Biometrics Market Research Report: Industry Trends, Growth, Share, Size, Key Players and Forecast

Global Biometrics Market Industry Trends, Growth, Share and Forecast Till 2024

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Report Description

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Report Description and Highlights

Report Description

Biometrics Market Report By Technology (Face Recognition, Hand Geometry, Voice Recognition, Signature recognition, Iris recognition, AFIS, Non-AFIS and Others), Functionality (Contact, Noncontact and Combined), Authentication, Component, End-User, Region Biometrics is an umbrella term used for various technologies that allow access through biological imprinting. It is an efficient way to validate a person’s identity as it helps in mapping the physicality of a person with minimal error. Biometrics technologies include retina identification, fingerprints or thumbprints pattern match, voice recognition, and face recognition.

Market Overview: According to the latest report by IMARC Group titled, “Biometrics Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the market reached a value of US$ US$ 16.7 Billion 2018. Looking forward, the global biometrics market is expected to reach a value of US$ 37.2 Billion by 2024. Biometrics are extensively used across the defense, corporate, industrial and manufacturing sectors. Nowadays, they are also being used in numerous devices such as computers, laptops, smartphones and tablets. Over the recent years, there has been a rise in the demand for improved biometrics technologies. This can be attributed to the requirement for stable, reliable and improved security services which has prompted several organizations across the globe to implement these systems. Various governments have also introduced biometric access to several internet-oriented documents like e-passport and e-visa in order to avoid and detect illegal migrations.

Report Description and Highlights

Report Description

Apart from this, biometric technologies are being increasingly used in the banking and finance sectors for preventing frauds. Moreover, the introduction of multimodal biometrics is further expected to attract a wider consumer base in the near future as it utilizes more than one behavioral or physiological characteristics. The aforementioned factors have presented the manufacturers in the market with several growth opportunities.

Global Biometrics Market Drivers: Biometrics technologies, especially fingerprint recognition systems, have witnessed acceptance on a global level owing to their affordability and easy usage. The rising adoption of fingerprint recognition in mobiles, tablets and cloud computing is expected to create a positive outlook for the biometric technologies market. Apart from this, biometrics technologies are employed across numerous government organizations for reliable, stable and enhanced security as biometric traits are difficult to steal or forget. These technologies are also being implemented for e-passport and e-visa programs with the aim of keeping a check on illegal migration, and in the banking and finance sectors to increase efficiency and prevent frauds. Furthermore, the introduction of multimodal biometrics, which make use of more than one behavioral or physiological characteristic for authentication, is expected to improve the recognition and security performance of these systems in the coming years. Owing to these factors, the market is projected to exceed US$ 37.2 Billion by 2024, exhibiting a CAGR of around 14% during 2019-2024.

Market Forecast

Sample Figure: Global: Biometrics Market Forecast: Sales Value (in Billion US$), 2019-2024

184.3

191.7

199.3

207.3

2019

2020

2021

2022

215.6

224.2

2023

2024

Market Segmentation

Report Description Biometrics Market Segmentation: Market Breakup by Technology: o o o o o o o o

Face Recognition Hand Geometry Voice Recognition Signature recognition Iris recognition AFIS Non-AFIS Others

On the basis of technology, the market has been segmented as Face Recognition, Hand Geometry, Voice Recognition, Signature recognition, Iris recognition, AFIS, Non-AFIS and Others.

Market Breakup by Functionality •

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Market Segmentation

Report Description • •

Non-contact Combined

Based on Functionality, the market has been segregated as contact, non contact and combined.

Market Breakup by Authentication • •

Single-Factor Authentication Multifactor Authentication

On the basis of authentication , the market has been segmented as single-factor authentication and multifactor authentication.

Market Breakup by Component: • •

Hardware Software

Based on component, the market has been segregated as hardware and software.

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Market Segmentation

Report Description Market Breakup by Region • • • • •

North America Europe Asia Pacific Latin America Middle East and Africa

Region-wise, the market has been segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

Market Breakup by End-User • • • • • • • •

Government Defense Services Banking and Finance Consumer Electronics Healthcare Commercial Safety and Security Transport/Visa/Logistics Others

Regional Segmentation

North America

Europ e

Asia- Pacific

Latin America

Middle East and Africa

Market Segmentation

Report Description

On the basis of end-user, the market has been segmented into government, defense Services, banking & finance, consumer electronics, healthcare, commercial safety & security, transport/visa/logistics and Others.

Competitive Landscape: The competitive landscape of the market has also been examined with some of the key players.

• • • • • • • • • • •

Accu-Time Systems Inc BIO-Key International Inc Cognitec Systems GmbH Fujitsu Limited 3M Cogent Inc IDTECK NEC Corporation Siemens AG RCG Holdings Ltd Suprema Inc

Market Segmentation

Report Description • • • • •

Lumidigm Inc IrisGuard Inc Daon Inc DigitalPersona Inc Morpho SA (Safran)

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institutions

Report Description and Highlights

Report Description

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