Why the Biometrics Market Is Set To Explode? | Global Players are 3M Cogent, Lockheed Martin, IDEMIA, NEC Corporation, Smartmatic, ZKTeco Inc

Biometrics Market growth will be driven by increasing accessibility of smartphones along with a significant expansion of consumer electronics sector over the recent years. The advent of technology has enabled biometric identification in smartphones for identification of the owner during unlocking the device as well as during making payment, which unquestionably provides additional handset security. Apple Inc, the technology conglomerate, is considered to be one of the precursors in the biometrics market, driving fingerprint recognition in consumer electronics. The introduction of Touch ID fingerprint recognition system in their advanced iPhone series is profoundly a major breakthrough in the overall biometrics industry dynamics. Reportedly, the tech giant is soon to bring another groundbreaking innovation in the landscape with the launch of advanced facial recognition system in their upcoming edition (iPhone 8), that is claimed to be much more secured and faster than the present Touch ID fingerprint reader.

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Increasing adoption of technology in the security vertical and the confluence of organizations to meet authentication standards has added a renewed dynamism to biometrics market. With the biometrics technology having marked its presence across the security landscape, it is now rapidly penetrating its way into consumer, government, and industrial systems. Based on the concept of statistical analysis of biological data, the biometrics technology is proclaimed to be less prone to cybercrimes and hacking. Recently, Mexico's National Banking and Security Commission has announced a new regulation in the country that would require all the banks to deploy fingerprint scanners for the clients by 2018.

The integration of biometrics in BFSI sector to enable safer transactions and payments is further allowing better penetration of biometrics industry. In this regard, Apple's mobile payment service, Apple Pay has been gaining a humongous popularity. Launched in 2014, this new category of payment service actually integrates individual's fingerprints with NFC antenna technology for payment authentication of purchased goods. A couple of banks including Bank of America, Wells Fargo, Capital One Bank, and American Express have incorporated biometrics in their mobile banking apps for authentication purpose.

Mobile payment is touted as the future of financial transaction and is thus getting incorporated with biometrics to provide a strong security interface. Governments and businesses are vigorously looking for reliable authentication devices such as mobile biometrics to speed up human identification processing, in turn, providing a commendable impetus to biometrics market demand. Such technologies running on personal smartphones are sure to offer biometrics market the opportunity of clocking excellent growth rates in the ensuing years.

One of the biggest biometrics market trends to watch for will be the adoption of this technology parallel to the massive expansion of IoT. IoT being the biggest emerging concept for both businesses and consumers undeniably requires a robust security spectrum to protect critical data. In response to this, in the coming years, the global biometrics market will witness a remarkable upsurge with the technology being integrated in a wide variety of IoT applications ranging from smart homes, banking, healthcare, and automotive.

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Global biometrics market is rather fragmented with some of the prominent players including NEC Corporation, CMI Time Management, M Cogent, BIO-Key International, and Lockheed Martin having a established foothold in this business space. Strategic partnership is the major growth tactic adopted by the market players to establish a strong hold in the competitive landscape. The recent teaming up of Chinese medicine maker, Tong Ren Tang with Iris ID is one such evidence of business expansion where the latter is reported to provide iris scanners for Tong Ren Tang.

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