Global Biometrics Market Poised to Grow at 14% Till 2020 Finds TechSci Research

Burnaby, Canada, April 10, 2015 --(PR.com)-- Global biometric authentication systems market is emerging as one of the most promising markets across the globe due to the rise in security breaches. Biometric data has emerged as an important tool in identity management globally, helping countries reduce fraud and integrity risks. As biometric properties of an individual are intrinsic, they are extremely difficult to copy, duplicate or cheat. The most important rational behind the use of biometrics is their high reliability, since biometric identity proofs of a person cannot be lost, except in case of serious accidents.

According to a recently published report by TechSci Research, “Global Biometrics Market Forecast & Opportunities, 2020”, global biometrics market is projected to register a CAGR of around 14% during 2015-20. The biometrics market is garnering attention from various governments for large scale implementation and review of biometric management systems. In addition, biometrics has become an integral part of back office functions such as time & attendance management. Increasing installation of biometrics in commercial sector coupled with deployment in government sector is surging demand for biometric systems.

Rise in terrorism, increase in criminal activities and need for advanced security solutions, have led to the growth of global biometrics market. The market is currently dominated by fingerprint readers, which are expected to retain their dominance over the forecast period as well. Although fingerprinting systems provide higher accuracy than conventional methods of authentication, they are prone to being counterfeited. This has led to the growth of other segments which provide better security, of which vein scanners are forecast to witness fastest growth in the market owing to increasing penetration. Constant development in technology and launch of new products with greater efficiency, are resulting in growth of the market.

“Biometrics is the measurement of a physical characteristic or personal behavioral trait that is unique to an individual, such as fingerprints, facial structure, the iris or a person's voice. Various biometric authentication systems are gaining traction in the market, steadily replacing conventional security systems like password/PIN protection. This is primarily due to their reliability in terms of unique individual characteristics and longevity. Global biometrics market is being driven by increasing use in government projects and banking & financial sector, wherein erroneous authentication can result in severe losses,” said Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

“Global Biometrics Market Forecast & Opportunities, 2020” has evaluated the future growth potential of global biometrics market and provides statistics and information on market structure, industry behavior, trends and trade dynamics. The report includes biometrics market projections and demand forecasting. The report is intended to provide cutting-edge market intelligence and help decision makers to take sound investment evaluation. Besides, the report also identifies and analyses the emerging trends along with essential drivers, challenges and opportunities existing in global biometrics market.