Rising safety and security concerns are anticipated to propel biometric system market across the globe
Published | August 2019
Biometric technology is used for recognition and verification of persons by analyzing their fingerprints, voice, face, iris, and hand geometry signatures. Biometrics is a technology that can be implemented across different industries wherever identification and authentication is a need, regardless of their type, size, shape or geographic location. Growing applications in commercial & government sectors, technological advancement, and increasing demand for improved security systems in organizations fuel the market growth during the forecast period. The emergent adoption of the technology in the e-commerce industry for secure payments, growing applications within the finance industry, and increasing security concerns are anticipated to propel the market during the forecast period. In India government projects like Aadhaar program (UIDAI), coupled with the issuance of e-passports & visas, etc. further projected to propel the market. Moreover, an increasing number of ATMs, coupled with the growing number of smartphone and internet users is also projected to have a huge positive impact on the biometrics market. With biometrics technology, there are reduced frauds and security breaches as compared to traditional methods like the use of tokens and passwords. Other factors such as a need for security, growing terror attacks and increasing crimes are driving the market growth
Among Authentication type, Single-Factor Authentication segment holds the largest market share of the global biometric system market during the forecast period
Based on the authentication type, the market has been divided into Single-Factor and Multifactor authentication. Among them, the single-factor market dominates the overall market during the forecast period 2019-2025. Single-Factor authentication includes Fingerprint recognition, Iris recognition, palm print recognition, Face recognition, Signature recognition, Voice recognition, and others. Multifactor authentication includes Smart card with biometrics, Pin with biometrics, and Multimodal biometrics. In 2017, the pin with biometrics held the largest share of multifactor authentication type in the biometrics system market due to its cost-effectiveness. The systems based on both biometrics and PIN uses a secure technique for authentication compared with other multifactor authentication systems.
Non-Contact segment is projected to be the fastest growing functionality type of the global biometric system market during the forecast period
Global biometrics system market has been segmented based on functionality type as Contact, Non-Contact, and Combined. With the development of information and communication technology in recent years, the importance of security measuring is increasing. The fingerprint technology is the leading contact functionality segment of the overall biometric system market. The extensive adoption and rising implementation of fingerprint recognition systems are propelling the market for contact-based functionality.
North America accounts for the lion’s share of the global biometric system market during the forecast period
Geographically, the biometric system market is analyzed across North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. North America is the leading region during the forecast timeline due to favorable government regulations, growing travel & tourism activities across the region and the presence of major industry players will significantly contribute to the regional sales. Asia Pacific biometrics market is expected to showcase a significant growth rate owing to the increased implementation of biometrics in China and India. Furthermore, the introduction of China Resident Identity Card Law by China requires scanned and recorded fingerprints of citizens for identification. Europe biometrics market is projected to exhibit a significant share due to wide usage in military and IT applications.
Companies such as Safran, NEC corporation, Thales, Fujitsu limited, ASSA ABLOY, Precise Biometrics, 3M Cognent, Secunet Security Networks, Hitachi, Cross Match Technologies, Stanley Black & Decker, Cognitec Systems, Daon, Facebanx, BIO-key International, Securiport, M2SYS Technology, Suprema, Qualcomm, Fulcrum Biometrics, and VASCO Data Security International are the leading players of biometric system market across the globe.
The in-depth analysis of the report provides the growth potential, upcoming trends and statistics of global biometric system market size & forecast. The report promises to provide state-of-the-art technology of biometric system production and industry insights which help decision makers to take sound strategic decisions. Furthermore, the report also analyzes the market drivers and challenges and competitive analysis of the market.
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