Biometrics Technology Market Growth Trends and Forecast to 2020

The global biometrics technology market is expected to reach USD 24.59 billion by 2020, according to a new study by Grand View Research, Inc. Increasing demand for biometrics technology across various applications is expected to favor market growth over the next six years. Biometrics technology is used by several verticals in the private, public and commercial sectors to overcome security threats, which is expected to fuel market demand over the forecast period.

Increasing demand in consumer electronics to enhance customer experience is expected to drive the biometrics technology market over the next six years. Implementation in e-commerce applications may enable secure transactions and can provide new opportunities to the biometrics technology market. High initial investment may hinder market growth over the forecast period.

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Further key findings from the study suggest:

Non-AFIS was estimated to be a considerable application segment in 2013 and accounted for over 35% of the overall market. This technology is used in various enterprises to enable authorized access owing to its accuracy and efficiency. The AFIS application segment is also expected to grow at a significant rate on account of its use for fingerprint and palm identification in many civil applications.

Transportation & logistics emerged as the dominant end-use segment in 2013, and accounted for over 25% of the biometrics technology market in the same year. This technology is used for e-passport programs and to counter illegal migrations in various regions. Defense services are also expected to witness high growth over the forecast period. Biometrics technology can be used in banking and finance to increase efficiency and prevent frauds enabling it to grow at a significant rate over the next six years.

North America was estimated to be the...