Biometric System Market: Overview

A biometric system provides a high degree of accuracy and security. 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. With biometric technology, there are reduced frauds and security breaches as compared to traditional methods like the use of tokens and passwords. Surging demand for biometric technology across various applications is estimated to favor the growth of the market over the coming years. The Global Biometric System market will experience significant growth during the forecast timeline 2019-2025. Biometric refers to a diverse set of technologies used for measuring and evaluating human body characteristics, such as fingerprints, irises, and retinas, vocal and facial patterns for confirmation and identification purposes.

To counter security threats biometric technology is used by several verticals in public, private, and commercial sectors. Some of the key factors that are driving the market growth include advancement in technologies, growing applications in commercial & government sectors, and increasing demand for improved security systems in organizations. Government initiatives like issuance of e-passports and emergence of e-banking and visa employing biometric systems for identification and authentication purposes have been immensely enhancing the use of biometric technology. Furthermore, increased usage in criminal identification coupled with government initiatives contributes to significant biometric market demand. With continuous technological innovations and advancements, mobile banking has witnessed high acceptance among consumers due to its security feature that has further pushed the industry growth.

Biometric System Market: Authentication Type Insights

On the basis of the type, the biometric system market is categorized as Single-Factor and Multifactor authentication. Single-Factor authentication segment holds the largest market share of the entire biometric system market during the forecast period. Single-Factor authentication includes Fingerprint recognition, Iris recognition, palm print recognition, Face recognition, Signature recognition, Voice recognition, and others. Among them, Fingerprint scanning is the most extensively used biometri authentication technique. Fingerprint biometric technique is used for attendance and background check of employees heightened usage in law enforcement and civil applications. Contactless biometric techniques like hand palm print biometrics recognition is projected to register significant growth over the forecast period. Multifactor authentication includes Smart card with biometric, Pin with biometric, and Multimodal biometric.

Biometric System Market: Functionality Type Analysis

Global biometric system market has been segmented based on functionality type as Contact, Non-Contact, and Combined. Contacted functionality segment leads the overall market. The fingerprint is the dominant contacted technology for various sectors such as financial institution, education, defense & military, and others. The extensive adoption and rising implementation of fingerprint recognition systems are propelling the market for contact-based functionality. Though, the market of noncontact biometric systems is anticipated to be the fastest growing segment by 2025.

Biometric System Market: Application Analysis

On the basis of the application, the biometric system market is segmented into Government, Military & Defense, Healthcare, Banking & Finance, Travel & Immigration, Automotive, and Others. Travel & immigration sector is the leading application segment in 2017 due to the rising need for security across border-crossing points, counter issues like identity theft and illegal migration as well as growing travel and tourism activities across Border. Government organizations and defense services are further projected to experience a sharp upsurge in the demand for technology. In addition, it is used in banking and finance to prevent frauds. The biometric market will have a solid effect on the future of automotive and logistics applications, providing vehicle safety and tracking systems. This is further expected to positively influence the expansion of the market.

Biometric System Market: Regional Insights

Geographically, the biometric system market is analyzed across North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. North America is the dominating region of the biometric system industry due to the presence of major IT companies, increasing travel & tourism activities across the region and growing government support. The Asia Pacific is the fastest growing region during the forecast period due to growing awareness about the technology. Countries like China and India are the leading countries in this region. Additionally, the UIDAI (Aadhar Card) project in India, using face, fingerprints, and eyes biometrics is anticipated to provide new opportunities to the market.

Objective of the Study:

·       To analyze and forecast market size of the global biometric system market in terms of value.

·   To examine the careful market segmentation and forecast the market size, in terms value, on the basis of region by segmenting biometric system market into five regions, namely, North America, Europe, Asia Pacific, Middle East& Africa, Latin America and their leading countries.

·    To outline, categorized and forecast the global biometric system market on the basis of authentication type, functionality type and application.

·      To examine competitive developments like technological advancement, services, and regulative framework within the global biometric system market.

·         To highlight the impact analysis of the factors, affecting the market dynamics such as drivers, restraints, opportunities, and challenges.

·         To strategically profile the key players and comprehensively analyze their market shares along with detailing the competitive landscape for market leaders.

Global Biometric System Market: Competitive Landscape

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.

Key Target Audience:

·         Market research and consulting firms

·         Industry associations

·         Global biometric system manufacturers

·         Research organizations and consulting companies

·         Organizations, associations and alliances related to biometric system market

·         Regulatory bodies

Scope of the Report

By Authentication Type

·         Single-Factor

·         Multifactor

By Functionality Type

·         Contact

·         Non-Contact

·         Combined

By Application

·         Government

·         Military & Defense

·         Healthcare

·         Banking & Finance

·         Travel & Immigration

·         Automotive

·         Others

In addition, the report provides analysis of the biometric system market with respect to the following geographic segments and their high performing regions:

ü  North America

·         U.S.

·         Canada

ü  Europe

·         Germany

·         U.K.

·         Italy

·         France

·         Rest of Europe

ü  Asia Pacific

·         China

·         India

·         Japan

·         Australia

·         Rest of APAC

ü  LATAM

·         Brazil

·         Argentina

·         Rest of Latin America

ü  MEA

·         Saudi Arabia

·         UAE

·         Rest of MEA

 Business Questions answer by the report

·         How will the market drivers, restraints and opportunities affect the market dynamics?

·         What will be the market size in terms of value and volume and market statistics with detailed classification

·         Which segment dominates the market or region and one will be the fastest growing and why?

·         A comprehensive survey of the competitive landscape and the market participant players

·         Analysis of strategy adopted by the key player and their impact on other players.

Customization Scope for the Client

Client satisfaction is our first and last priority. And that’s why BlueWeave Consulting offers customization according to Company’s specific needs. The following customization options are available for the report:

Additional Company Information

·         With five additional company detail analysis.

·         Additional country analysis.

·         Detailed segment analysis.