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.
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.
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.
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Biometric System Market – Segmentation
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.
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.
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.
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