Biometric System Market Share, Development Trends & Competitive Analysis by Leading Industry Players
Global biometric system market is growing rapidly. The market growth is attributed to the rising uptake of next-generation biometrics, changing the paradigms of security level. Advanced biometrics has transformed the way identification and assessment of personal information was done in the past. Besides, the advances of biometric systems, such as statistical analysis of physical and behavioral characteristics of people escalate the market demand, enabling organizations to increase security and user experience.
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According to Market Research Future (MRFR), the global Biometric System Market is poised to create a valuation of approximately USD 33 BN by 2023, growing at 15% CAGR throughout the forecast period (2017-2023). Improved biometric system performance with advancing technologies increases the sales in the market. Moreover, advances in biometric system market by authentication type increases the market value. Resultantly, the adoption of next-generation biometrics is growing rapidly.
Additionally, stringent regulatory compliance for internal investigation encourages enterprises to adopt biometric systems. Unique and easy operation of biometric system, alongside the growing terror attacks and crimes fuel the market growth. High implementation of fingerprint recognition technology in e-passports, travel & immigration, and e-visas & driving license foster the growth of the global market of biometric system.
On the other hand, technological complexities and the lack expertise in the development of biometric system are the major factors projected to impede the market growth. Nevertheless, the proliferation of smart connected devices would support the market growth throughout the review period. Also, rising usages of smart mobile devices and the incorporation of next-generation biometric products in government and travel & immigration industry verticals would drive the growth of the market.
Biometric System Market – Segmentation
The report is segmented into five dynamics;
By Component : Hardware ([Fingerprint readers, Scanners (Live Scanner, Palm vein scanner), Camera (Eye/Iris/Face/Retina camera), and others (Microphones, Speakers)] and Software.
By Authentication Type: Single Factor Authentication (Iris Recognition, Fingerprint Recognition, Palm Print Recognition, Vein Recognition, Face Recognition, Signature Recognition, Voice Recognition, and others (DNA Recognition, Keystroke Recognition, Gait Recognition) and Multi-Factor Authentication (Biometrics combined with Smart Card Technology, Biometrics combined with Pin Technology, Two biometric factor authentication, and Three biometric factor authentication.
By Application : Government, BFSI, Healthcare, Military & Defense, Consumer Electronics, Security, Home, Commercial, Travel & Immigration, and others.
By Function : Contact, Non-Contact, and others.
By Regions : Asia Pacific, Americas, Europe, and the Rest-of-the-World.
Global Biometric System Market – Regional Analysis
North America dominates the global biometric system market. The largest market share is attributed to the high implementation of biometrics system by government and security agencies. Besides, the wide adoption of fingerprint recognition by various organizations drives the growth of the regional market. Moreover, the strong presence of notable players and technology development centers boosts market growth, allowing the early adoption of futuristic identification and recognition technologies. Increasing usages of cutting-edge biometric systems by law enforcement agencies and various other sectors foster the growth of the regional market.
The Asia Pacific region dominates the global biometric system market. The market growth is propelled by the increased adoption of advanced face recognition systems by the government to improve security at national heritage sites, airports, and e-passport verification. Additionally, considerable advances in the related technologies and cost-competitive futuristic identification technologies act as a key tailwind for the market growth. The APAC biometric system market is estimated to create a substantial revenue pocket during the forecasted period.
The Europe biometric system market is growing rapidly. Factors such as the growing adoption of next-generation biometric systems across government and commercial sectors create substantial market demand. Besides, increasing implementation in growing organizations for the identification of individuals provides an impetus to the growth of the regional market. Moreover, the dynamic growth in biometric system components and the internet of things (IoT) in the region help increase the market share.
Global Biometric System Market – Competitive Analysis
Highly competitive, the biometric system market appears fragmented due to the presence of several well-established players. To gain a larger competitive share, industry players adopt strategies, such as mergers & acquisitions, collaboration, expansion, and product/technology launch.
They make substantial R&D investments to drive research and development of new technologies and cost-effective portfolios. Considerable investments go into expansion plans to increase global reach and to gain diverse expertise.
Players leading the biometric system market include Fujitsu Ltd. (Japan), NEC Corporation (Japan), BIO-Key International, Inc. (US), Secunet Security Networks AG (Germany), Precise Biometrics AB (Sweden), Thales SA (France), Cognitec Systems GmbH (Germany), Aware, Inc. (US), and Cross Match Technologies (US), among others.
Industry/ Innovation/ Related News:
September 24, 2020 ---- NEC Corporation (Japan), a leading multinational information technology and electronics company, launched a new biometric facial recognition system for improved accuracy when matching people wearing masks. NEC’s biometric system was providing relatively accurate readings for masked faces.
As facial recognition technology needs to adapt to the new facial recognition requirements in current COVID 19 situations and face mask mandates, NEC has developed the new algorithms that can explicitly focus on the area around the individual’s eyes, using smartphones to workplaces.
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