Biometrics Technology Market to Rise Owing to Increasing Security Concerns of Crimes and Terror Attacks

Biometrics assists in authenticating a person’s identity based on unique biological characteristics. Particularly, conventional authentication methods such as personal identification cards, magnetic cards, keys, or passwords are susceptible to attacks and could be easily stolen. Biometrics technology recognizes a person on the basis of their face, fingerprints, signature, DNA, typing rhythms, iris pattern, etc., and imparts secure and convenient authentication. The flourishing prospects of internet-based commerce have led to a growing need for precise verification during accessing accounts. In these and several other applications, biometrics technology is the simplest and most convenient solution. These are the major factors that would support the growth of the global biometrics technology market till 2019.

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The global biometrics market is expanding at an outstanding CAGR of 20.8% between 2013 and 2019 and is predicted to reach US$23.3 billion by the end of the forecast period.

Non-AFIS Application Segment Led Global Biometrics Market in 2012

On the basis of application segments, the market for biometrics technology is segmented into iris, non-AFIS, hand geometry, voice, signature, AFIS, and others. In 2012, among all application segments, the non-AFIS segment governed the biometrics market. This was because of its user-friendly and cost-efficient nature. Adding to these benefits, non-AFIS systems are more convenient as well as flexible in comparison with other recognition systems and need lower maintenance.

Nonetheless, iris recognition systems have an immense untapped market as a developing technology with increased utilization majorly in access control areas as well as applications with high-end security. This is owing to their safe, contactless, and unobtrusive biometric identification systems, with the capacity to...