Biometrics Industry in North America to grow at 20% CAGR from 2017 to 2024: Global Market Insights Inc. Biometrics Market size is estimated to surpass USD 50 billion by 2024, Growing implementation in various verticals such as mobile devices, healthcare, and financial institutes has positively impacted the biometrics market growth; according to a new research report by Global Market Insights, Inc. High acceptance among various verticals including mobile banking and financial services owing to rising security concerns has enhanced biometrics market size. Government initiatives for biometrics implementation coupled with high deployment for criminal identification will remain the key factors driving industry demand. Industry players focus on technological advancements and new product launches to cater to the customer requirements. Benefits offered including provision of precise and accurate validation as compared to traditional validation methods such as PINs and ID cards, are anticipated to increase the industry penetration across the globe till 2024.
Increased smartphone penetration coupled with expansion of consumer electronics will favor the biometrics market share over the forecast timeframe. In addition, rising investment in military & defense due to authentication concerns is anticipated to offer high growth potential. Multimodal biometrics system is an emerging trend in public and private work space for stringent attendance recording purposes. However, high implementation cost and stored data uncertainty may hamper industry growth over the forecast timeframe. Non-AFIS will account for the highest biometrics industry share, surpassing USD 18 billion till 2024. This can be attributed to its high usage in various applications which include cashless vending and workforce management. Moreover, it finds use in various public areas that assure keyless entry and efficient security. Iris recognition will exhibit over 20% CAGR owing to wide integration of iris scanners mainly in smartphones. Benefits such as unauthorized vehicle use detection, reduction of overtime expenses, and identification of billing anomalies will support the transportation & logistics segment growth from 2017 to 2024. Banking & finance applications will benefit from the rising demand from various financial institutions for precise authentication and streamlining of operations. 1|Page
North America biometrics market is expected to account for more than 30% share till 2024. Rising demand from government & security sector in U.S. coupled with the presence of major industry participants will escalate the industry growth. Moreover, favorable regulatory landscape in the U.S will help in fostering the industry demand. Asia Pacific is poised to grow at the highest CAGR owing to various government initiatives in the countries including China and India. National enrollment program (UIDAI Aadhar) in India, and China Resident Identity Card (CRIC) are among the implementation examples across the region. Global industry share is highly fragmented with various participants across the globe. BIO Key International, David Link, EyeVerfiy, Iris ID, and NEC Corporation are among the prominent players in the biometrics market. Other notable players include Lockheed Martin, Green Bit Biometric Systems, FaceFirst, ZKTeco, and 3M Cogent. Industry players focus on adoption of strategies including strategic alliances and partnerships to strengthen their position. For instance, in July 2017, Iris ID entered into a strategic partnership with Tongrentang for high revenue generation. U.S. Biometrics Market Size, By Product, 2013 – 2024 (USD Billion)
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Browse key industry insights spread across 90 pages with 90 market data tables & 57 figures & charts from the report, “Biometrics Market Size By Application (Banking & Finance, Consumer Electronics, Defense Services, Government, Transportation, Healthcare), By Product (AFIS, Non-AFIS, Hand Geometry, Signature, Voice, Iris, Face), Industry Analysis Report, Regional Outlook (U.S., Canada, UK, Germany, France, Russia, China, India, Japan, South Korea, Mexico, Brazil), Application Potential, Price Trends, Competitive Market Share & Forecast, 2017 – 2024” in detail along with the table of contents: https://www.gminsights.com/industry-analysis/biometrics-market
Segmentation of Biometrics Market: Biometrics market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2013 to 2024, for the following segments: •
Biometrics Market by Product o o o o o o o
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Face Hand geometry Voice Signature Iris AFIS Non-AFIS
Biometrics Market by Application o o o o o o
Government Defense services Banking & finance Consumer electronics Healthcare Transport/Visa/Logistics
The above information has been provided on a regional basis for the following: • •
North America o U.S. o Canada Europe o Germany o U.K.
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•
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o France o Russia Asia Pacific o China o India o Japan o South Korea Latin America o Brazil o Mexico Middle East & Africa
About Global Market Insights Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology. Contact Us: Arun Hegde Corporate Sales, USA Global Market Insights, Inc. Phone: 1-302-846-7766 Toll Free: 1-888-689-0688 Email: sales@gminsights.com Web: https://www.gminsights.com
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