Biometrics Market 2021 Segmentation, Demand, Growth, Trend, Opportunity and Forecast to 2027

Biometrics Market 2021-2027

New Study Reports “ Biometrics Market 2021 Global Market Opportunities, Challenges, Strategies and Forecasts 2027” has been Added on MarketResearchFuture.

Introduction/Report Summary:

This report provides in depth study of “Biometrics Market” using SWOT analysis i.e. Strength, Weakness, Opportunities and Threat to the organization. The Biometrics Market report also provides an in-depth survey of key players in the market which is based on the various objectives of an organization such as profiling, the product outline, the quantity of production, required raw material, and the financial health of the organization.

The Biometrics market is skyrocketing at a rapid pace in recent times and is expected to evolve to greater heights soon. The estimated valuation of the global Biometrics market will reach approximately USD 73 billion by the end of the year 2027, with a CAGR of around 15 percent during the forecast period (2017-2027).

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.

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.

Additionally, stringent regulatory compliance for internal investigation encourages enterprises to adopt biometric systems. Unique and easy operation of biometric system, alongside the growing terror attacks and crimes fuel the market growth. High implementation of fingerprint recognition technology in e-passports, travel & immigration, and e-visas & driving license foster the growth of the global market of biometric system.

On the other hand, technological complexities and the lack expertise in the development of biometric system are the major factors projected to impede the market growth.  Nevertheless, the proliferation of smart connected devices would support the market growth throughout the review period. Also, rising usages of smart mobile devices and the incorporation of next-generation biometric products in government and travel & immigration industry verticals would drive the growth of the market. 

Key Players

The report has profiled some of the Important players prevalent in the global like – Fujitsu Ltd., Cognitec Systems GmbH, BIO-Key International, Inc., NEC Corporation, Aware, Inc., Thales SA, Secunet Security Networks AG, Precise Biometrics AB, SA, and Cross Match Technologies are key players of the global Biometrics market. Mergers and acquisitions are a major strategy employed by players to gain the lead in the competition. Recently, Pangiam has acquired Trueface for improving its biometric safety product portfolio and enhancing security at airports.

This report covers the sales volume, price, revenue, gross margin, manufacturers, suppliers, distributors, intermediaries, customers, historical growth and future perspectives in the Biometrics.

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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 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. 

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.

Key Stakeholders 
Biometrics Market Manufacturers 
Biometrics Market Distributors/Traders/Wholesalers 
Biometrics Market Subcomponent Manufacturers 
Industry Association 
Downstream Vendors

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Complete Report Details@  https://www.marketresearchfuture.com/reports/biometric-system-market-3754

Table of Content:

1 Executive Summary

2 Market Introduction

3 Research Methodology

4 Market Dynamics

5 Global Biometrics Market, By Component

6 Global Biometrics Market, by Technology

7 Global Biometrics Market, by Application

8 Global Biometrics Market, By Industry

9 Global Biometrics Market, By Region

10 Competitive Landscape

And more

Continued…

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