The new generation biometrics market report further mentioned that the market size raised at US$ 16.3 billion in 2019, and it is likely to exhibit a Compound annual growth rate (CAGR) of 36.3% during the forecast period 2020 to 2028.
The increasing prevalence of biometrics
Increasing the prevalence of biometrics due to increased security threats, unauthorised immigration and unauthorised infiltration, illegal ATM transactions around the globe. To reduce these types of threats, new generation biometrics such as facial expression, voice, palm, fingerprint, iris, signature, vein, and DNA are used to verify the identity of individuals. Biometric features are unique and permanent. The advantages of biometric techniques are a high degree of privacy, accuracy, ease of use, and consistency across the system. The information is stored in a digital form by means of a biometric technology that cannot be reconstructed. Other features of biometric techniques ensure a wide range of applications, such as border security, government, healthcare and commercial security, banking and finance, and others. The biometry market of the new generation is expected to grow in the forecast period due to its advanced technology.
Rising demand from developing economies
The Asia-Pacific is expected to grow significantly in the new generation biometrics market during the forecast period due to the rapid economic growth in major countries of this region such as China, Japan, India, and South Korea. The new generation biometrics market is also growing in the Asia-Pacific region due to technological advancement, increased awareness among the people regarding the use of biometric systems for security purposes, and lowered the cost of devices based on these technologies. In China and Japan, biometrics security systems have been installed at airports, banks, ATMs, government institutes, and other public places. North America is the global leader in new generation biometrics, after Europe and Asia-Pacific.
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Alchemy Research and Analytics LLP has observed the impact of the ongoing pandemic of COVID‐19 on the new generation biometry market for the years 2020 and 2021. As with our extensive secondary and primary research, the demand for new generation biometrics has decreased due to the prevention of coronavirus spread. In the post-COVID-19 period, new generation biometric contact-based biometry systems are likely to fall, while contactless biometry systems such as iris recognition, facial recognition and voice recognition are expected to increase in the forecast period.
Key Manufacturers Aim to Enhance Their Portfolios by Partnerships
According to Alchemy Research and Analytics major market players in the new generation biometrics market are focusing on strategies such as partnerships, collaboration, acquisitions, and mergers to enhance their geographic presence as well as product portfolio. The new generation biometrics market is highly fragmented.
Alchemy Market Research lists out the names of key market players in the new generation biometrics market. They are as follows:
- Cross Match Technologies(Part of HID Technologies)
- Fingerprint Cards AB
- Fujitsu Ltd.
- Siemens AG
- Thales Group
A Significant Industry Development-
- February 2019: Safran-owned IDEMIA partnered with Infineon (Germany) and pmdtechnologies (Germany) to provide end-to-end 3D face recognition solutions for OEMs and system integrators. This joint solution is optimized and ready to be installed into any device, such as smartphones, tablets, PCs to allow user authentication for unlocking, and securing mobile payments.
- May 2020: NEC developed a touchless, multimodal biometric authentication terminal with the world’s highest level of precision. It has been ranked number one in identification technology benchmark tests conducted by the US National Institute of Standards and Technology (NIST).
Further Report Findings-
Asia Pacific is expected to see the fastest growth in the coming years as a result of the region’s rapid economic growth. The key countries in the Asia-Pacific region are China, India and South Korea. Increasing people’s awareness and technological advancement are some of the other factors that contribute to the growth of the biometrics market of the new generation in the region. North America also had a major global market share in 2019, followed by Europe and Asia-Pacific.
IRIS recognition is one of the fastest-growing segments of the technology type. The segment is growing rapidly due to its key benefits, such as ease of use, difficulty in forging and accuracy. The iris recognition segment in the consumer electronics sector is expected to see the highest growth in the forecast period due to the commercialization of various iris scan-based electronic devices such as smartphones, tablets, smartwatches, notebooks and others.
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