Global Biometrics market is poised to grow at higher CAGR owing to its increasing usage in numerous sectors such as law enforcement, healthcare, personal, national security, and governance
Gurgaon, India – July 6, 2020 /MarketersMedia/ —
The global biometric market is expected to experience strong demand during the forecast period. The significant factors such as the increasing problem of identity proof, which is unique to every individual, and the growing requirement for technologically advanced security and surveillance are contributing to the biometrics market growth over the coming years. The emerging trend of e-Passport and eVisa is another factor that is surging the demand of the biometric market. The biometrics is being increasingly used in numerous sectors such as law enforcement, healthcare, personal and national security, and governance. Biometrics identification and security have also become an integral part of electronic devices such as smartphones and laptops. The accelerating demand for electronic products is boosting the demand for biometrics across the globe.
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Biometrics refers to the process of using behavioral and physical characteristics of a person as a means of authentic identity for them. These characteristics are unique to a person, and the biometric system has continuously established itself in the field of security and surveillance. The behavioral characteristics include the person’s voice, keystroke & signature, and the physical characteristics are the fingerprint, face, hand, iris, and DNA.
Several government initiatives are being launched to utilize this technology for different national-level policies and identification applications. India’s AADHAR project is a perfect example of this system and by far, the largest biometric identification system in the world. Various financial institutions such as the banks are in the process or are planning to convert their customer base identification through biometrics, which in turn, will create a huge demand for the biometric market. From the past few years, the fingerprint identification technology is covering a large portion of the market as all other technologies are slowly and steadily penetrating the market. Additionally, the decreasing price of biometrics technology is further paving the way for the biometric market growth.
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According to the biometric market research report, with the emergence of the COVID-19 crisis, the biometrics systems are getting into the spotlight for early detection, patient screening, and public safety monitoring to minimize the spread of the coronavirus. Moreover, the accelerating application of biometrics in face recognition and surveillance operations systems to detect individuals who are not wearing protective masks is another factor that is drastically surging the demand of the market.
On the basis of the authentication type, the biometrics fingerprint recognition segment is anticipated to witness a higher CAGR over the forecast period. This is attributed to the exceptional advantages offered by this fingerprint recognition technology, followed by its simple to install and lower cost factors. In addition to this, the strong demand for this technology in the travel and immigration applications for e-passports with biometric passport data, e-visas, and driving license, is further surging the demand of the market over the coming years. The accelerating usage of the fingerprint authentication in numerous sectors such as healthcare, banking & finance, and other sectors, will have a positive impact on the growing demand of the segment in the market.
Based on the Offering, the software segment is predicted to dominate the biometric market over the forecast period owing to the increasing adoption of cloud-based services and AI for biometric devices to ensure compatibility of devices and operating systems. The software services in the biometric systems improve the functionality of the hardware by storing and recalling spatial data. The biometric system used in specific applications such as criminal identification at the border crossing points are equipped with software which helps in imparting interoperability and compatibility to biometrics devices/systems with computers and networks.
On the basis of the region, the North America region is likely to experience a faster CAGR during the forecast period. The US and Canada have a strong economy, which empowers them to invest in various public safety activities increasingly. The accelerating adoption of smart technologies and the growing digitalization have further surged the biometric market growth in this region. The rising number of government initiatives in North American countries—such as the US, Canada, and Mexico – for large-scale funded programs including e-passports and e-visas are attracting a large number of end-users to opt for biometric systems. The US Department of Defense and Department of Homeland Security have been implementing fingerprint biometrics to facilitate physical and digital access and combat security issues. In addition to this, the large presence of key players, including Aware (US) and Cross Match Technologies (US), is further boosting the growth of the biometric system market in this region.
Recent Developments:
• In 2020, NEC Corporation announced the development of a multimodal biometric authentication terminal equipped with face and iris recognition technologies.
• In 2020, Idemia successfully launched a new tablet combining fingerprint and facial biometrics technology. This ID screen is an ideal ID enrolment and verification tool for a large variety of mobility use cases for several governments and enterprises.
• In 2019, Fujitsu Ltd., launched its new range of biometric ID solutions to ease the providing of proving physical and logical access in various applications.
The key players of the global biometric market are NEC Corporation, Fujitsu Ltd., Suprema Inc., Iris ID, Idemia, Crossmatch Technologies, Ultinous, IDEX Biometrics, Synaptics, and Aware Inc., among others.
The global biometric market segmented into authentication type, offering, functionality, end-user, and region. Based on the authentication type, the market has been segmented into single-factor recognition and multi-factor authentication. Based on the offering, the market has been segmented into hardware and software. Based on the functionality, the market has been segmented into contact functionality, non-contact functionality, and combined functionality. Based on the end-user, the market has been segmented into government, military & defense, healthcare, banking & finance, consumer electronics, travel & immigration, automotive, security, and others.
The research report on the biometric market provides an in-depth analysis of the global biometric market revenue based on components and services, vertical, and region for the forecast period from 2020 to 2027. The report highlights the major market drivers propelling the growth as well as challenges faced by the market participants. The research report also provides market size and forecast for the biometric market. The report also analyses the competitive landscape, major players, and their strategies in 2018. The competitive landscape section of the report captures and highlights the recent developments in the market.
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