The Global Biometric Technologies Market is Expected to Reach $27.5 Billion in 2019
Wellesley, MA (PRWEB) December 16, 2013
According to a new technical market research report, Biometrics: Technologies and Global Markets, from BCC Research (http://www.bccresearch.com), the global biometric technologies market is expected to reach $8.7 billion in 2013 and increase to nearly $11.2 billion by 2014. BCC Research projects the market to grow to nearly $27.5 billion by 2019, and register a five-year compound annual growth rate of 19.8% from 2014 to 2019.
Biometric technologies are becoming the foundation for an extensive array of highly secure identification and personal verification solutions. A rapidly evolving technology widely used in forensics such as in criminal identification and prison security, biometrics has the potential to be used for a broad range of civilian applications
Biometric-based authentication applications include workstation, network, and domain access; single sign-on; application log-on; data protection; remote access to resources; transaction security; and Web security. Utilized alone or integrated with other technologies such as smart cards, encryption keys and digital signatures, biometrics are poised to pervade nearly all aspects of the economy.
Currently, biometrics are incorporated in solutions that provide security, including applications for improving airport security, strengthening the national borders, protecting travel documents and visas, and preventing identification theft. Now, more than ever, there is an increasing interest in biometrics across state and local governments. Indeed, a large number of organizations are addressing the important role that biometrics will play in identifying and verifying the identity of individuals and protecting national assets.
With the introduction of fingerprint recognition in the newly introduced iPhones by Apple, other smartphone manufacturers are expected to start using this technology in their products. The markets for automated fingerprint identification systems and other fingerprint biometric technologies account for the greatest share of the global biometric market and are forecasted to be the main source of overall market revenues from 2014 to 2019 and beyond.
Biometrics are already playing a major role in different industries, including medicine, science, robotics, engineering, manufacturing, and all areas of vertical enterprise businesses. There are constant improvements in the quality of biometric devices and products, as the major manufacturers continue to upgrade their products based on market needs. Also, new products and applications are being developed based on the continuous research and development work being carried out by major manufacturers in order to stay ahead of the competition. Technological advances, consumer and commercial acceptance and demand of the technology, as well as significant cost reductions across the industry will drive tremendous growth in this market for the foreseeable future.
This technical market research report from BCC Research provides a comprehensive overview of the global and regional markets for biometric technologies and devices, with a view to locate newer markets and to expand the present application market for various types of biometric devices. Analyses of market trends, with data from 2013, estimates for 2014, and projections of CAGRs through 2019 are also provided. The application for each type of biometric technology is discussed in detail with a view to establishing global as well as regional usage.
The report also studies the product life cycle and technology life cycle of various types of biometric devices and the methods employed by different manufacturers and users in maintaining ecological balance. Several types of new and recently developed biometric technologies are becoming more popular in various applications. These are also studied. Finally, the report profiles the major manufacturers and suppliers of biometric devices. The mergers and acquisitions in this field are also studied and discussed.
This report is intended for individuals who are responsible for security and protection of infrastructure and related applications across all areas of the global economy.