Summary: A recent report titled “Biometric Technology Market is Estimated to Generate $10.72 Billion, Globally by 2022” offers valuable insights related to the market such as the market share, size and growth.
In the year 2015, North America was the highest revenue-generating region, owing to increasing adoption of advanced security and authentic solutions and service in the government and commercial sector. Furthermore, the region is projected to continue its dominance throughout the forecast period due to increasing need for multilevel biometric solutions and services in various end-user verticals.
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Europe was the second largest market, in terms of revenue generation, followed by Asia-Pacific. Major factors that boost the biometric technology market worldwide include increasing security & privacy concerns and rising standard of living.
The physical biometric segment dominated the market with around 81% share, owing to increasing adoption of fingerprint recognition and face recognition biometric solutions across various end-user verticals, in 2015. The iris recognition segment is projected to expand at the highest CAGR of around 22%, owing to widening applications of iris recognition biometric solutions at vehicle checkpoints, airport security, and for employee identification.
The banking & financial sector led the market, followed by the public sector, both collectively accounting for around 60% of the market revenue in 2015.
The global biometric technology market is classified based on geography into North America, Europe, Asia-Pacific, and LAMEA. North America generated the largest revenue in 2015, followed by Europe. Asia-Pacific is projected to expand at the highest CAGR of around 22% during the forecast period.
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