Biometric System Market will reach approximately USD 33 billion by the end of the year 2023, with a CAGR of around 15.10 percent during the forecast period (2021-2027). This is attributed to concerns of corporate espionage and cybercrimes. Biometric systems can be a reliable safeguard in blocking access or entry to unauthorized individuals. The adoption of these systems by numerous organizations for protecting their data can drive the market demand significantly.
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The rising crime rates in private housing societies have provided a lucrative opportunity for the Biometric System Market. Developments in these systems and other authentication methods used by these systems to deny entry to unlawful persons can bolster the market growth.
The biometric system market has been segmented on the basis of authentication type into single-factor authentication and multiple-factor authentication. The single print authentication segment is likely to garner huge demand in the market owing to its integration in portable devices. Single print authentication includes fingerprint recognition, iris recognition, face recognition, palm print recognition, voice recognition, signature recognition, vein recognition, DNA recognition, gait recognition, keystroke recognition, and other biometric technologies. Multiple factor authentication consists of biometrics combined with smart card technologies, pin technology, three biometric factor authentication, and two biometric factor authentication.
Among all the single authentication methods, fingerprint recognition methods are widely used and have the highest market share. It is implemented in driving licenses, the travel and immigration industry, e-passports, e-visas, usage in laptops, smartphones, and computers for security purposes. It provides can provide authentication services at low costs and keep the security in check.
On the basis of components, the biometric system market is divided into hardware and software. The hardware and software segments can both share an equal proportion of the market owing to security measures required in major industries.
By application, the biometric system market segmentation comprises security, military and defense, healthcare, government, BFSI, consumer electronics, commercial, home, travel and immigration, and others. The travel and immigration segment holds the largest market share out of all applications.
On the basis of functions, it comprises contact, non-contact, and other functions.
North America, Europe, Asia-Pacific (APAC), and Rest-of-the-World (RoW) are regions considered in the market.
North America is projected to dominate the market owing to risks of corporate secrets being unveiled and expansion plans of large organizations. Implementation of fingerprint applications in latest devices and entrances of companies in the U.S. can drive the market growth.
On the other hand, APAC is bound to generate a remarkable growth rate over the forecast period. This is attributed to national security and verification of electronic passports. Reopening of tourist destinations and use of vaccine passports to gain access to these places can drive the demand for biometric systems.
Fujitsu Ltd., Cognitec Systems GmbH, BIO-Key International, Inc., NEC Corporation, Aware, Inc., Thales SA, Secunet Security Networks AG, Precise Biometrics AB, SA, and Cross Match Technologies are key players of the global biometric system market. Mergers and acquisitions are a major strategy employed by players to gain the lead in the competition. Recently, Pangiam has acquired Trueface for improving its biometric safety product portfolio and enhancing security at airports.
The Canada Border Services Agency has invited bids for proposals for implementation of biometric systems to deal with illegal immigration at their borders and for controlling the pandemic.
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