Global Biometric System Market Analysis, Drivers, Restraints, Opportunities, Threats, Trends, Applications, and Growth Forecast to 2028
“Global Biometric System Market Analysis Trends, Applications, Analysis, Growth, and Forecast to 2028” is a recent report generated by MarketResearch.biz. The global biometric system market report has been segmented on the basis of authentication, functionality type, application, and region.
Global Biometric System Market: Overview
Biometric system is a technological driven system uses digital information to identify individuals. They rely on stored data regarding unique physiological characteristics or biological traits. A biometric system executes large dataset by running various algorithms to meet unique result, generally this result is mainly related to accurate identification of end user. This system is usually used for security purposes to identify an individual. The system can perform either an 'identification' or verification/ authentication processes by performing three-step process such as capture, process, and enroll.
Global Biometric System Market: Dynamics
Increasing adoption of biometrics devices through government initiatives which increases secure, convenient, and superior identity and human resource management in various organizations globally is major factor estimated to proliferate growth of the potential market in the near future.
Growing demand for security and surveillance owing rising physical security threats of terrorist attacks and proprietary damage is among some of the major factors projected to fuel growth of the global biometric system market over the forecast period.
However, high deployment cost related to smart biometric devices is a major factor projected to limit growth of the potential market to a significant extent.
In addition, rising security concerns associated with privacy and increasing data breaches are among other challenging factors anticipated to limit growth of the target market in the coming 10 years.
Increasing technological advancements and upgradation for artificial intelligence controlled biometric devices is a key factor expected to create market growth opportunities for prominent companies in the global biometric system market during the forecast period.
Global Biometric System Market: Segment Analysis
Among the functionality type the contact segment is projected to dominate in terms of revenue and register a higher CAGR in the potential market. This is attributed to high adoption and implementation of fingerprint recognition systems in various organizations.
Based on application segment, the military & defense segment is expected to dominate the global market, owing to high demand and need to safeguard the working and storage environment, and to provide secure authentication access to secure areas.
Global Biometric System Market: Regional Analysis
The market in North America is expected to hold highest revenue share in the potential market. This is primarily attributed to high presence of IT infrastructure and organizations in countries such as the US and Canada.
The Asia Pacific market is expected to record second highest CAGR due to increasing expansion activities of small and medium scale enterprises (SMEs) and startups in countries in this region.
The market in Europe is expected to account lucrative growth in terms of revenue in the global market owing to increasing implementation of biometric-as-a-service and increasing industrialization in counters in region.
The market in Middle East & Africa is expected to anticipated inclining growth in the target market.
Global Biometric System Market Segmentation:
Segmentation by Authentication:
- Single-factor Authentication
- Multifactor Authentication
Segmentation by Functionality Type:
Segmentation by Application:
- Military & Defense
- Consumer Electronics
- Travel & Immigration
- Others (Utility, Residential and Commercial Security, and Entertainment, etc.)
Segmentation by Region:
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Particular Scope Region
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East and Africa
- South Africa
- Rest of Middle East and Africa
Actual Year 2019 Estimated Year 2020 Forecast Period 2020–2029 Revenue in US$
- Thales S.A.
- Safran S.A.
- Aware, Inc.
- Fujitsu Limited
- ASSA Abloy AB
- NEC Corporation
- Precise Biometrics AB
- Stanley Black & Decker, Inc.
- Cross Match Technologies, Inc.
- Secunet Security Networks Aktiengesellschaf
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