Biometrics Market in North America 2016-2020

Overview of the biometrics market in North America

Market research analysts at Technavio have predicted that the biometrics market in North America will grow steadily at a moderate CAGR of more than 12% by 2020. This market research analysis identifies the increase in number of identity thefts as one of the primary factors that will contribute to the growth of this market. The continuous rise in the use of websites and web applications by end-users coupled with  the growing popularity of online consulting and sharing health-related results online has led to a rapid increase in the number of identity thefts. This recent increase in the instances of identity thefts has compelled many end-users to adopt secure authentication solutions. Since biometric security devices efficiently assess and verifies the identity of individuals based on their physical or behavioral characteristics, they are very reliable and have been identified as one of the market's strongest authentication solutions.

The launch of advanced smartphones and mobile devices that are equipped with built-in biometric sensors has subsequently increased the use of biometrics technology in the mobile payment industry. Though the rate of adoption of biometrics for mobile payments is currently slow, the shift from the use of passwords to more secure solutions will lead to an increase in the adoption of biometrics for mobile payments. Moreover, smart device manufacturers have also started embedding their devices with various biometric sensors for fingerprint, voice recognition, and finger vein scanners. The adoption of mobile biometric authentication technologies is predicted to have a positive impact on the growth of the market during the forecast period.

Segmentation by technology and analysis of the biometrics market in North America

• Fingerprint recognition
• Facial recognition
• Iris recognition
• Hand geometry
• Voice recognition
• Vein recognition

During 2015, the fingerprint recognition segment dominated the biometrics market in North America and accounted for almost 50% of the total market shares. The augmented adoption of fingerprint sensors in various end-user segments and the introduction of advanced technologies, such as 3-D fingerprinting and touchless sensing technology, will fuel the growth of the biometric authentication devices market in the region.

Segmentation by end-user and analysis of the biometrics market in North America

• Government
• Healthcare
• Transportation
• BFSI
• Retail

Owing to an increase in investments and the early adoption of biometric technology, the biometric market in North America will have a constant demand from the government sector. According to this market research analysis, this segment will account for about 40% of the total market share by 2020 and will dominate the market throughout the forecast period.

Competitive landscape and key vendors

The presence of several small- and medium-scale biometric security companies results in this market being highly competitive and the market’s high potential is expected to attract many new players. Due to the constant change in end-user preferences and advancements in technology, vendors have realized the need to distinguish their services and product offerings through a clear and unique value proposition. Large vendors have also started acquiring small biometric companies to gain a considerable share of the market and also increase their product portfolio.

The leading vendors in the market are -

• 3M Cogent
• Crossmatch Technologies
• M2SYS Technology
• NEC
• Safran

The other prominent vendors in the market are Advanced Biometrics, Amano Cincinnati, Aware, BIO-Key International, Cognitec Systems, DigitalPersona, Fingertec USA, Fujitsu, GAMASIS, Griaule Biometrics, Nuance Communications, Precise Biometrics, and ZKTeco.

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 biometrics market?
• What are the key market trends impacting the growth of the biometrics market?
• What are the challenges to market growth?
• Who are the key vendors in the biometrics market?
• What are the market opportunities and threats faced by the vendors in the biometrics market?
• Trending factors influencing the market shares of North America.
• What are the key outcomes of the five forces analysis of the biometrics market?

Technavio also offers customization on reports based on specific client requirement.

Related reports

• Global Biometrics as a Service Market 2016-2020
• Global Biometrics Market in the Government Sector 2016-2020
• Global Biometric Access Control Systems Market 2015-2019