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“Biometric system market to grow at 14.6% CAGR from 2019 to 2024”
The global biometric system market size is expected to grow from USD 33.0 billion in 2019 to USD 65.3 billion by 2024; it is projected to grow at a CAGR of 14.6% during the forecast period. The need for biometric systems is mainly driven by the increasing use of biometrics in consumer electronics devices to provide seamless access over different applications, rising number of government initiatives to adopt biometrics, growing need for surveillance and security due to the threats of terrorist attacks, and increasing penetration of biometric technology in automotive and enterprise applications. However, high deployment cost inhibits the growth of the biometric system industry.
Single-factor authentication segment to hold largest market share during forecast period
The larger market for single-factor authentication is owing to its convenience, cost-effectiveness, and fast responsiveness. Single-factor authentication technologies, such as fingerprint, face, and iris, are among the most prominent technologies, especially in government, travel & immigration, and banking applications. Significant adoption of facial recognition and fingerprint recognition solutions in consumer electronics devices has spurred the demand for single-factor authentication-based biometric systems. Increasing awareness regarding and adoption of surveillance cameras for facial recognition have propelled the market for facial recognition in recent years. Facial recognition technology is deployed on a large scale for identification management. For instance, several airports in countries such as the UK, US, and China have integrated facial recognition systems to enhance security.
Combined functionality type segment to grow at highest CAGR during forecast period
The highest CAGR of the combined segment is attributed to the increasing need for efficient and reliable biometrics. Multimodal biometrics guard against spoofing or forgery through multi-level authentication.
Many countries, such as the US, India, and the UK, have adopted multimodal authentication systems (a combination of two or three biometrics modalities, using the contact or non-contact functionalities) for security checkpoints on the country borders owing to increasing threats of terrorist activities.
Consumer electronics to hold largest size of biometric system market during forecast period
The consumer electronics industry is one of the continuously evolving industries. This industry has been witnessing new developments in recent years at a rapid pace. Alexa, a voice assistance speaker, or smartphones equipped with facial and fingerprint recognition are the well-known examples of such developments. Biometrics is one of the revolutionary technologies in the consumer electronics sector, owing to its security and cost-effectiveness.
Breakdown of primary participants’ profile:
- By Company Type: Tier 1 – 50%, Tier 2 – 30%, and Tier 3 – 20%
- By Designation: C-Level Executives – 45%, Directors – 35%, and Others – 20%
- By Region: North America – 40%, Europe – 30%, APAC – 20%, and RoW – 10%
Thales Group (Thales) (France), Safran (France), NEC Corporation (NEC) (Japan), ASSA ABLOY AB (ASSA ABLOY) (Sweden), and Fujitsu Ltd. (Fujitsu) (Japan) are among the leading players in the biometric system market.
Various market segments covered in this report include by authentication type, functionality type, offering, end user, and region. It also provides a detailed view of the market across 4 main regions: North America, Europe, APAC, and RoW.
Reasons To Buy the Report:
- This report includes statistics pertaining to the biometric system market by authentication type, functionality type, offering, end user, and region along.
- Major drivers, restraints, opportunities, and challenges pertaining to the biometric system market have been provided in detail in this report.
- The report includes illustrative segmentation, analysis, and forecast for the biometric system market based on its segments and subsegments.