MarketStudyReport.com adds a new Biometrics Market research report that provides a detailed market overview as well as industry analysis for / of companies, manufacturers and distributors covering data on gross margin, cost structure, consumption value, sale price and more.
High acceptance among various verticals including mobile banking and financial services owing to rising security concerns has enhanced Biometrics Market size. Government initiatives for biometrics implementation coupled with high deployment for criminal identification will remain the key factors driving industry demand.
Request a sample copy of Biometrics Market Research Report @ https://www.marketstudyreport.com/request-a-sample/568784/?utm_source=icr-SK
Biometrics Market size is estimated to surpass USD 50 billion by 2024; as per new research report.
Industry players focus on technological advancements and new product launches to cater to the customer requirements. Benefits offered including provision of precise and accurate validation as compared to traditional validation methods such as PINs and ID cards, are anticipated to increase the industry penetration across the globe till 2024.
Increased smartphone penetration coupled with expansion of consumer electronics will favor the biometrics market share over the forecast timeframe. In addition, rising investment in military & defense due to authentication concerns is anticipated to offer high growth potential. Multimodal biometrics system is an emerging trend in public and private work space for stringent attendance recording purposes. However, high implementation cost and stored data uncertainty may hamper industry growth over the forecast timeframe.
Non-AFIS will account for the highest biometrics market share, surpassing USD 18 billion till 2024. This can be attributed to its high usage in various applications which include cashless vending and workforce management. Moreover, it finds use in various public areas that assure keyless entry and efficient security. Iris recognition will exhibit over 20% CAGR owing to wide integration of iris scanners mainly in smartphones.
Enquire about this report @ https://www.marketstudyreport.com/enquiry-before-buying/568784/?utm_source=icr-SK
Benefits such as unauthorized vehicle use detection, reduction of overtime expenses, and identification of billing anomalies will support the transportation & logistics segment growth from 2017 to 2024. Banking & finance applications will benefit from the rising demand from various financial institutions for precise authentication and streamlining of operations.
North America biometrics market is expected to account for more than 30% share till 2024. Rising demand from government & security sector in U.S. coupled with the presence of major industry participants will escalate the industry growth. Moreover, favorable regulatory landscape in the U.S will help in fostering the industry demand. Asia Pacific is poised to grow at the highest CAGR owing to various government initiatives in the countries including China and India. National enrollment program (UIDAI Aadhar) in India, and China Resident Identity Card (CRIC) are among the implementation examples across the region.
Global industry share is highly fragmented with various participants across the globe. BIO Key International, David Link, EyeVerfiy, Iris ID, and NEC Corporation are among the prominent players in the biometrics market. Other notable players include Lockheed Martin, Green Bit Biometric Systems, FaceFirst, ZKTeco, and 3M Cogent.
Industry players focus on adoption of strategies including strategic alliances and partnerships to strengthen their position. For instance, in July 2017, Iris ID entered into a strategic partnership with Tongrentang for high revenue generation.
Related Reports: –
Global Fingerprint Mobile Biometrics Market Size, Status and Forecast 2022
This report studies the global Fingerprint Mobile Biometrics market, analyzes and researches the Fingerprint Mobile Biometrics development status and forecast in United States, EU, Japan, China, India…
About Us:
Centralize market research purchases across your entire organization in one place.Marketstudyreport.com allows you to manage and control all corporate research purchases to consolidate billing and vendor management. You can eliminate duplicate purchases and customize your content and license management.
Contact Us:
Market Study Report
The Green Suite #4594,
Dover, DE 19901
United States
Phone: 1-201-355-0868
US Toll Free: 1-866-764-2150
Email: sales@marketstudyreport.com
Website: https://www.marketstudyreport.com
News: https://www.marketstudyreport.com/category/news-releases/