Biometric System Market by Authentication Type (Single-Factor: (Fingerprint, IRIS, Palm Print, Face, Vein, Signature, Voice), Multi-Factor), Component (Hardware and Software), Function (Contact and Non-contact), Application, and Region - Global Forecast to 2022
“The biometric system market projected to grow at a rate of 16.79%”
The biometric system market is in the growth stage and is expected to grow further in the near future. The biometric system market is expected to be valued at USD 32.73 billion in 2022, at a CAGR of 16.79% between 2016 and 2022. Government initiative in adoption of biometrics system, integration of biometric technology in smartphones, rising use of biometric technology in financial institutes and healthcare sectors, and increasing use of biometric systems in criminal identification are some of the major factors driving the growth of the biometric systems market, worldwide. Cost involved in deploying biometric system is the restraining factor for the biometric system market.
“Voice recognition technology expected to grow at the highest rate in the single factor authentication segment of the biometric system market”
Voice recognition technology is expected to grow at the highest rate because this technology is the only solution that could provide remote authentication without the need of the physical presence of a user. This technology is ideal for situations where distant verification is required, such as telephone-based transactions. Also in this technology, the real-time voice sample is compared with the voice sample stored in the database, which is considered to be less intrusive for the user. Voice recognition is considered as secured technology, and hence is suitable for critical applications in the banking and finance sector.
“North America and Asia-Pacific are the major markets for biometric systems”
North America is among the most favorable end-user market for biometric systems manufacturers. The adoption of the biometric system in private and publics sectors, and the overall increased concern for the security are major driving factors for the growth of biometric system market in North America. In Asia-Pacific (APAC), technological advancing nations such as China and India hold the strongest potential for the future growth of the biometric system market. The major factors driving the growth of the biometric system market in APAC are the rising demand for biometric solutions from public sectors, increasing concerns for border security, and the untapped market in this region.
In the process of determining and verifying the market size for several segments and sub-segments, information has been gathered through secondary research, and extensive primary interviews have been conducted with key people in the biometric system market.
The break-up of the profiles of primary participants for the report has been given below:
By Company Type: Tier 1 – 47%, Tier 2 – 35%, and Tier 3 – 18%
By Designation: C-Level Executives – 30%, Directors – 54%, and Others – 16%
By Region: North America – 35%, Europe – 50%, Asia-Pacific – 10%, and RoW – 5%
The report profiles the key players in the biometric system market with their respective market share analysis. The prominent players profiled in this report are Safran SA (France), NEC Corporation (Japan), Fujitsu Ltd. (Japan), BIO-Key International, Inc. (U.S.), Precise Biometrics AB (Sweden), Secunet Security Networks AG (Germany), Thales SA (France), Aware, Inc. (U.S.), Cognitec Systems GmbH (Germany), Cross Match Technologies (U.S.), Fulcrum Biometrics, LLC (U.S.), Daon, Inc. (U.S.), Facebanx (U.K.), and 3M Cogent, Inc.(U.S.).
The overall biometric system market is segmented on the basis of authentication type which includes single factor and multi-factor authentication. Furthermore, the biometric system market is also segmented on the basis of—function which includes contact type and non-contact type biometric system; component which includes hardware and software required to develop the biometric system; and various applications areas. The biometric system market is also segmented in four major regions, namely, North America, Europe, Asia-Pacific (APAC), and Rest of the World (RoW).
Key Benefits of Buying the Report:
The report would help market leaders/new entrants in the biometric system market in the following ways:
1. This report segments the biometric system market comprehensively and provides the closest approximations of the overall market size and those of the subsegments across different applications and regions.
2. The report helps stakeholders to understand the pulse of the market and provides them information on key market drivers, restraints, challenges, and opportunities.
3. This report would help stakeholders to have a better understanding of their competitors and gain more insights to enhance their position in the biometric system market. The competitive landscape section includes the competitor ecosystem, new product developments, partnerships, and contracts and acquisitions in the biometric system market.