Global Biometric Technology Market Is Expected to Grow Us$ 34.5 Bn by 2022: Credence Research

According to a new market report published by Credence Research Inc “Biometrics Technology Market - Growth, Share, Opportunities, Competitive Analysis, and Forecast 2015 - 2022,” the biometrics technology market is expected to reach US$ 34.5 Bn by 2022, with its increasing adoption in both public as well as private sectors. Governments of the countries across the world are adopting biometrics technologies for access authorization, identification and verification, e-passport management and national border control projects. This is the primary factor influencing the growth of biometrics systems market. In addition, biometric systems are increasing being used in attendance management in business organizations, residential and commercial security applications and for online banking transactions. Biometric technology is also increasingly used in electronic devices and motor vehicle for access management. Rising adoption of biometrics technology due to increasing security concerns is the key factor expected to influence the demand for biometrics solutions throughout the forecast period.

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The biometrics technologies are classified into face recognition, hand geometry recognition, voice recognition, signature recognition, iris recognition, automated fingerprints identification systems (AFIS), non-AFIS and others. Non-AFIS systems accounted for the majority of revenue share in 2012 as they are less expensive and convenience than other biometrics technologies. Iris recognition systems are expected to see the fastest growth as they offer higher level of security and stability. Hand geometry systems is also expected to see a significant growth through the forecast period with its increasing adoption in business organization for attendance management application

Transportation and immigration represents the largest end use segment for biometrics technology in 2014. Increasing...