Market outlook of the biometrics market in the hospitality sector
Technavios market research analyst predicts the global biometrics market in the hospitality sector to grow at a CAGR of around 27% during the forecast period. With the increase in cases of time theft, data theft, and other criminal activities in the hospitality sector, the demand for security technologies including a highly reliable and accessible personal authentication and identification systems has increased. Biometrics has emerged as a suitable security and monitoring solution to meet this need as it is based on the behavioral and physiological characteristics of an individual, which is difficult to replicate. Biometrics in the hospitality sector is seen as the most accurate and reliable system because it eliminates manual inputs, identity card exchange, and time theft.
Biometrics in hospitality sector gives real-time information about workforce and visitors by providing complete and accurate visibility to their reporting and leaving time. It enables the hospitality sector to gain better insight into the employees work and time spent on work. Biometrics is being used in the hospitality sector for monitoring, identification, and access control. The adoption of biometrics in the hospitality sector is expected to increase during the forecast period due to the increased instances of security breaches such as terrorist attacks and bombings in the past two to three years in the hospitality sector.
Technology segmentation and analysis of the biometrics market in hospitality sector
The fingerprint identification accounted for the largest market share in the biometrics market in hospitality sector during 2015. However, this segment is anticipated to witness a decline in its shares by the end of 2020 as fingerprints can be recreated easily. For instance, The Chaos Computer Club, Europes largest association of hackers, was able to reconstruct an accurate thumb impression of an individual by using VeriFinger.
Geographical segmentation and analysis of the biometrics market in hospitality sector
North America dominated the market during 2015, accounting for a market share of around 40%. The increased acceptance of biometrics in the hospitality sector for time and attendance monitoring, access to PCs, networks, and servers, control access to restricted areas, and limit access to critical data has been driving the market growth in this region. . This region is expected to retain its market leadership until the end of the forecast period due to an increase in instances of security breaches in the hospitality sector such as terrorist attacks and bombings.
Competitive landscape and key vendors
The global biometrics market in the hospitality sector is fragmented due to the presence of numerous small regional vendors and large multinational vendors. International players are investing in upgrading existing technologies. The key players are expected to diversify their geographical presence with a focus on APAC during the forecast period.
The leading vendors in the market are -
The other prominent vendors of the market include ACTAtek, Allegion, ePortID, Herta Security, Iris ID, IriTech, SecurAX Tech, SekureID, TENBIO, Trac-Tech, Tyco, and WatchGuard.
Key questions answered in the report
What will the market size and the growth rate be in 2020
What are the key factors driving the global biometrics market in the hospitality sector
What are the key market trends impacting the growth of the biometrics market in the hospitality sector
What are the challenges to market growth
Who are the key vendors in this market space
What are the market opportunities and threats faced by the vendors in the global biometrics market in the hospitality sector
Trending factors influencing the market shares of the North America, Europe, APAC, MEA, and Latin America
What are the key outcomes of the five forces analysis of the global biometrics market in the hospitality sector
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