Overview of the biometric market in BRIC
Biometrics based authentication is being considered as a reliable security solution for different industry verticals since it is difficult to forge. Sectors such as government, BFSI, transportation, healthcare, and retail are implementing biometrics-based technology to prevent scams in online banking, check illegal immigration, enable motor vehicle access, etc. The biometric market in BRIC countries is predicted to grow at a CAGR of around 23% during the forecast period.
Countries like China and India are seeing an increase in implementation of biometrics based technologies in the government and banking sectors. The report predicts that voice recognition would witness an increase in adoption over the next two years specifically for mobile banking since it does not require any hardware investment. For instance, JPMorgan Chase uses voice recognition technology to identify fraudsters.
Segmentation of the biometric market in BRIC by end users
The market share of the government sector in Brazil is expected to see a decline during the forecast period due to market maturity, while the other sectors such as transportation, healthcare, BFSI, and retail are expected to grow during the forecast period.
The government sector of the biometrics market in Russia is predicted to reach $233 million by the end of 2019. The transportation sector would see a high growth during the forecast period. The rise in the number of thefts in transportation in Russia, especially at seaports, is expected to increase the demand for biometrics in this sector.
Segmentation of the biometric market in BRIC by technology
The fingerprint biometrics technology accounted for the largest market share of around 63% in China during 2014. According to the report, this segment is expected to witness the fastest growth in the Chinese market during the forecast period.
In India, the fingerprint biometrics technology is expected to dominate the market during the forecast period. The primary driver for the growth of the fingerprint segment is its low cost compared to other biometric technologies. The iris biometric technology is also seeing an increased adoption in India especially in the government and BFSI sectors.
Vendor landscape of the biometric market in BRIC countries
Some of the technologies offered by the vendors in the biometric market include hand geometry and recognition of fingerprint, facial features, iris, finger vein, palm vein, and voice.
The leading vendors in the market include: -
Other prominent vendors in the market are Beijing IrisKing, BioEnable, BioLink, eSSL Security, Fujitsu, 4G Identity, Hitachi, Honeywell, SUPREMA, and ZK.
Other sections of the report include an analysis of the following
Growth forecast for the key segments of the biometric market in BRIC countries
Five forces analysis of the biometric market in BRIC countries
Key factors driving the biometric market in BRIC countries
Market trends impacting the growth of the biometric market
Opportunities and threats faced by the vendors in the biometric market in BRIC countries
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Biometrics Market in Middle East 2015-2019
Global Biometrics Market in BFSI Sector 2015-2019
Global Biometrics Market in the Transportation Sector 2015-2019
Global Voice Recognition Biometrics Market 2015-2019