Over the coming years, biometrics market is expected to witness several technological advancements that will make authentication more secure and convenient. Below mentioned are the three trends that will strongly influence the industry growth. Increasing adoption of technology in the security vertical and the confluence of organizations to meet authentication standards has added a renewed dynamism to biometrics market. With the biometrics technology having marked its presence across the security landscape, it is now rapidly penetrating its way into consumer, government, and industrial systems.
Based on the concept of statistical analysis of biological data, the biometrics technology is proclaimed to be less prone to cybercrimes and hacking. Recently, Mexico’s National Banking and Security Commission has announced a new regulation in the country that would require all the banks to deploy fingerprint scanners for the clients by 2018. Another instance is of FacePhi Biometria, where the company is seen signing deals to bring its selfie-based authentication system especially in the financial sector. Similar moves are likely to materialize in the coming years, in turn, propelling biometrics industry size.
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Global Market Insights, Inc., claims that biometrics market will exceed USD 50 billion by 2024, having been pegged at USD 12 billion in 2016. High acceptance of biometrics in various verticals such as mobile banking and other financial services has further favored the growth of biometrics market. As the cybercrimes and identification errors are captivating the industry verticals, there has been a significant upsurge in the adoption of biometrics to ensure data security and privacy. Lately, there has been a plethora of fraudulent cases and data breaches in the financial sector. JP Morgan Chase for instance was one of the major victim, where the hackers accessed the critical data of approximately 83 million customers.
With the significant expansion of its vast application arena, it is quite evident that biometrics technology is gaining lot of popularity as it works on identification of individuals’ biological information. This technology uses physiological and/or behavioral characteristics of people to authenticate their identity. As every individual is unique, this technology uses separate identifiers such as face recognition, fingerprint, palm veins, hand geometry, DNA, iris recognition, voice and retina. Many companies have adopted these techniques to improve the security features. For instance, Samsung and LG have incorporated iris scanners into their smartphones on a wider scale. The voice recognition technology is also seen gaining considerable traction in the mobile banking and commercial sector. The voice recognition segment of biometrics market is expected to register a CAGR of 22% over 2017-2024, claim estimates.
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Partial Chapter of the Table of Content
hapter 5. Biometrics Market, By Application
5.1. Global biometrics market share by application, 2016 & 2024
5.2. Banking & finance
5.2.1. Market estimates and forecast, 2013-2024
5.2.2. Market estimates and forecast, by region, 2013-2024
5.3. Defense Services
5.3.1. Market estimates and forecast, 2013-2024
5.3.2. Market estimates and forecast, by region, 2013-2024
5.4.1. Market estimates and forecast, 2013-2024
5.4.2. Market estimates and forecast, by region, 2013-2024
5.5. Consumer electronics
5.5.1. Market estimates and forecast, 2013-2024
5.5.2. Market estimates and forecast, by region, 2013-2024
5.6.1. Market estimates and forecast, 2013-2024
5.6.2. Market estimates and forecast, by region, 2013-2024
5.7.1. Market estimates and forecast, 2013-2024
5.7.2. Market estimates and forecast, by region, 2013-2024
5.8.1. Market estimates and forecast, 2013-2024
5.8.2. Market estimates and forecast, by region, 2013-2024
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