Technavio expected global biometrics market in retail sector to reach over $2 billion by 2020

 

This industry research report includes a detailed segmentation of the global biometrics market in the retail sector by technology (fingerprint identification, facial recognition, hand geometry recognition, vein recognition, and others). It also outlines the market shares for key regions such as North America, Europe, APAC, Latin America, and MEA. The key vendors analyzed in this report are Crossmatch Technologies, Honeywell Security, M2SYS Technology, NEC, Safran, and Suprema.

Technavio has released a new market research report on the global biometrics market in retail sector, which is expected to grow at a CAGR of 22% between 2016 and 2020. The increased incidents of forgery and product thefts in the retail sector have augmented the need for high-level security systems. North America is a key region in the global biometrics market in retail sector, occupying around 48% of the overall market revenue. The presence of several global restaurant chains and supermarkets in this region are predicted to bolster growth in this geography during the forecast period.

The new industry research report from Technavio discusses in detail the key drivers and trends responsible for the growth of this market and its sub-segments.

“One of the interesting trends gaining prominence in this market is the advent of contactless biometrics. 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,” says Amrita Chaudury, Lead Analyst, ICT, Technavio Research.

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.

The leading vendors in the global biometrics market in retail sector include Crossmatch Technologies, Honeywell Security, M2SYS Technology, NEC, Safran, and Suprema. This market 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.  

A more detailed analysis is available in the Technavio report, Global Biometrics Market in Retail Sector 2016-2020.

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