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Biometric System Market by Authentication Type, Functionality Type, Component, Application And Geography - Global Forecast to 2023

Biometric System Market: Global Forecast until 2023

  • July 2018
  • 187 pages
  • ID: 4397168
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Biometrics system market to grow at ~20.0 percent Compound annual growth rate during projection period

According to the new market research report, the biometrics system market is forecasted to grow from ~$16.8B by 2018 to ~$41.8B by 2023, at a compound annual growth rate (CAGR) of ~20.0 percent between 2018 and 2023. Biometrics systems are gaining high traction worldwide due to the increasing need for surveillance and security in the private and business sectors. Futhermore, the growing adoption of voice recognition systems in the banking and financial services are anticipated to fuel the market increase in future. Nevertheless, high deployment cost acts a restraint for the market rise.

Market for automotive to grow at topmost cagr during 2018-2023

This business report has been split, on the basis of application type, into government, security, and automotive. The increase of the market for the automotive application can be accredited to the rising number of vehicle theft cases, which is encouraging the vehicle manufacturers to equip their products with biometrics systems, thereby enhancing the security levels for their customers.

Market in RoW to grow at topmost cagr during 2018-2023

The industry in RoW is anticipated to grow at the highest compound annual growth rate (CAGR) from 2018 to 2023.The growing need for advanced identity management solutions from different governments in this area to preserve security at border-crossing points is the main factor fueling the rise of the biometrics system market in the territory.

The sector in RoW is further divided into South America, and the Middle East area and African continent, which hold a significant increase potential for the market increase.In the Middle East (ME), there is a considerable rate of adoption of biometrics in sectors including travel and immigration, and banking and finance.

As per the article published by the Government of South Africa in September 2016, Airports Company South Africa expanded and upgraded the infrastructure of 9 airports in 2016. To upgrade the existing infrastructure, the airport authority deployed biometrics-enabled automated e-gates to enhance the service quality for passengers.

Breakdown of Profiles of Primary Participants

• By Company category: Tier 1 - 55.0 percent, Tier 2 - 25.0 percent, and Tier 3 - 20.0 percent

• By Description: C-suite executives - 50.0 percent, Directors - 20.0 percent, and Others - 30.0 percent

• By Area: North America (NA) - 40.0 percent, EU - 35.0 percent, Asia-Pacific - 15.0 percent, and rest of the world - 10.0 percent

Firms decribed in the market research are Safran, NEC Thales, Fujitsu (TYO:6702), ASSA ABLOY, Precise Biometrics, Aware, Secunet Security Networks, Cross Match Technologies, and Stanley Black & Decker. This industry report also covers the following major players: Cognitec Systems, Daon, Facebanx, BIO-key International, Securiport, M2SYS Technology, Suprema, Qualcomm, Fulcrum Biometrics, and VASCO Data Security International.

Segment Research

Biometrics system includes the following application: government, military and defense, healthcare, banking and finance, consumer electronics, security, travel and immigration, automotive, and others.The industry for these systems has also been broken down on the basis of authentication into single-factor authentication and multifactor authentication.

On the basis of single-factor authentication, the sector has been subsegmented into fingerprint recognition, iris recognition, palm recognition, face recognition, vein recognition, signature recognition, voice recognition, and others.The industry for multifactor authentication has been further split into smart card with biometrics, pin with biometrics, and multimodal biometrics.

The biometrics system market has also been divided into hardware and software components.

This report also segments and estimates the market based on the following functionality types: contact, non-contact, and combined. The industry has been broken down, on the basis of area, into North America continent, Europe (EU), Asia-Pac, and RoW.

Why Purchasing This Study Can Help You:

• this business report includes the industry statistics pertaining to authentication type, application, functionality type, component, and territory, together with their respective revenues.

• The report also offers the biometrics system value chain study.

• It details the main drivers, market restraints, opportunities, and alternatives pertaining to the biometrics system market.

• The report offers an global view of the market containing figures of segmentation, review, and estimate for the biometrics system market established on authentication type, application, functionality type, component, and area.

• The report details the competitive landscape for the top 5 firms in the sector, containing their revenues.

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