Research and Markets launched a review of the latest advances in biometric technology covering the different sectors of the market. The report examines the use of biometric identification in mobile devices, health services and other emerging markets.
The mobile biometrics market is showing growth in several areas. One of these is in the use of personal devices for financial transactions. Because biometrics is so helpful to improve security, the use of biometric technology in personal mobile devices has increased drastically. The market’s main current challenge is the search for low-cost authentication technology.
The health-related biometric industry is projected to increase in 32% over the next five years.
One of the factors contributing to this market growth is the high adoption rate of biometrics by hospitals, especially for medical treatments and patient registration systems.
The strong competition in the low-cost authentication technology market plays a crucial role in the growth of the global health care biometrics market.
One of the current market trends is the growth in the number of mergers and acquisitions involving biometric technology providers. This trend is expected to continue in the future.
New markets, applications
The global biometrics market is projected to increase at an annual growth rate of 17.6 percent for the coming years. The main applications are expected to be travel, migratory processes and governmental systems.
Fingerprints are the most widely used biometric technology, followed by voice recognition, which still shows a great potential for growth along with iris recognition.
The demand for biometric technology has risen in recent years on account of the rise in terrorist activity as well as the increase in data breaches, which have put the national security system at risk.
Biometric technology also plays a significant role in vertical markets, such as consumer electronics, governmental organizations, airports and private companies, where security continues to be a very serious concern.
Identification technology is surpassing traditional passwords in popularity because the latter are easy to guess, forget, copy or hack.
Biometric technology helps prevent theft because the information is stored digitally in a database that is difficult to manipulate, decipher or imitate.