Report: Biometrics market worth $23.5 billion by 2020
Palm vein on the rise
10 April, 2014
A new report claims that the biometrics market will be worth $23.54 billion by 2020 and have a compound annual growth rate of 17.6%. The MarketsandMarkets report analyzes fingerprint, palm, face, iris, vein, voice and signature biometric modalities between 2014 and 2020.
This report describes the different types of biometric markets such as face, fingerprint, iris, voice, signature, vein, and DNA recognition that are being used for different applications. Out of all the modalities, face, fingerprint, and iris recognition are commonly used in most of the applications.
The report also investigates the different application for biometrics such as government, banking and finance, travel and immigration, defense, consumer electronics, home security, commercial security, and health care. Biometric technology is slowly spreading across all the industries wherever security is of the prime concern.
Biometrics is largely deployed in the application areas such as government, travel and immigration, banking and finance, and defense. The government applications cover voting, personal ID, license, building access, and so on, whereas, travel and immigration use biometric authentication for border access control, immigration, detection of explosives at the airports, and so on.
Palm vein predictions
A report from ResearchandMarkets looks at the global palm vein market and predicts that technology will almost double in use by 2016.
The Global Palm Vein Biometrics market has also been witnessing an increasing deployment, however, the need for improved compatibility and standardization could pose a challenge to the growth of this market. Researchers predict a compound annual growth rate of 46.6% over the period 2012-2016.
Questions answered in this report:
- What will the market size be in 2016 and what will be the growth rate?
- What are key market trends?
- What is driving this market?
- What are the challenges to market growth?
- Who are the key vendors in this market space?
- What are the market opportunities and threats faced by key vendors?
- What are the strengths and weaknesses of each of these key vendors?