Market Overview
Biometric systems are devices that grant access to services or institutions on the basis of biometric data of individuals. The focus on security and safety in light of increasing espionage and crime rates has garnered interest towards the technology. The global biometric system market report by Market Research Future (MRFR) contains predictions for the technology across industries for the forecast period (2020-2027). The COVID-19 pandemic and its effects on the industry are encompassed in the report.
Market Scope
Biometric System Market to hit USD 92.56 Billion by 2030, registering a 14.10% CAGR during the forecast period. This is attributed to concerns of corporate espionage and cybercrimes. Biometric systems can be a reliable safeguard in blocking access or entry to unauthorized individuals. The adoption of these systems by numerous organizations for protecting their data can drive the market demand significantly.
The rising crime rates in private housing societies have provided a lucrative opportunity for the biometric system market. Developments in these systems and other authentication methods used by these systems to deny entry to unlawful persons can bolster the market growth.
The COVID-19 pandemic had dampened the sales of biometric systems owing to fears of the virus being circulated via touch. Moreover, the shutdown of offices and industries had badly affected the industry. But the market has found a market in smart devices and consumer electronic devices as more of its customers use biometric recognition patterns to access them.
But the high costs of biometric systems can hamper the market growth.
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Key Players
NEC Corporation (Japan), BIO-Key International, Inc. (U.S.), SA (France), Secunet Security Networks AG (Germany), Cross Match Technologies (U.S.), Fujitsu Ltd. (Japan), Cognitec Systems GmbH (Germany), Thales SA (France), Precise Biometrics AB (Sweden), Aware
Inc. (U.S.)
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Segmentation
The biometric system market has been segmented on the basis of authentication type into single-factor authentication and multiple-factor authentication. The single print authentication segment is likely to garner huge demand in the market owing to its integration in portable devices. Single print authentication includes fingerprint recognition, iris recognition, face recognition, palm print recognition, voice recognition, signature recognition, vein recognition, DNA recognition, gait recognition, keystroke recognition, and other biometric technologies. Multiple factor authentication consists of biometrics combined with smart card technologies, pin technology, three biometric factor authentication, and two biometric factor authentication.
Among all the single authentication methods, fingerprint recognition methods are widely used and have the highest market share. It is implemented in driving licenses, the travel and immigration industry, e-passports, e-visas, usage in laptops, smartphones, and computers for security purposes. It provides can provide authentication services at low costs and keep the security in check.
On the basis of components, the biometric system market is divided into hardware and software. The hardware and software segments can both share an equal proportion of the market owing to security measures required in major industries.
By application, the biometric system market segmentation comprises security, military and defense, healthcare, government, BFSI, consumer electronics, commercial, home, travel and immigration, and others. The travel and immigration segment holds the largest market share out of all applications.
On the basis of functions, it comprises contact, non-contact, and other functions.
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Regional Analysis
North America, Europe, Asia-Pacific (APAC), and Rest-of-the-World (RoW) are regions considered in the market.
North America is projected to dominate the market owing to risks of corporate secrets being unveiled and expansion plans of large organizations. Implementation of fingerprint applications in latest devices and entrances of companies in the U.S. can drive the market growth.
On the other hand, APAC is bound to generate a remarkable growth rate over the forecast period. This is attributed to national security and verification of electronic passports. Reopening of tourist destinations and use of vaccine passports to gain access to these places can drive the demand for biometric systems.
