"Overview of Biometric Market"
Global Biometric Market was Valued at US$ XX Mn in 2018 and it is Expected to Reach More than US$ XX Mn by 2027, Likely to Grow with the CAGR of 13.4% During the Forecast Period.
Biometrics are biological measurements or physical characteristics which will be wont to identify individuals. Fingerprint mapping, face recognition, and retina scans are all sorts of biometric technology, but these are just the foremost recognized options.
Increasing Demand in Government Sector, Banking, and Healthcare is anticipated to drive the demand for Biometric Market
Biometric systems are increasingly becoming prerequisites for identification and verification purposes by governments across the world. Additionally, the buoyant growth of technology stems from its enormous use of e-commerce and cloud computing. Integration of biometrics across smartphones, the overview of e-passports and the growing adoption of the technology across sectors like banking & healthcare is expected to drive biometrics market demand. Furthermore, varied technological advancements, increasing income combined with growing awareness of the technology is predicted to extend demand. Biometric data protection is increasingly replacing photographs, passports, and PIN codes in government centers, educational institutes, and workplaces. Bring Your Own Device (BYOD) technology in workplaces and therefore the increasing storage of crucial data on devices is the impetus to the surging demand.
By Type, Multi Factor Games Segment is Expected to Register the Highest Market Share during the Forecast Period.
The growth of the multi-factor authentication segment is attributed to the increasing deployment and therefore the need for security to avoid hacking attacks on sensitive information, especially in government and defense applications. The mixture of multiple identifiers adds an additional level of security, making the system simpler, accurate, and reliable. Additionally, a multimodal biometric system can reduce the failure to enroll (FTE) and failure to capture (FTC) rates. The rapid development of biometric smart cards for payment and identification purposes is predicted to drive the expansion of the multi-factor authentication segment.
By End Use, the Government Sector Segment is Expected to Register Highest CAGR during the Forecast Period
The government sector is likely to account for a sizeable share within the market during the forecast period. The technology is widely wont to counter issues like fraud and illegal migration. Its demand is projected to remain strong within the transport/logistics and defense & security segments throughout the forecast period. The implementation of biometrics technology is often a costly affair for any enterprise, posing a challenge to the expansion of the market. However, technological advancements and increasing use of those technologies may gradually reduce the general implementation cost.
The market in North America held a share in Global Biometric Market in 2018.
By geography, the Payment Gateways market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Biometrics technology is being increasingly wont to cater to safety and security needs, due to increasing terrorist threats worldwide. North America is poised to be the leading revenue contributor within the market during the forecast period. In the U.S., biometric techniques are widely utilized in various departments including commerce, defense, Homeland Security, justice, and state. The market in the Asia Pacific is anticipated to be the fastest growing, due to increasing awareness about the technology. Countries like China and India are sights of high growth rates within the region. Initiatives, like e-KTP electronic ID initiative in Indonesia and therefore the UIDAI project in India, using face, fingerprints, and eyes biometrics, also are expected to supply new opportunities to the market
Key industry players such as Precise Biometrics AB, NEC Corporation, Fujitsu Limited, NXP Semiconductor, 3M Cogent, Hitachi, FaceFirst, Nuance Communications, Thales Group, Safran, NEC Corporation, ASSA ABLOY AB, Stanley Black & Decker, Inc., secunet Security Networks AG, Aware, Inc., and Cognitec Systems GmbH, among others.
- Palm Print
By End Use
- Banking and Finance
- Consumer Electronics
- Defense & Security
- North America
- Latin America
- Asia- Pacific (APAC)
- Middle East and Africa (MEA)