Global Biometrics Market in the Retail Sector 2016-2020
Market outlook of the global biometrics market in the retail sector
Technavio’s market research analyst predicts the global biometrics market in the retail sector to grow steadily at a CAGR of around 22% by 2020. The increased instances of forgery and product thefts in the retail sector have increased the need for high-level security systems during the forecast period. Since the process of authentication in biometric systems is based on biological characteristics, such as fingerprint, facial, hand geometry, and vein patterns, their augmented implementation by organizations is envisaged to result in market growth during the predicted period.
The advent of contactless biometrics is the key driver for the growth of this market. Recently, it has been observed that many organizations are reluctant to adopt contact biometric solutions owing to increased instances of communicable diseases like Ebola and swine influenza. This reluctance has forced vendors to develop equipment like contactless fingerprint scanners that are suitable for organizations, which are specific about their hygiene standards.
Technological segmentation of the biometrics market in the retail sector
- Fingerprint identification
- Facial recognition
- Hand geometry
- Vein recognition
In this market study, Technavio analysts have estimated the fingerprint identification technology segment to be the largest market segment during the forecast period. This segment currently dominates the global market for biometrics in the retail sector and is envisaged to account for more than 30% of the total market share by 2020. Much of this segment’s growth can be attributed to the ability of fingerprint identification systems to aid in time and attendance monitoring, inventory management, inventory management, and access control for the database.
Geographical segmentation of the biometrics market in the retail sector
- Latin America
- North America
North America accounted for 48% of the market share during 2015 and is expected to grow at a CAGR of 18% during the forecast period. The presence of many global restaurant chains and supermarkets in this region are envisaged to bolster growth in this geography during the estimated period.
Competitive landscape and key vendors
The global biometrics market in the retail sector is highly fragmented due to the presence of numerous small and large vendors. The vendors in the market compete on the basis of price, quality, innovation, service, reputation, and promotion to gain a competitive edge over their rivals during the forecast period.
The top vendors in this market are -
- Crossmatch Technologies
- Honeywell Security
- M2SYS Technology
Other prominent vendors in the market include Allegion, Ayonix, BIO-key, Biometric Time Clock Systems, Cognitec Systems, eSSL Security, ePortID, FingerCheck, FUJITSU, Herta Security, TimeLabs, Trac-Tech, and Tyco.
Key questions answered in the report include
- What will the market size and the growth rate be in 2020?
- What are the key factors driving the global biometrics market in the retail sector?
- What are the key market trends impacting the growth of the biometrics market in the retail sector?
- What are the challenges to market growth?
- Who are the key vendors in this market space?
- What are the market opportunities and threats faced by the vendors in the global biometrics market in the retail sector?
- Trending factors influencing the market shares of the APAC, Europe, Latin America, MEA, and North America.
- What are the key outcomes of the five forces analysis of the biometrics market in the retail sector?
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