Global ID Technologies Market Analysis, Growth, Trends and Forecast by 2023

ID technologies refer to the technologies such as voice recognition, smartcards, optical character recognition, magnetic stripes, biometrics, and barcodes. These technologies are used to collect data, identify objects and enter the data into computer systems using a communication medium. The communication medium can be intranet or internet. These technologies are widely adopted across the industries, commercial enterprises and residential applications.

Browse the full Report at:http://www.transparencymarketresearch.com/id-technologies-market.html

The ID technologies market is primarily driven by the increasing fraud cases in various commercial transactions. Additionally, the ongoing terrorist activities across the globe further boost the demand for sophisticated ID technologies to identify the individuals. Increasing cross border activities such as tourism and trade among others are increasing the demand for unique identification cards such as ePassports and other national and international IDs. The demand for employee identification through biometrics, smartcards and voice recognition for logical and physical access to systems and properties is extensively increasing. Thus, with the increasing number of enterprises, it is expected that the market for ID technologies will show potential growth over the coming years. The market has potential growth opportunities in the residential apartments with the improving security measures across this sector.

Moreover, the deployment centralized identification system for creating electronic national and international IDs is further adding to the growth of ID technologies market. However, the privacy concerns among individuals are the major challenges for the growth of this market. Moreover, some people find it annoying to enter the credential every time when they want to physical or logical access the computer systems or properties.

The biometric ID technology refers to the personal identification by face recognition, hand geometry, iris recognition, fingerprint identification and others. The biometric identification technologies are also used for providing logical and physical access to computer systems, server rooms, mobile handsets and other areas or assets of strategic importance. Barcodes (2D and 3D) are primarily used to keep a track of physical assets of an organizations and products manufactured by the organizations. Moreover, barcodes are widely adopted for streamlining the inventory management process, by enabling product identification through the barcodes printed on the products in the inventory. Barcode identification is also used at the point-of-sales (POS) terminals to generate invoice and bills of the items sold at the counter/station. Conventional technologies such as magnetic strips too are used extensively and are basically deployed for access cards, credit cards and debit cards, to provide logical or physical access to the individual, and to enable monetary transaction. However, these magnetic strips can be easily duplicated. The subsequent security risks have paved way for smartcards, which are being used for identification and monetary transactions.

These smartcards are embedded with microcontroller chips that are capable of storing and transferring individual’s credentials through a contact or contactless medium. Contactless smartcards are expected to show potential growth over the coming years due to decreasing prices of contactless technologies and wide adoption of such technologies in monetary transactions. Optical character recognition is widely deployed to enter the data from invoices, business cards, bank statements and other documents. This technology basically converts the image of the document into a machine coded text which is then identified by the computer systems.

Some of the market players in this industry are NEC Corporation, 3M Cogent, Inc., Siemens AG, Safran Group, Aware, Inc., American Express Co., Gemalto NV, and Texas Instruments, Inc.

Get Free Sample Report:http://www.transparencymarketresearch.com/sample/sample.php?flag=b&rep_id=4039

This research report analyzes this market on the basis of its market segments, major geographies, and current market trends. Geographies analyzed under this research report include

North America

Asia Pacific

Europe

Rest of the World

This report provides comprehensive analysis of

Market growth drivers

Factors limiting market growth

Current market trends

Market structure

Market projections for upcoming years

This report is a complete study of current trends in the market, industry growth drivers, and restraints. It provides market projections for the coming years. It includes analysis of recent developments in technology, Porter’s five force model analysis and detailed profiles of top industry players. The report also includes a review of micro and macro factors essential for the existing market players and new entrants along with detailed value chain analysis.

Reasons for Buying this Report

This report provides pin-point analysis for changing competitive dynamics

It provides a forward looking perspective on different factors driving or restraining market growth

It provides a six-year forecast assessed on the basis of how the market is predicted to grow

It helps in understanding the key product segments and their future

It provides pin point analysis of changing competition dynamics and keeps you ahead of competitors

It helps in making informed business decisions by having complete insights of market and by making in-depth analysis of market segments

It provides distinctive graphics and exemplified SWOT analysis of major market segments

About Us

Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insights for decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.

TMR’s data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, TMR employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.

Contact

Mr. Nachiket Ghumare

90 State Street Suite 700

Albany NY 12207

Tel: +1-518-618-1030

USA - Canada Toll Free: 866-552-3453

Email: sales@transparencymarketresearch.com

Website: http://www.transparencymarketresearch.com