Global Biometric Scan Software Market - Segmented by Authentication Solution (Single Factor Authentication, Multi-Factor Authentication), Application (Government and Homeland Security, Healthcare, Consumer Electronics, BFSI, Travel & Immigration, Military & Defense) and Region - Growth, Trends and Forecasts (2018 - 2023)
The global biometric scan software market is expected to register a CAGR of 10.48% during 2018 - 2023 (the forecast period). Currently, most organizations are forced to be content with existing security mechanisms and the recent increase in the number of cyber security issues and password breaches are posing serious concerns, eventually causing huge monetary and resource losses. The growth in the study of biometrics has instigated better security authentication technology when compared to other security methods. The growing need for stringent security regulations in many sectors of the society has generated tremendous interest in biometrics, which has raised the expectations from biometric scanning technologies. Petty thefts, bank robberies, stealing motor vehicles, electronic thefts, such as identity thefts, are accelerating at different levels and emerging as nightmares to the contemporary global security environment. These dynamics are expected to boost the market for the biometric scan software over the forecast period.
Integration of Biometrics in Smartphones is Rising the Demand
The meteoric rise in demand for smartphones is widely considered one of the primary drivers for the growth of biometric scan software market. Companies, like 3M, NEC, and M2SYS, among others, are offering biometric scan software solutions in mobile gadgets. Failing to safeguard information in these digital assets has resulted in financial losses and irreparable damage critical information in the device. Recent government policies in countries, like India and China, are encouraging people to move away from printed currency notes and coins to mobile app-based monetary transactions. These policies offer promising prospects for biometric security applications, thus boosting the biometric scan software market over the forecast period. The advent of mobile applications, for financial transactions, has created a robust demand for biometric authentication in mobile gadgets. The United Kingdom has been the most prominent market for biometrics in the payments industry, where fingerprint authentication and iris scanning have been identified as the most preferred biometrics.
Healthcare Sector Expected to Dominate the Market Landscape
Biometrics in the healthcare industry is expected to drive technological transformation within the global biometric scan software market. Studies prove that biometric solutions in hospitals provide a secure access to information and meaningful cost saving through fraud reduction. Biometric scanning technologies are fuelling developments and improvements in the care delivery system in the healthcare sector. Moreover, incremental innovations in the field of communication have led to the use of IoT, thus improving the healthcare management system. These technologies are likely to fuel up the demand for security systems, like biometric scanners, over the forecast period.
North America to Dominate the Market
After the major watershed incident during 09/11, the US congress resolved to increase the security around the borders and inside the country. The amount of biometrics collected in the United States has seen an exponential growth over the past 12 years. Many investments were made by the US government in R&D activities to develop biometric identification systems and acquisitions of the companies offering the same. The department of homeland security has spent around USD 135 million on biometrics till present. Owing to the increasing security breaches, a number of biometrics has come into existence. The major driving factor behind the investments has been the continuous evolution and application of new technologies, to unlock enormous volumes that were previously considered non-commercial. With these series of investments, government, defense, and BFSI applications in North America is set to boom over the next five years.Major Players: BIOENBALE TECHNOLOGIES, FUJITSU LTD, 3M COMPANY, HONEYWELL INTERNATIONAL INC, NEC CORPORATION, M2SYS INC., SUPREMA INC., SIEMENS AG, IMAGE WARE SYSTEMS, SIC BIOMETRICS INC., PRECISE BIOMETRICS CORP., SAFRAN LTD, ZK SOFTWARE SOLUTIONS, AND APPLE INC., amongst others.
Key Developments in the Market