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Technavio’s market research analysts predict the global biometrics monitoring systems market to grow at a CAGR of more than 17% from 2015 to 2019. With the increased adoption of mobile devices in various sectors such as healthcare, government, BFSI, and transportation, portable biometrics has emerged as a key trend to drive this market.
Implementation of portable biometric enables capturing physical features of an individual to compare it against a database for the sake of real-time verification. Fingerprint recognition, facial recognition, and iris recognition segments of this are witnessing a rapid transition to portable devices, particularly for law enforcement purposes. To capitalize on this opportunity, many telecom operators are expected to launch wireless mobile biometrics during the forecast period.
Facial recognition technology accounted for a market share of approximately 20% in 2014. Facial recognition is one of the most user-friendly biometric technologies that provides a high level of accuracy. The adoption of facial recognition is expected to gain significant traction in the transportation and healthcare sector during the forecast period.
An increasing number of travelers necessitates proper security measures in the transportation sector. Countries such as Malaysia, Australia, Germany, Nigeria, and the UK have started issuing e-passports across their airports. Cross-border travel and investments in developing airports in emerging markets foster the growth of this segment.
The market share of APAC is estimated to increase during the forecast period because of government initiatives involving implementation of biometrics monitoring systems for various e-governance programs. The market share of Europe is expected to decrease during the same period due to a shift in preference to emerging biometric technologies such as DNA analysis, vein biometrics, and keystroke biometrics.
As per the market forecast, the leading vendors are expected to invest significantly in wearable biometrics over the next four years. Devices such as smartwatches, bands, ear-pods, and eyeglasses are coming up with biometric identification capabilities and have the potential to identify an individual's biometric traits such as heart rate and blood pressure.
The other prominent vendors of this market include AT&T, CrossMatch, Elmo-Tech, 4G Identity, FONOMED, Herta, m3 Biometrics, M2SYS Technology, Preventice, Sensogram, Valencell, Vigil Monitoring, and Virdata.
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