Biometric System Market is expected to reach US$ XX Mn in 2026 in terms of value with a CAGR of XX% in the forecasting period 2019 to 2026.
Biometric System Market
Biometric System Market refers to biological data used by technology to identify the person. This system enables the organization to provide statistical analysis of physical and behavioral characteristics of people. In short, biometric authentication states that each individual is unique and can be identified by his or her distinct behavioral and physical traits.
A rise in implementation in various verticals such as mobile devices, healthcare, and financial institutes has driving the growth of Biometric System Market. With constant technological advancements, mobile banking has witnessed high acceptance among consumers owing to its security feature that has further propelling the industry growth. Furthermore, the increase in usage in criminal identification coupled with government initiatives contribute to significant Biometric System Market demand.
High installation cost is anticipated to present a threat to the industry in the forecast period. Insecurity about stored data will hamper the industry as sensitive identification data contained in databases such as fingerprints can lead to unlawful access or misuse. Furthermore, fear among the customers regarding inconvenience or privacy intrusion will act as a restraint to the Biometric System Market.
The biometric system market can be segmented into the application, product, type, component, functionality, and region. In terms of application, the Biometric System Market can be classified into banking & financial services, transport & logistics, and five more segments. Among all the aforementioned application segments, the transport & logistics segment witnessed as the largest Biometric System Market share in 2017 and is expected to display a significant growth in the biometrics system market in the near future.
Furthermore, the banking & financial segment is also anticipated to exhibit a momentous growth rate in the next few years. Based on product, Non-AFIS segment is anticipated to account for significant industry share in the forecast timeframe owing to its extensive usage in numerous applications including workforce management and cashless vending.
The high revenue is attributed to its applications in public areas that ensure keyless entry and efficient overall security. Iris recognition market is expected to witness double-digit growth from 2017 to 2024. It can be attributed to an integration of iris scanners into smartphones on a wider scale. Various smartphones manufacturers including LG and Samsung have adopted this technique to enhance their security feature.
Based on geography North America region dominated the Biometric System Market, followed by Europe. The Asia Pacific has also contributed to the growth of the Biometric System Market and is expected to witness a substantial growth rate in the near future. This is attributed to rising in concerns of safety and security and rising government projects that include e-passport, national identification programme. Implementation of a programme in the few countries such as China, India, Israel, Indonesia, and South Korea will boost the demand for Biometric System Market.
The prominent player operating in the Biometric System Market are 3M Cogent, NEC Corporation, BIO-Key International, CMI Time Management, EyeVerify, and Lockheed Martin are among others. Industry players are focusing on strategic partnerships and alliances to strengthen their foothold. For instance, in June 2017, NEC Corporation entered into a strategic partnership with DMI and delivered enhanced biometrics & mobility to federal government. This system will provide front line safety, enhanced biometric access, and high speed and secure communication. In April 2017, the company rebranded its biometric and ID division and renamed it as NEC Advanced Recognition systems.
In July 2017, Iris ID partnered with a Chinese medicine producer, Tongrentang. This partnership will escalate the utilization of the company’s iris scanners by all the employees of Tongrentang. In November 2016, Bio Key International signed an agreement with Shinden Hightex Corporation for selling the company’s Compact fingerprint readers product line in Asia to serve the demand for convenient online security in the Asia Pacific.
Market Scope of the Biometric System Market:
Biometric System Market, By Application
• Banking & Finance
• Consumer Electronics
• Defence Services
• Government
• Transportation & Logistics
• Healthcare
Biometric System Market, By Product
AFIS
• Non-AFIS
• Hand Geometry
• Signature
• Voice
• Iris
• Face
Biometric System Market, By Type
• Single-Factor
• Multifactor
Biometric System Market, By Component
• Software
• Hardware
Biometric System Market, By Functionality
• Contact
• Non-Contact
• Combined
Biometric System Market, By Geography
• North America
• Europe
• Asia Pacific
• Middle East & Africa
• Latin America
Key Players operating in the Biometric System Market:
• 3M Cogent
• NEC Corporation
• BIO-Key International
• CMI Time Management
• EyeVerify
• Lockheed Martin
• Iris ID
• Safran
• Thales
• Fujitsu
• ASSA ABLOY
• Secunet Security Networks
• Cross Match Technologies
• Stanley Black & Decker
• Cognitec Systems
• Daon
• Facebanx
• BIO-key International
• Securiport
• Suprema
• Qualcomm
• Fulcrum Biometrics
• VASCO Data Security International
Maximize Market Research, a global market research firm with a dedicated team of specialists and data has carried out extensive research about the current Biometric System Market outlook. The report encompasses the Biometric System Market by different segments and region, providing an in-depth analysis of the overall industry ecosystem, useful for taking an informed strategic decision by the key stakeholders in the industry. Importantly, the report delivers forecasts and share of the market, further giving an insight into the Biometric System Market dynamics, and future opportunities that might exist in the Biometric System Market. The driving forces, as well as considerable restraints, have been explained in depth. In addition to this, competitive landscape describing the strategic growth of the competitors have been taken into consideration for enhancing market know-how of our clients and at the same time explain Biometric System Market positioning of competitors.
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