SecurityWorldMarket

25/11/2015

Biometric access control market to exceed $12B by 2019

Toronto, Canada

Technavio has released updated information on the biometric systems market, with the publication of its new market research report.  The global biometric access control systems market is expected to grow at a CAGR of more than 18% between 2015 and 2019, owing to the shift from non-biometrics technologies such as PINs and smart cards for controlling access to secure premises.

The research report outlines the market outlook of biometric access control systems with growth forecast until 2019 when the company predicts the market will exceed $12B. The market study details the market segmentation by government, BFSI, transportation, and healthcare. It includes the market shares for MEA, Latin America, Europe, and North America. The leading players analysed in this report include 3M Cogent, HID Global, M2SYS Technology, NEC, and Safran.

North America is the largest market in the global biometric access control systems, accounting for a market share of around 38%. The region is experiencing higher adoption of biometric access control systems across BFSI and government sectors.

“Of late, the market is witnessing increased demand for cloud-based biometric services as these are more secure and reliable. Also, these cloud services provide constant monitoring when compared to other biometric solutions. Cloud-based biometric services are cost effective for organisations as they require a huge cloud database to store biometric information of individuals,” says Navin Rajendra, Lead Analyst, ICT, Technavio Research.

The need for highly secure identification and personal verification systems has increased especially in the BFSI sector. To avoid security breaches and transaction frauds, several global banks and financial institutions are integrating biometrics technologies, such as voice recognition and fingerprint recognition, with access control systems in cellphone-based applications to provide customers secure access to online accounts.

The key players in the global biometric access control systems market are 3M Cogent, HID Global, M2SYS Technology, NEC, and Safran. The market is highly fragmented with a large number of multinational vendors and small local players. Intense competition, advances in technology, and frequent changes in end-user preferences constitute significant risk factors for the vendors.


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