Next Generation Biometrics Market Highlights:
Next-generation biometrics has taken the paradigms of security up to the ascended level. Evolving dramatically in every aspect of fingerprint scanning to voice recognition, biometric systems are transforming the way identification, and assessment of personal information of individuals is done. Today the next generation biometrics leverages all latest technologies to offer complete and accurate biometric solutions that can not only capture images but can also analysis real-time video data.
With Next-Generation Biometrics Market, organizations are gaining the capability to capitalize upon existing surveillance infrastructures, access control, and time & attendance applications. Next-generation biometrics also provides advanced analytics applications to enhance security, increase throughput while improving user experience. Resultantly, the adoption of next-generation biometrics is growing rapidly, and so is expanding its market value.
According to an eminent research firm, Market Research Future (MRFR), the global next generation biometrics market would reach the valuation of USD 32BN approximately, registering over 18% CAGR throughout the forecast period (2017-2023). This new era of security being hailed as safer, and more convenient, it is much closer than one can think to bid a goodbye to keys, cards, passwords and PIN codes, etc.
Increasing uptake of next-generation biometrics in border security control, crime-fraud prevention & detection, attendance recording, payment systems, and access control is a key driving force behind the market growth. Besides, the proliferation of technology and smart mobile devices alongside, the incorporation of next-generation biometric products in government and travel & immigration industry verticals are driving the market.
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On the other hand, some of the loopholes in the next generation biometrics system, such as spoofing, tampering, overriding of Yes/No response, and instances of inaccuracy, i.e., false acceptance rate (FAR) and false recognition rate (FRR) and attacks such as substitution & replay attacks, masquerade attack, Trojan horse attack, etc. are posing challenges on the way to market growth.
Also, the high cost of deployment and risk involved in privacy intrusion are impeding the growth of the market. Nevertheless, these advanced biometrics is increasingly achieving success in criminal investigations, which would support the growth of the next generation biometrics market.
Players leading the next generation biometrics market include NEC Corporation (Japan), Safran SA (France), 3M Cogent Inc. (US), Suprema Inc. (South Korea), Fujitsu Ltd. (Japan), Cross Match Technologies Inc. (US), Thales Group (France), Fulcrum Biometrics LLC (US), Bio-Key International Inc. (US), Secunet Security Networks AG (Germany), Precise Biometrics AB (Sweden), ValidSoft (UK), Facebanx (UK), Fingerprint Cards AB (Sweden), RCG Holdings Limited (Hong Kong), and Siemens AG (Germany), among others.
Next Generation Biometrics Market – Segmentation
For a better understanding, the report has been segmented into six key dynamics:
By Component: Hardware (scanners, cameras, fingerprint readers, and others), Solutions, and Services (installation services and support & maintenance services).
By Function: Contact and Non-Contact.
By Technology: Fingerprint, Face, Iris, Palm, Voice, Signature, and DNA, among others.
By Verticals:BFSI, Military & Defense, Government, Healthcare, Consumer Electronics, IT, and Travel & Immigration, among others.
By Authentication Type: Single-Factor and Multi-Factor, among others.
By Regions: Asia Pacific, North America, Europe, and the Rest-of-the-World.
Global Next Generation Biometrics Market – Regional Analysis
North American region would retain its dominance over the global next generation biometrics market. Technological advancements and increasing usages by law enforcement agencies and various other sectors are some of the factors driving the regional market. Moreover, early adoption of the latest cutting-edge identification and recognition technologies assures an edge over other regions.
The next generation biometrics market in the Asia Pacific region accounts for the second-largest market, globally. Huge advancements in the related technologies and the availability of futuristic yet cost-competitive identification technologies is a key driving force behind the growth, the regional market is witnessing.
Also, the increasing adoption of next-generation biometric systems across government and commercial sectors for identification of individuals provides impetus to the growth of the regional market. Additionally, the dynamic growth in industries such as web, telecom, data centers, and the internet of things (IoT) ensures a substantial share of the region in the global space.
Global Next Generation Biometrics Market – Competitive Analysis
Highly competitive, the next generation biometrics market appears to be fragmented owing to the presence of numerous well-established players. Mergers & acquisitions, brand reinforcement, and innovation remain key trends of these leading players. The market would witness intensified competition with an increase in innovations and M&A.
Players invest substantially in research and development to innovate and upgrade their portfolios cost-effective. So far mergers and acquisitions have been a key strategy for the key players to strengthen their reach to the customers.
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Industry/ Innovation/ Related News:
June 18, 2019 –— IDEMIA, formerly Morpho SAS (France), a multinational company, specializing in security and identity solutions launched its next-generation video analytics application ‘Augmented vision’, at IFSEC International held during June 18-20th.
IDEMIA is a global leader in Augmented Identity, and its video analytics application would enhance security in public and private places. The Augmented Vision offers the capability to capitalize upon existing video surveillance infrastructures with biometric access control, paving the way for next facial recognition-based innovations for access control and time & attendance applications.
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