Biometrics system market to grow at 19.99% CAGR during forecast period
According to the new market research report, the biometrics system market is expected to grow from USD 16.80 billion by 2018 to USD 41.80 billion by 2023, at a CAGR of 19.99% between 2018 and 2023. Biometrics systems are gaining high traction worldwide owing to the growing need for surveillance and security in the private and business sectors. Further, the increasing adoption of voice recognition systems in the banking and financial services are expected to fuel the growth of the market in future. However, high deployment cost acts a restraint for the market growth.
Market for automotive to grow at highest CAGR during 2018–2023
This report has been segmented, on the basis of application, into government, security, and automotive. The growth of the market for the automotive application can be attributed to the increasing number of vehicle theft cases, which is encouraging the vehicle manufacturers to equip their products with biometrics systems, thereby enhancing the security levels for their customers.
Market in RoW to grow at highest CAGR during 2018–2023
The market in RoW is expected to grow at the highest CAGR from 2018 to 2023. The increasing need for advanced identity management solutions from various governments in this region to maintain security at border-crossing points (BCP) is the main factor fueling the growth of the biometrics system market in the region. The market in RoW is further segmented into South America, and the Middle East and Africa, which hold a significant growth potential for the market growth. In the Middle East, there is a considerable rate of adoption of biometrics in sectors such as travel and immigration, and banking and finance. As per the article published by the Government of South Africa in September 2016, Airports Company South Africa (ACSA) expanded and upgraded the infrastructure of 9 airports in 2016. To upgrade the existing infrastructure, the airport authority deployed biometrics-enabled automated e-gates to improve the service quality for passengers.
Breakdown of Profiles of Primary Participants
- By Company Type: Tier 1 – 55%, Tier 2 – 25%, and Tier 3 – 20%
- By Designation: C-Level Executives – 50%, Directors – 20%, and Others – 30%
- By Region: North America – 40%, Europe – 35%, APAC – 15%, and RoW – 10%
Companies profiled in the report are Safran (France), NEC (Japan) Thales (France), Fujitsu (Japan), ASSA ABLOY (Sweden), Precise Biometrics (Sweden), Aware (US), Secunet Security Networks (Germany), Cross Match Technologies (US), and Stanley Black & Decker (France). This report also covers the following prominent players: Cognitec Systems (Germany), Daon (US), Facebanx (UK), BIO-key International (US), Securiport (US), M2SYS Technology (US), Suprema (South Korea), Qualcomm (US), Fulcrum Biometrics (US), and VASCO Data Security International (US).
Biometrics system covers the following application: government, military and defense, healthcare, banking and finance, consumer electronics, security, travel and immigration, automotive, and others. The market for these systems has also been segmented on the basis of authentication into single-factor authentication and multifactor authentication. On the basis of single-factor authentication, the market has been subsegmented into fingerprint recognition, iris recognition, palm recognition, face recognition, vein recognition, signature recognition, voice recognition, and others. The market for multifactor authentication has been further segmented into smart card with biometrics, pin with biometrics, and multimodal biometrics. The biometrics system market has also been segmented into hardware and software components.
This report also segments and estimates the market on the basis of the following functionality types: contact, non-contact, and combined. The market has been segmented, on the basis of region, into North America, Europe, APAC, and RoW.
Reasons To Buy the Report:
- This report includes the market statistics pertaining to authentication type, application, functionality type, component, and geography, along with their respective revenues.
- The report also provides the biometrics system value chain analysis.
- It details the major drivers, restraints, challenges, and opportunities pertaining to the biometrics system market.
- The report provides an overall view of the market including illustrative segmentation, analysis, and forecast for the biometrics system market based on authentication type, application, functionality type, component, and geography.
- The report details the competitive landscape for the top 5 companies in the market, including their revenues.