Biometric System Market Size, Company Profiles and Business Trends by 2027

 Global biometric system market is growing rapidly. The market growth is attributed to the rising uptake of next-generation biometrics, changing the paradigms of security level. Advanced biometrics has transformed the way identification and assessment of personal information was done in the past. Besides, the advances of biometric systems, such as statistical analysis of physical and behavioral characteristics of people escalate the market demand, enabling organizations to increase security and user experience.

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According to Market Research Future (MRFR), the global Biometric System Technology 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.

Biometric System Market – Segmentation

The 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 Europe biometric system market is growing rapidly. Factors such as the growing adoption of next-generation biometric systems across government and commercial sectors create substantial market demand. Besides, increasing implementation in growing organizations for the identification of individuals provides an impetus to the growth of the regional market.  Moreover, the dynamic growth in biometric system components and the internet of things (IoT) in the region help increase the market share.

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.

Major Players:

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.

As facial recognition technology needs to adapt to the new facial recognition requirements in current COVID 19 situations and face mask mandates, NEC has developed the new algorithms that can explicitly focus on the area around the individual’s eyes, using smartphones to workplaces.

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About Market Research Future:

At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.

MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.

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