According to a new market
research report titled, “Biometric System Market by Offering, Biometrics Type
(Fingerprint Recognition, Voice Recognition), Contact Type, Authentication
Type, Platform, Application, End User (Government, Military & Law
Enforcement, and Others)– Global Forecast to 2029”, the global biometric system
market is expected to grow at a CAGR of 12.4% from 2022 to 2029 to reach USD
51.6 billion by 2029.
Download Free Sample Report
Now @ https://www.meticulousresearch.com/download-sample-report/cp_id=5309?utm_source=blog&utm_medium=social&utm_campaign=product&utm_content=10-11-2023
Biometrics refers to the
measurement and statistical analysis of an individual’s unique physical and
behavioral characteristics. It is mainly used for identification and access
control or for identifying individuals who are under surveillance. It is a widely
adopted technology for perceiving identity thefts, unauthorized access, or
documentary fraud.
Several industries and
organizations, including government, BFSI, military, and healthcare, are
deploying this technology on a considerable scale. Growing demand for mobile
biometrics devices, rising government initiatives for biometrics technology,
increasing use of biometric technology in consumer electronics for
authentication and identification applications, and growing need for security
measures are the key factors driving the growth of the biometric systems
market. However, the substantial costs associated with biometric systems and
misconceptions and lack of knowledge pertaining to biometric systems are
notable restraints affecting the growth of this market.
The global biometric system
market study presents historical market data in terms of value and volume (2020
and 2021), estimated current data (2022), and forecasts for 2029. The market is
segmented based on offering (hardware and software), biometric type,
(fingerprint recognition, face recognition, voice recognition, iris
recognition, signature recognition, vein recognition, palm print recognition,
and other biometrics types), authentication type (single-factor authentication
and multi-factor authentication), contact type (contact-based and contactless,
hybrid), platform (on-site, mobile devices, PC’s, & wearable devices),
application (digital identification, access control & authentication,
security & surveillance, and other application), end user (IT &
telecom, government, finance & insurance, retail, military & law
enforcement, healthcare, recreation, education, transportation/warehousing, and
other end users), and geography (North America, Europe, Asia-Pacific, Latin
America, and the Middle East & Africa). The study also evaluates industry
competitors and analyses the market at a country level.
Speak to our Analysts to
Understand the Impact of COVID-19 on Your Business: https://www.meticulousresearch.com/speak-to-analyst/cp_id=5309?utm_source=blog&utm_medium=social&utm_campaign=product&utm_content=10-11-2023
Based on offering, the hardware
segment is expected to account for the largest share of the biometric system
market in 2022. The large share of this segment is mainly attributed to the
growing demand for mobile biometrics devices and the increasing focus on
hardware-centric security capabilities. In addition, the benefits associated
with biometrics hardware, such as accurate identification, high performance,
accountability, reliability, and high security & assurance, further augment
the growth of this segment. Several providers are investing in R&D to
improve the hardware capabilities and make them more affordable for small and
medium-scale enterprises.
Based on authentication type, the
single-factor authentication segment is expected to account for the largest
share of the biometric systems market in 2022. The large share of this segment
is mainly attributed to the growing volume of online transactions, the rising
need to prevent fraudulent activities, and the growing significance of
single-factor authentication in the telecom sector. However, the multi-factor
authentication segment is expected to record the fastest growth over the
forecast period. The growing adoption of BYOD, rising cyber security incidents
and identity thefts, and high demand for cloud-based MFA solutions and services
are expected to support the growth of this segment.
Based on contact type, the
contact-based segment is expected to account for a larger share of the
biometric system market. The large market share of this segment is mainly
attributed to the rising demand for advanced access control solutions,
increasing usage of smartphones, and the rising need for easy & swift
biometric security in smartphones. However, the contactless segment is expected
to grow at the highest CAGR during the forecast period. The rising security
concerns and hygiene issues among users due to touch-based systems are driving
the faster growth of this segment. Also, the growing adoption of face
recognition in the public and commercial sector, strong government initiatives,
and the increasing adoption of contactless biometrics technology post the
pandemic are expected to support the growth of this segment.
Quick Buy – Biometric System
Market Research Report: https://www.meticulousresearch.com/Checkout/10902363?utm_source=blog&utm_medium=social&utm_campaign=product&utm_content=10-11-2023
Based on application, the digital
identification segment is expected to account for the largest share of the
biometric systems market in 2022. The large share of this segment is mainly
attributed to the rise in identity and authentication frauds, integration of
biometrics in smartphones, growing focus on enhancing end-to-end customer
experience, and growing adoption of cloud-based digital identity solutions.
Geographically, the Asia-Pacific
region is expected to account for the largest share of the global biometric
systems market in 2022. The presence of prominent players offering advanced
biometrics solutions to various sectors in the region is one of the major
factors driving the growth of this regional segment. For instance, in 2022, the
Ministry of Public Security (MOPS), a public agency under the Government of
Vietnam, selected NEC’s Automated Biometric Identification System (ABIS) to
upgrade Vietnam’s existing national ID system with the latest in biometric
technologies. Hence, favorable government initiatives across the region and
investments by major biometrics companies are further accelerating the growth
of this regional segment.
Besides, the infrastructural
growth in APAC, especially in China, South Korea, Australia, Singapore, Japan,
and India, and growing digital transformation and rising trends of e-commerce
and virtual payment create huge opportunities for the biometric systems market.
Also, the Asia-Pacific region is projected to register the highest CAGR during
the forecast period.
The report also includes an
extensive assessment of the key strategic developments adopted by the leading
market participants in the industry over the past four years (2019–2022). The
biometric systems market has witnessed a number of product launches in recent
years. For instance, in 2021, HID Global introduced its HID Signo Biometric
Reader 25B, designed to capture and read fingerprints in real-world
applications and conditions. Similarly, in 2020, Suprema, Inc. (South Korea)
introduced its FaceStation F2 Fusion Multimodal Terminal. It delivers
exceptional authentication accuracy and anti-spoofing performance by the fusion
of visual and infrared face recognition technology.
The key players operating in the
biometric system market are NEC Corporation (Japan), CardLogix Corporation
(U.S.), Fujitsu Limited (Japan), Thales Group (France), Integrated Biometrics
LLC (U.S.), Iris ID, Inc. (U.S.), Suprema, Inc. (South Korea), HID Global
Corporation (U.S.), Precise Biometrics (Sweden), Aware, Inc. (U.S.), Daon, Inc.
(U.S.), M2SYS Technology (U.S.), BIO-key International (U.S.), Cognitec Systems
GmbH (Germany), BioRugged (South Africa), DERMALOG Identification Systems GmbH
(Germany), IDEMIA (France), and ImageWare Systems, Inc. (U.S.).
TOP 10 COMPANIES IN BIOMETRIC
SYSTEMS MARKET @ https://meticulousblog.org/top-10-companies-in-biometric-systems-market/?utm_source=blog&utm_medium=social&utm_campaign=product&utm_content=10-11-2023
No comments:
Post a Comment