NEW YORK, April 13, 2015 /PRNewswire/ --
According to a recently conducted study by TechSci Research, "Global Biometrics Market Forecast & Opportunities, 2020", the global biometrics market is projected to register a CAGR of around 14% till 2020. The biometrics market is garnering attention from various governments for large scale implementation and review of biometric management systems. The constant development in technology and launch of new products with greater efficiency, are resulting in increasing installation of biometrics in commercial and government sector.
The study also highlights that the market is forecast to cross US$ 21 billion by 2020 where APAC markets are anticipated to overtake North America. The demand for biometric systems is increasing at a much higher rate in countries like China, India, Japan & Indonesia when compared with US and Canada due to increasing focus on identity management and curbing security breaches.
The demand for Iris recognition systems has been recorded higher from developed countries such as US, Germany and Russia while the developing countries are still relying on Fingerprint technology. However, with the increasing deployment of biometrics in critical application areas the developing countriesare also implementing advanced technologies such as Iris Recognition, Facial Recognition, Vein Scanner and others.
The study further highlights that Government sector has been the biggest revenue contributor to the sales of biometrics devices globally in 2014 followed by Banking and Finance institutions. However, sale of biometrics devices in Healthcare sector is forecast to witness highest growth till 2020 due to its varied usage of all types of technologies such as Hand / Palm recognition, Vein Scanner, Iris Scanner to manage medical records of patients and much more.
The government programs in multiple countries such as e-passport, National Identity Card, Youth ID Cards and Biometric Driving License are set to attract colossal investments which would propel the demand for biometrics devices benefitting global players such as 3M Cogent, NEC, Morpho, Smartmatic, Suprema and others.
"Global Biometrics Market Forecast & Opportunities, 2020" has evaluated the future growth potential of biometrics market and provides statistics and information on market structure, trends and trade dynamics. The report is intended to provide fresh market outlook to take sound investment evaluations. Besides, the report also analyzes essential drivers, challenges and opportunities in global biometrics market.
Contact: Kalpana Verma, +91-9818427514
SOURCE TechSci Research