A new study by Transparency Market Research (TMR), titled “Next Generation Biometrics Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 – 2024,” states that the growing usage of next generation biometric technology in restricting illegal entry is driving this market significantly. Apart from this, the rising trend of e-passports and its increasing application in criminal identification also fueling the demand for next generation biometrics in the global arena.
On the contrary, the high cost incurred on the installation and maintenance of next generation biometric systems is limiting its adoption in organizations. The fear of intrusion of privacy is also discouraging them to deploy these systems, impacting the market’s growth negatively. However, the rising usage of biometrics in e-commerce and adoption of cloud-computing in biometric technology are projected to provide attractive opportunities for the growth of the worldwide market for next generation biometrics during the forecast period, states the research report.
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The increasing application of this technology in the travel and immigration industry, rising penetration of smartphones and tablets, and the growing need for large-scale surveillances at public places are also expected to boost the global market for next generation biometrics in the coming years.
According to the research study, the market is likely to gain significant impetus from the rising awareness regarding the benefits offered by next generation biometric technology such as the accuracy, interoperability, ease of utilization, a high degree of privacy, and uniformity across the system. Along with these, this technology also supports storage of data in the digital format, making it nearly impossible to decode and restructure.
The research report studies the global market for next generation biometrics market on the basis of the type, application, and the geographical spread of this market. Based on type, the market has been classified into fingerprint recognition, iris recognition, face recognition, voice recognition, vein recognition, palm print recognition, and signature recognition.
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On the basis of application, the research report has categorized the market into banking and finance, travel and immigration, government, defense, healthcare, home security, commercial security, electronics, and other applications.
On the regional basis, the market has been segmented into Europe, North America, Asia Pacific, and the Rest of the World in this market study.
Cross Match Technologies, RCG Holdings Ltd., ValidSoft UK Ltd., Suprema Inc., Thales Group, Fujitsu Ltd., 3M, Facebanx, Siemens AG, Fingerprint Cards AB, Fulcrum Biometrics, and Safran