Biometrics refers to a technological authentication method which is utilized in information assurance (IA) for secure entry, data or access. It primarily relies on scanning a person’s physical or biological characteristics, such as the face, DNA, fingerprint, iris, retina, palm or palm veins, which are difficult to forge or duplicate.
It helps provide more accurate identification and lower the risk of unwanted intrusion. As a result, biometrics technologies are widely used in schools, colleges, banks, public libraries, corporate and government offices, and consumer electronics including smartphones and tablets.
According to the latest report by IMARC Group, titled “Biometrics Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025”, the global biometrics market size reached $19.84 Billion in 2019.
Apart from this, several smartphone manufacturers are incorporating fingerprint scanners in their devices to enhance the overall user experience. This has also encouraged several banking organizations to utilize these systems for securing users from fraudulent activities while using online banking services or making transactions on e-commerce websites via their mobile devices. Furthermore, these technologies are being used in various government organizations, especially in the e-passport and e-visa programs. Looking forward, the market value is projected to exceed strong growth during in next five years 2020-2025.
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Due to the affordability and easy usage of biometrics technologies, they have gained acceptance across the globe. For instance, biometric security systems are considered relatively more convenient for employees and other personnel in the corporate sector as they do not involve memorizing passwords or carrying an identification card at all times.
Based on component, the market has been bifurcated into hardware, software and technology,
the market has been segmented into face recognition, hand geometry, voice recognition, signature recognition, iris recognition, Automated Fingerprint Identification System (AFIS), non-AFIS and others. At present, Non-AFIS represents the most widely used technology across the globe.
The market has been segregated on the basis of authentication which includes single-factor authentication and multifactor authentication. Among these, single-factor authentication accounts for the majority of the total market share.
Some of the top biometrics companies being Accu-Time Systems Inc., BIO-Key International Inc., Cognitec Systems GmbH, Fujitsu Limited, 3M Cogent Inc., IDTECK, NEC Corporation, Siemens AG, RCG Holdings Ltd., Suprema Inc., Lumidigm Inc., IrisGuard Inc., Daon Inc., DigitalPersona Inc. and Morpho SA (Safran).