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Global Biometrics System Market Forecasts too Grow $41B by 2022
July 29, 2016 | PRNewswireEstimated reading time: 1 minute
Research and Markets has announced the addition of the "Global Biometrics System Market Insights, Opportunity Analysis, Market Shares and Forecast, 2016 - 2022" report to their offering.
The global biometrics system market is expected to grow at a robust CAGR of 21.5% by 2022 and the revenue is estimated around $41,792 million, and it is expected to experience robust growth during 2016-2022.
The global biometrics system market is segmented on the basis of application, end users; and, by geography.
Biometrics is the technology utilized for the objective of verification and authentication. Biometrics analyzes and measures both behavioral and physiological traits such as fingerprints, voice patterns, vein and signature patterns, eye retinas and irises, DNA, hand measurements, and facial patterns for identification or authentication objectives of a human being.
The key drivers for the growth of the market is rising application of biometrics system in election administration; government support across the globe to adopt biometrics systems for the objective of verification and identification; usage of biometrics for criminal identification; introduction of e-passport, etc. Growing cloud technologies for biometric data and usage in e-commerce are the key opportunity areas for the market.
The market is facing some restraints such as huge cost of biometric devices and fear of privacy intrusion and disturbance. Biometric technology involves high end equipment and devices, which requires proper training to the staff to necessitate and implement that all the people, at any point, gets the new card and/or re-register. At the same time, it observed one point of major fraud and multiple registrations. The biometrics system market is also facing a challenge i.e. security issues.
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