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Next Generation Biometrics Market: Forecast to 2027
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Market Highlights
Identification documents and PIN are traditional methods used to verify the identity of every individual. However, due to increasing security breaches, illegal financial transactions, and unauthorized immigration across borders, the need for next-Generation Biometrics has increased. Next generation biometrics recognizes individuals with their biological characteristics such as face, voice, palm, fingerprints, signature, iris, vein and DNA. Next-Generation Biometric authentication can be carried out by using a combination of hardware and software-based solutions that automatically identify and authenticate an individual.
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Many industry giants are also innovating their products and incorporating new features in their respective portfolios. Samsung is expected to feature a 3D camera and in-display fingerprint reader in its upcoming mobile Samsung Galaxy S10/X. The 3D camera is expected to come with a 360-degree image and video capture, which will be more than biometric identification. Also, in-display fingerprint reader is leveling-up the competition among manufacturers to provide better next-generation biometric tools.
Key players
The prominent players in the market of Next Generation Biometrics are - Safran S.A. (France), NEC Corporation (Japan), 3M Cogent Inc. (U.S.), Fujitsu Ltd. (Japan), Suprema Inc. (South Korea), Cross Match Technologies Inc. (U.S.), Fulcrum Biometrics LLC (U.S.), Thales Group (France), Bio-Key International Inc. (U.S.), Precise Biometrics AB (Sweden), Secunet Security Networks AG (Germany).
The prominent players keep innovating and investing in research and development to present a cost-effective portfolio. There has been recent mergers and acquisitions among the key players, a strategy the business entities leverage to strengthen their reach to the customers.
Regional Analysis
The global market for next-generation biometrics is estimated to grow at a significant rate during the forecast period from 2017 to 2023. The geographical analysis of next-generation biometrics market is covered for the regions such as North America, Europe, Asia Pacific and rest of the world. However, due to extreme usage of biometric tools for identification and authorization in North America, it is expected to emerge as the leading region during the forecast period.
Technological advancements in next-generation biometrics such as combining passwords with lip movements, remote scanning of individual’s heart dimensions and pulse rate to grant authorization, facial recognition, and fingerprint vein identification are majorly developing in the Asia Pacific region. Thus, Asia Pacific region is expected to show staggering growth during the forecasting period.
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