Market Research Future (MRFR), in its research study, emphasizes that the global market 2020 is projected to rise rapidly over the forecast period, ensuring significant market valuation of USD 33 Billion by 2023, and a healthy 15% CAGR over the review period.
Drivers and Restraints
Significant factors driving market growth include increased usage of Biometrics in consumer electronics products to provide seamless access to multiple applications, increased numbers of government initiatives to implement biometrics, increased need for surveillance and protection due to terrorist threats, and increased penetration of biometric technology in automotive and business applications Fingerprint recognition systems are widely accepted and drive the demand for contact-based biometric systems. Since fingerprint recognition is mainly used in contact-based biometric systems, there will be a rising demand for fingerprint recognition solutions which will have positive impact on the market growth.
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The market for biometric systems is segmented based on the type of authentication that includes a single factor authentication. This is further divided into fingerprint authentication, recognition of iris, recognition of palm print, recognition of fingers and recognition of veins. Fingerprint recognition accounts for the largest market share in the field of biometric systems due to its increased application for security purposes in computers , laptops and smartphones. Because of low cost , simple authentication and excellent service it is most widely used in the travel and immigration industries. The biometric system market is fuelled by high application of fingerprint recognition technology in e-passports, travel and immigration, e-visas and driving licences.
According to the study, the travel and immigration sector acquires the largest market share by application segment, owing to the high adoption of the biometric system by UK and US region in the travel and immigration industry. The compliance requirement for regulatory and internal investigation is forcing companies to adopt biometric system services.
The global market geographic overview was conducted in four major regions including Asia Pacific , North America, Europe and the rest of the world. North America is projected to account for the highest market share in the industry for biometric solutions owing to the fast deployment of the biometrics program by government and defense authorities and the strong acceptance of US country fingerprint recognition. North America's digitization is primarily due to the invention of advanced technology, and the economies that benefit from it. North America is the leading region on the biometric system market due to the presence of major players from the region. Small and medium-sized enterprises are rapidly growing the implementation of software, particularly one for logistics, travel and immigration. The biometric system is becoming increasingly demanding, as companies require strong security technologies to prevent unauthorized access to sensitive data. And increased spending on research and development by vendors in the area drives the demand for biometric systems. The increasing cyber attacks and strict regulations on compliance are driving the region 's market.
Asia-Pacific area is rising at the highest CAGR rate, due to increased government adoption of this program for national heritage protection, airports and e-passport verification. Growing population, and growing IT landscape are boosting the region 's market. The region is witnessing a high level of companies adoption of biometric system software. Developing countries like India and China are implementing large-scale biometric system software due to population growth, rising crime rate and rapid industrialization boosting the region's industry. By vertical segment, the biometric system market is driven by the BFSI and retail sectors.
The major market players operating in the global market as identified by MRFR are SA (France), NEC Corporation (Japan), BIO-Key International, Inc. (U.S.), Fujitsu Ltd. (Japan), Precise Biometrics AB (Sweden), Secunet Security Networks AG (Germany), Aware, Inc. (U.S.), Thales SA (France), Cognitec Systems GmbH (Germany), Cross Match Technologies (U.S.), among others.
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