North American Biometrics Market, Forecast to 2023
This research presents key market participants with business intelligence needed to understand the future of the North American biometrics market in the commercial and government segments. The government segment includes application such as border control, e-ID, and law enforcement while the commercial segment includes applications such as physical security, logical security, and surveillance. As the North American market experiences an increasing rate of physical and cybersecurity attacks, demand for biometric technology continues to rise. Also, trends such as the Internet of Things (IoT) and financial technology (fintech) regulations are driving demand for biometrics across the government and commercial segments.
The base year of the study is 2018 with forecasts up to 2023. The research provides the overall market size of each segment for 2018 and a revenue breakdown by technology application. The revenue calculations factor in both hardware and software.
Growth of digitalization across different industries is driving the need for robust cybersecurity systems. Moreover, IoT is transforming how business is conducted across nearly every major industry as a result of changing customer dynamics; for instance, customers are increasingly using smartphones for commerce and banking. As such, the growing risk of identity theft and fraud is paving the way for interest in various biometric modalities, including fingerprint, face, iris, vein, voice, palm print, and others. The fingerprint modality is much sought out as it is less expensive compared to the other modalities. Fingerprint was the dominant modality deployed across all government and commercial applications mainly due to its pricing; however, facial biometrics is witnessing a breakthrough, particularly in the banking and finance domain.
Ultimately, customers prefer the highest level of security without compromising on ease and convenience. This trend has resulted and will continue to result in growth opportunities for multi-modal biometric tools, including intersections with mega trends such as artificial intelligence, Blockchain, and behavioral biometric innovations.
Key Issues Addressed
Is the market growing, how long will it continue to grow, and at what rate?
What are the key growth drivers and restraints for the market?
What are the likely macro and micro trends, and how are they expected to impact the market?
Who are the competitors and what are their SWOT and product offering?
Are the products/services offered today meeting customer needs or is additional development needed?
Are the vendors in the space ready to go it alone, or do they need partnerships to take their businesses to the next level?
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