Key drivers include the increasing use of biometrics in consumer electronics devices to provide seamless access over different applications, rising number of government initiatives to adopt biometrics, growing need for surveillance and security due to the threats of terrorist attacks, and increasing penetration of biometric technology in automotive and enterprise applications.
Fingerprint recognition is expected to hold the largest share. The solutions used for fingerprint recognition are simple to install and low in cost compared with other authentication technologies. The growth of the market for fingerprint recognition is attributed to the increasing demand for fingerprint recognition solutions in travel and immigration applications for e-passports and e-visas as well as in the government sector for issuing a driving license. Fingerprint authentication is extensively used in numerous other revenue-generating sectors such as healthcare and banking & finance.
Software segment is estimated to grow at the highest CAGR during forecast period. The adoption of cloud-based services and AI for biometric devices is expected to boost the requirement for associated software to ensure the compatibility of devices and operating systems for different applications. It is feasible for customers to integrate add-on features in existing hardware by updating the software. The software in biometrics systems complement the function of hardware by storing and recalling spatial data; they also allow live data streaming.
North America is expected to hold the largest share. The US and Canada have a strong economy, which empowers them to invest significantly in public safety activities. The growing adoption of smart technologies and the rapidly increasing digitalization have further fueled the growth of the biometric system market in North America. The growth of the North American market can also be attributed to the increasing government initiatives in North American countries—such as the US, Canada, and Mexico—for large-scale funded programs such as e-passports and e-visas. The US Department of Defense and Department of Homeland Security have long been using fingerprint biometrics to facilitate physical and digital access and combat security issues.
Key players in the biometric system market include Thales Group (Thales) (France), Safran (France), NEC Corporation (NEC) (Japan), ASSA ABLOY AB (ASSA ABLOY) (Sweden), and Fujitsu Ltd. (Fujitsu) (Japan).
Key Questions the Report Answers
· Where will all these developments take the industry in the mid- to long-term?
· Which newer modalities are likely to be adopted in the coming years?
· How are biometric systems influencing the various end-user applications?
· What are the prevalent trends in the biometric system market?
· What are the key strategies adopted by leading companies in the biometric system market?
1.1. Market Definition
1.2. Study Scope
1.3. Study Period
1.4. Market Stakeholders
2. Research Methodology
2.1. Secondary Research
2.2. Primary Research
2.3. Research Design
2.4. Data Validation
2.5. Limitations and Assumptions
3. Market Dynamics
3.1.1. Increasing Use of Biometrics in Consumer Electronics Devices to Provide Seamless Access Over Different Applications
3.1.2. Rising Number of Government Initiatives to Adopt Biometrics
3.1.3. Growing Need for Surveillance and Security Owing to Threats of Terrorist Attacks
3.1.4. Proliferation of Biometric Technology in Automotive Enterprise Applications
3.1.5. Increased Convenience, Secure Identity Management, and Superior Human Resource Management
3.2.1. High Deployment Cost
3.2.2. Data Security Concerns
3.3.1. Technological developments
4. Executive Summary
5. Biometric System Market, By Product
5.1. Single factor authentication
5.1.1. Fingerprint recognition
5.1.2. Iris recognition
5.1.3. Palm print recognition
5.1.4. Face recognition
5.1.5. Vein recognition
5.1.6. Signature recognition
5.1.7. Voice recognition
5.2. Multi-factor authentication
5.2.1. Smart card with biometrics
5.2.2. Pin with biometrics
5.2.3. Multimodal biometrics
126.96.36.199. Three factor
6. Biometric System Market, By Offering
6.1.1. Fingerprint readers
7. Biometric System Market, By Functionality
7.1. Contact functionality
7.2. Non-contact functionality
7.3. Combined functionality
8. Biometric System Market, By End User
8.2. Military and Defense
8.4. Banking and finance
8.5. Consumer electronics
8.6. Travel and immigration
8.8.1. residential security
8.8.2. commercial security
9. Biometric System Market, By Region
9.1. North America
9.2.5. Rest Of Europe
9.3. Asia Pacific
9.3.4. South Korea
9.3.5. Rest of Asia Pacific
9.4. South America
9.5. Middle East & Africa
10. Company Profiles
10.7.Secunet Security Networks
10.8.Stanley Black & Decker
10.10. Cognitec Systems
*Company introduction, financial information, recent developments, SWOT analysis
11. Conclusion and Recommendations