(PRWEB) May 07, 2014
According to the new market research report "Next Generation Biometric Market by Technology (Fingerprint, Palm, Face, Iris, Vein, Voice & Signature), Function, Application (Government, Defense, Travel & Immigration, Home Security, Banking, Consumer Electronics & so on) & Geography - Forecasts & Analysis 2014 - 2020," published by MarketsandMarkets, the biometric market will be worth $23.54 Billion by 2020 at an estimated CAGR of 17.6%.
Browse 158 market data tables and 59 figures spread through 352 Pages and an in-depth TOC on "Next Generation Biometric Market."
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'Biometric' implies the identification or authentication of humans by their traits such as face, fingerprint, voice, iris, palm, DNA, and signature. Biometric authentication has become the most important part of security due to an increase in unauthorized immigration, visa frauds, border intrusion, and so on. It has increasingly been getting deployed at all the security checkpoints of airports, stations, commercial complex, retail malls, and so on. Biometric technology provides accurate authentication and negligible margin of duplicity or error.
This report describes the various types of Next Generation Biometric Market such as face, fingerprint, iris, voice, signature, vein, and DNA recognition that are being used for different applications. Out of all the above types, face, fingerprint, and iris recognition are commonly used in most of the applications. Fingerprint recognition is the oldest type of biometric authentication and can be seen at banks, ATMs, and various government offices.
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The report also throws light on the various application areas of biometric technology such as government, banking and finance, travel and immigration, defense, consumer electronics, home security, commercial security, and healthcare. Biometric technology is slowly spreading across all the industries wherever security is of the prime concern. Biometric technology 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. Banking and finance sector use biometric authentication for account access, ATM security, and so on.
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Multi-Factor Authentication Market by Model/Type (Two, Three, Four & Five-Factor), Application (Banking & Finance, Government, Defense, Healthcare and others), & by Geography - Global Trend & Forecast to 2014 - 2020
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