Biometric System Market, By Component (Hardware, Software), By Authentication Type (Single Factor Authentication, Multifactor Authentication), By Function (Non-Contact, Others), By Application by Forecast 2023
— Market Overview
Biometric system can be referred to as biological data that is used by advanced technologies to identify a person. The global biometric system market was analyzed by Market Research Future (MRFR) and it was projected that a splendid CAGR of 15% will be attained by the market over the forecast period of 2017 to 2023. The market is expected to grow due to factors like increasing terror attacks, unique and easy operation of biometric system, and growing rate of crime. The valuation of the biometric system market was further stated to surpass its previous figure to reach a projected valuation of USD 33 Billion by 2023.
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The global biometric system market comprises a host of key players. This includes names like Secunet Security Networks AG (Germany), Fujitsu Ltd. (Japan), Aware, Inc. (U.S.), BIO-Key International, Inc. (U.S.), Thales SA (France), SA (France), Cognitec Systems GmbH (Germany), NEC Corporation (Japan), Cross Match Technologies (U.S.), Precise Biometrics AB (Sweden), and others.
The global biometric system market has been segmented in terms of function, application, authentication type, and components.
By application, the market comprises Healthcare, Government, Security, Consumer Electronics, BFSI, Commercial, Military and Defense, Home, Travel and Immigration, Security, and others. Both the healthcare and travel and immigration segments enjoy a majority of the market share. The healthcare segment is especially expected to grow further in the coming years. Biometric Systems Market allow security and authority in hospitals by providing effective identification system that supports iris, vein, palm, fingerprint, and face recognition. It offers notable benefits to healthcare organizations, including enhance patient privacy, eradication of identity fraud, overcome issues related with cultural naming convention, and decreases the patient risk.
By authentication type, the market branches into single factor authentication and multi-factor authentication. The single factor authentication segment is broken down into finger recognition, iris recognition, fingerprint authentication, vein recognition, palm print recognition, and others. Whereas, the multi factor authentication segment is narrowed down into Biometrics combined with Pin Technology, Biometrics combined with Smart Card Technology, Three biometric factor authentication, and Two biometric factor authentication. In single factor authentication, the fingerprint recognition segment holds the highest share in the global market due to its increasing implementation in laptops, smartphones, and computers for security purposes. This technology is reported to be used the most in the travelling and immigration industry owing to its easy authentication, low cost, and efficient service.
By components, the market divides into software and hardware. The hardware market segment includes Scanners (Live Scanner, Palm vein scanner), Fingerprint readers, Camera (Eye/Iris/Face/Retina camera), and others (Microphones, Speakers)
By function, the market segments into non-contact, contact, and others.
The global biometric system market is geographically distributed across the following key regions: Asia Pacific, North America, Europe, and the Rest of the World (RoW).
The North American region is gaining the maximum share in the global biometric system market. The regional market is showing massive growth due to factors like increasing digitization, improved network infrastructure, and higher implementation of technologies. The region holds the top spot in the global market due to the presence of a wide pool of players therein. Additionally, the increasing cyber threats, cyber-attacks, and online security issues in this region has prompted leading players to research and develop new biometric methods and solutions to tackle the same. This is, in turn, boosting the market growth in this region.
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July 2019, Smart Metric, US-based technology engineering, research and development company, undertook an independent research to find out the increasing identity and credit theft. To mitigate the same, the company launched its biometric card solutions for banks. The scanner comes integrated with an internal ARM Cortex processor, which stores information of the card holder’s fingerprint.
July 2019, the Fiji government is planning an all new national identification system that is protected by facial recognition and other biometrics. The government is working with a number of agencies to curate necessary information to formulate and implement the new system.
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