Market Analysis: Global Biometric System Market
The Global Biometric System Market is expected to reach USD 33.5 Billion by 2025, from USD 12.93 Billion in 2017 growing at a CAGR of 17.8% during the forecast period of 2018 to 2025. The upcoming market report contains data for historic years 2014 & 2015, the base year of calculation is 2016 and the forecast period is 2018 to 2025.
Market Definition: Global Biometric System Market
This market report defines the market trends and forecast the upcoming opportunities and threats of the biometric system in the next 8 years. Biometrics is the mechanical term for body measurements and calculations which is related to human characteristics. Biometric systems depend on unique identifiers about biological characteristics in order to work efficiently. Unique identifiers include fingerprints, hand geometry, earlobe geometry, retina and iris patterns, voice waves, DNA, and signatures. Biometric system includes data through algorithms for a specific result, which is related to a positive identification of a user or other individual. Verification and identification are the two ways from which person identity can be determined using biometric technology. Verification confirms that a person is certainly same who they claim to be. On the other hand identification makes a one-to-many comparison to confirm an individual’s identity. Biometric system have various application like fingerprint recognition technology in e-passports, travel and immigration, e-visas. In April 2014, Cross match acquired DigitalPersona. Cross Match and DigitalPersona both are market leaders in biometric technologies. But due to overlap in collections the company further decided to amalgamate and offer customers a series of portfolio with solutions which is unparalleled in the biometrics industry.
Major Market Drivers:
- Increasing usage of biometric technology in financial institutes and healthcare sectors
- Growing use of biometric systems in criminal identification
- Incorporation of biometrics in smartphones
- High installation cost for biometric system
Market Segmentation: Global Biometric System Market
- The global biometric system market is segmented into authentication, component, function, application, and by geography.
- Based on authentication, the global biometric system market is classified into single factor authentication and multi-factor authentication. Single factor authentication is segmented into fingerprint recognition, iris recognition, palm print recognition, face recognition, vein recognition, signature recognition, voice recognition and other biometric technologies. Other biometric technologies are further segmented into DNA recognition, keystroke recognition and gait recognition. Multi-factor authentication is segmented into smart card authentication, pin authentication and multi-modal authentication. Multi-modal authentication is further segmented into two biometric factors authentication and three biometric factors authentication.
- On the basis of component, the global biometric system market is segmented into hardware and software. Hardware is further segmented into fingerprint readers, scanners, camera, and others.
- On the basis of function, the global biometric system market is segmented into contact, non-contact, and others.
- On the basis of application, the global biometric system market is segmented into government, military & defence, healthcare, banking & finance, consumer electronics, security, travel & immigration and others application. Security is further segmented into home security and commercial security.
- Based on geography, the global biometric system market report covers data points for 28 countries across multiple geographies namely north America & south America, Europe, Asia-Pacific And, Middle East & Africa. Some of the major countries covered in this report are U.S., Canada, Germany, France, U.K., Netherlands, Switzerland, Turkey, Russia, China, India, South Korea, Japan, Australia, Singapore, Saudi Arabia, South Africa and, Brazil among others.
Competitive Analysis: Global Biometric System Market
The global biometric system market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of biometric system market for global, Europe, North America, Asia pacific and South America.
Major Market Competitors/Players: Global Biometric System Market
Some of the major players operating in the global biometric system market are Safran, NEC Technologies India Private Limited, FUJITSU, Aware, Inc., Gemalto Cogent, Inc., BIO-key International, Inc., Precise Biometrics AB, secunet Security Networks AG., Thales Group, Cognitec Systems GmbH, Crossmatch., Fulcrum Biometrics, LLC., Daon, Facebanx , HID Global Corporation/ASSA ABLOY AB., SUPREMA., IRITECH, INC., M2SYS Technology and among others.
Research Methodology: Global Biometric System Market
Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analysed and forecasted using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please Request an Analyst Call or can drop down your inquiry.
Demand Side Primary Contributors: Software Developers, OEMs, Industrial Professionals, Researches, Suppliers and Distributors, Group Purchasing Organizations, Associations, Insurers, Universities, Technological Writers, Scientists, Promoters, Investors among others.
Supply Side Primary Contributors: Product Managers, Marketing Managers, C-Level Executives, Distributors, Market Intelligence, Regulatory Affairs Managers among others