Rising usage of mobile biometric technology and inclination towards cloud based biometric solutions are expected to drive the growth of the biometric authentication market. The global biometric authentication market was valued at USD XX million in 2018 and is expected to reach USD XX million in 2026, growing at a CAGR of 15.5% during the forecast period.
Biometric authentication is a process of verifying individual’s identity through unique biological characteristics that are previously stored in the database. It compares and matches biometric features of an individual to verify that a person trying to access a particular device is authorized to do so or not. Rising usage of mobile biometric technology is driving the demand biometric authentication market. Private industry and governments are more inclined towards usage of mobile biometrics in order to speed up the processing of user identification. Mobile biometrics helps in verifying individual biometric feature on a mobile device which is portable and can be easily shifted or moved from one place to another. This can be achieved on a mobile device either with the help of biometric sensors or by attaching portable biometric hardware to it via WiFi connection or USB cable. This helps in speeding up the biometric authentication process at various industries.
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Moreover, Privacy is one of the biggest concerns of biometric solutions. If the servers storing biometric information are hacked, it results in serious concerns for individuals. Data can be misused, thereby resulting in significant loss for the population. This is one of the factors that is hindering the growth of the biometric authentication market.
Company Profiles and Competitive Intelligence:
Some of the key player in the biometric authentication market are Fulcrum Biometrics, NEC Corporation, Thales Group (Gemalto), Cognitec Systems, Fujitsu Ltd., Precise Biometrics, Assa Abloy AB, Integrated Biometrics, Secunet Security Networks and among others
Key Findings:
• Based on offerings, the hardware segment is expected to dominate the market with nearly 48% of market share in the global biometric authentication market in 2018
• Based on technology, the multi-factor authentication segment is expected to grow at a staggering rate during forecast period in the global biometric authentication market
• Based on functionality, the non-contact and hybrid functionalities are the most attractive segments, owing to the rapid adoption of the same by individuals, small & medium enterprises, and by the large enterprises
• Based on end-use industry, the BFSI segment accounts of the largest share in the market owing to its importance and being the integral part of the security and verification systems.
• North America accounted for nearly 39.3% share of the global biometric authentication market in 2018
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Recent News:
• In Oct 2019, Thales Group (Gemalto) fingerprint cards have been selected for a 3-month trail run by UK bank NatWest for its 150 customers to ease the payment & verification process.
• In Aug 2019, Precise Biometrics announced YOUNiQ facial recognition solution for building & offices door access control systems.
• In Feb 2019, Gemalto, Fingerprint Cards, Precise Biometrics and STMicroelectronics introduced the first end-to-end security architecture for biometric fingerprint authentication at MWC 2016.
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