The travel and immigration sector held the largest share of the biometric systems market in 2015. Many governments have set some stringent rules and regulations in the travel and immigration sector to improve the overall security. Countries such as the U.S. and the U.K have passed some stringent laws. In the U.S., according to Enhanced Border Security and Visa Entry Reform Act of 2002, it is mandatory to use biometrics in visas. This factor will drive the growth of biometric systems market in the travel and immigration sector. Moreover, countries such as Japan, Singapore, and the U.S. have deployed biometric systems in airports to improve the overall security.
The biometric systems market size is expected to increase from USD 10.74 Billion in 2015 to USD 32.73 Billion by 2022, at a CAGR of 16.79% between 2016 and 2022. This is according to the latest findings from research firm Marketsandmarkets. The new market research report covers the biometric systems market by authentication type, and divides the sector into sub-sections including single-factor to include fingerprint, iris, palm print, face, vein, signature, voice, multi-factor, component (hardware and software), function (contact and non-contact), application, and region, on a global basis until the year 2022.
The future growth of the biometric system market is expected to be driven by rising use of biometric technology in financial institutes and healthcare sectors, government initiative in adoption of biometrics system, and increasing use of biometric systems in criminal identification. Fingerprint recognition technology in the biometric system market held the largest market size for single factor authentication segment in 2015. Fingerprint recognition is one of the oldest, most simple to install, and low-cost biometric technologies; therefore, it is more commonly used. In travel and immigration, fingerprint recognition technology is used in e-passports, e-visas, and driving licenses to authenticate an individual. In the consumer electronics industry, fingerprint recognition technology is used in laptops, computers, and smartphones, among others. Hence, fingerprint authentication finds numerous applications and is widely adopted by many industries.
