujitsu and Kaba groups including many others. Emerging trends in mobile segment and evolving technologies in biometrics are two of the most important biometrics market opportunities. Whereas the major challenges faced by the biometric industry are Cost of Deployment of Emerging Biometric Solutions, Integration of Biometric Technology into Existing Software, Latent Fingerprinting and Spoofing and Misuse of Stored Data /Privacy.

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BIS Research provides valuable market intelligence to an exclusive group of customers in response to orders. Market reports are based on expectations, calculations and projections as of the date such information is available. The market conclusions drawn are significantly based upon a number of estimates and assumptions that, while considered reasonable by BIS Research as of the date of such statements, are inherently subject to market fluctuations and business, economic and competitive uncertainties and contingencies.