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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.
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.
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.
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 -
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.
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PART 01: Executive summary
PART 02: Scope of the report
PART 03: Market research methodology
PART 04: Introduction
PART 05: Market description
PART 06: Market landscape
PART 07: Market segmentation by technology
PART 08: Geographical segmentation
PART 09: Market developments
PART 10: Market trends and opportunities
PART 11: Market inhibitors
PART 12: Vendor dynamics
PART 13: Key vendor analysis
PART 14: Appendix
PART 15: Explore Technavio
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