According to Market Research Future (MRFR), the global biometric system market is poised to create a valuation of approximately USD 33 BN by 2023, growing at 15% CAGR throughout the forecast period (2017-2023). Improved biometric system performance with advancing technologies increases the sales in the market. Moreover, advances in biometric system market by authentication type increases the market value. Resultantly, the adoption of next-generation biometrics is growing rapidly.
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Biometric System Market – Segmentation
The Biometric System Technology Market Report is segmented into five dynamics;
By Component : Hardware ([Fingerprint readers, Scanners (Live Scanner, Palm vein scanner), Camera (Eye/Iris/Face/Retina camera), and others (Microphones, Speakers)] and Software.
By Authentication Type :Single Factor Authentication (Iris Recognition, Fingerprint Recognition, Palm Print Recognition, Vein Recognition, Face Recognition, Signature Recognition, Voice Recognition, and others (DNA Recognition, Keystroke Recognition, Gait Recognition) and Multi-Factor Authentication (Biometrics combined with Smart Card Technology, Biometrics combined with Pin Technology, Two biometric factor authentication, and Three biometric factor authentication.
By Application : Government, BFSI, Healthcare, Military & Defense, Consumer Electronics, Security, Home, Commercial, Travel & Immigration, and others.
By Function : Contact, Non-Contact, and others.
By Regions : Asia Pacific, Americas, Europe, and the Rest-of-the-World.
Global Biometric System Market – Regional Analysis
North America dominates the global biometric system market. The largest market share is attributed to the high implementation of biometrics system by government and security agencies. Besides, the wide adoption of fingerprint recognition by various organizations drives the growth of the regional market. Moreover, the strong presence of notable players and technology development centers boosts market growth, allowing the early adoption of futuristic identification and recognition technologies. Increasing usages of cutting-edge biometric systems by law enforcement agencies and various other sectors foster the growth of the regional market.
The Asia Pacific region dominates the global biometric system market. The market growth is propelled by the increased adoption of advanced face recognition systems by the government to improve security at national heritage sites, airports, and e-passport verification. Additionally, considerable advances in the related technologies and cost-competitive futuristic identification technologies act as a key tailwind for the market growth. The APAC biometric system market is estimated to create a substantial revenue pocket during the forecasted period.
Global Biometric System Market – Competitive Analysis
Highly competitive, the biometric system market appears fragmented due to the presence of several well-established players. To gain a larger competitive share, industry players adopt strategies, such as mergers & acquisitions, collaboration, expansion, and product/technology launch.
They make substantial R&D investments to drive research and development of new technologies and cost-effective portfolios. Considerable investments go into expansion plans to increase global reach and to gain diverse expertise.
Players leading the biometric system market include Fujitsu Ltd. (Japan), NEC Corporation (Japan), BIO-Key International, Inc. (US), Secunet Security Networks AG (Germany), Precise Biometrics AB (Sweden), Thales SA (France), Cognitec Systems GmbH (Germany), Aware, Inc. (US), and Cross Match Technologies (US), among others.
Industry/ Innovation/ Related News:
September 24, 2020 ---- NEC Corporation (Japan), a leading multinational information technology and electronics company, launched a new biometric facial recognition system for improved accuracy when matching people wearing masks. NEC’s biometric system was providing relatively accurate readings for masked faces.
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