The Global Biometric System Market study includes a thorough analysis of market dynamics as well as historical and current data analysis. The report also discusses the key market growth drivers and restraining factors that are likely to affect market growth during the forecast period. The Global Biometric System Market undertakes market scenario research to provide growth projections for the Biometric System industry from 2022 to 2030. The analysis focuses on potential growth possibilities and difficulties that market leaders may run into during the forecast period. The study places a lot of emphasis on newly emerging business elements, specialized sectors, product launches, and brand promotions that are taking place in the market
The global biometric system market size is expected to reach USD 115.41 billion at a revenue CAGR of 13.2% in 2030, according to the latest analysis by Emergen Research. Market revenue growth for biometric systems can be attributed to rising demand and adoption of contactless biometrics systems in the healthcare industry globally. For instance, on May 8, 2020, NEC Corporation launched NeoFace Thermal Express, which is a dual-faced biometric and fever detection system for access control. The device is capable of detecting elevated body temperatures and personal protective equipment (PPE) such as face masks and others. Moreover, an increase in demand for high-level security in the private, commercial, and public sectors is another factor driving market revenue growth. Demand for facial and voice recognition software in security and surveillance applications has been rising significantly in the recent past owing to increasing terrorist activities and potential risks. This software is commonly used at airports for identification purposes, but deployment has also been increasing at customs and border checks and even by police to identify and arrest individuals at protests in the very recent past.
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Competitive Landscape:
The latest study provides an insightful analysis of the broad competitive landscape of the global Biometric System market, emphasizing the key market rivals and their company profiles. A wide array of strategic initiatives, such as new business deals, mergers acquisitions, collaborations, joint ventures, technological upgradation, and recent product launches, undertaken by these companies has been discussed in the report. The report analyzes various elements of the market’s competitive scenario, such as the regulatory standards and policies implemented across the industry over recent years. Our team of experts has leveraged several powerful analytical tools, such as Porter’s Five Forces analysis and SWOT analysis, to deliver a comprehensive overview of the global Biometric System market and pinpoint the fundamental growth trends.
The leading market contenders listed in the report are:
BIO-key International, NEC Corporation, Secunet Security Networks AG, HID Global Corporation, FUJITSU, Cognitec Systems GmbH, Thales, Precise Group, Aware Inc., Siemens, SUPREMA and IrisGuard Ltd
Global Biometric System Market Highlights:
- Regional demand estimation and forecast
- Product Mix Matrix
- RD Analysis
- Cost-Benefit Analysis
- Pre-commodity pricing volatility
- Supply chain optimization analysis
- Technological updates analysis
- Raw Material Sourcing Strategy
- Competitive Analysis
- Mergers Acquisitions
- Location Quotients Analysis
- Carbon Footprint Analysis
- Patent Analysis
- Vendor Management
Key Parameters Analyzed in This Section:
- Company Profiles
- Gross Revenue
- Profit margins
- Product sales trends
- Product pricing
- Industry Analysis
- Sales distribution channels
Regional Segmentation:
- North America
- Latin America
- Europe
- Middle East Africa
- Asia Pacific
Key Points Covered in This Section:
- Regional contribution
- Estimated revenue generation
- Vital data and information about the consumption rate in all the leading regional segments
- An expected rise in market share
- Forecast growth in the overall consumption rate
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Some Key Highlights in the Report
- On 7 July 2021, Thales announced the launch of a new voice biometric solution as a part of Thales Trusted Digital Identity Service Platform. The launch is expected to meet demand of mobile operator call centers to fight identity fraud whilst providing a seamless customer experience.
- The software segment revenue is expected to register a fast growth rate over the forecast period. Biometrics has generated a lot of attention owing to the growing demand for strong encryption services to reduce fraud and malicious attacks. Software solutions are essential for assuring biometric device interoperability and compatibility. The use of cloud-based services and AI for biometric devices is expected to increase demand for related software to assure device and operating system compatibility for various applications.
- The non-contact-based segment accounted for a significantly larger revenue share in 2021. The industry is growing owing to the increase in demand for smartphones with face recognition software to improve security. In addition, the integration of digital disruptive technologies such as AI and automation has boosted the demand for contactless biometric solutions. Furthermore, increased worries about the spread of coronavirus through contact-based biometric solutions have prompted end-users to switch to contactless technologies, and this trend is expected to continue during the forecast period.
- The biometric system market in Asia Pacific is expected to register fastest revenue CAGR over the forecast period. Most countries in the region are getting rid of conventional process of manual passwords, signatures, or token-based authentication, especially in the banking sector. China and India have some of the most extensive consumer bases for biometric systems, which is increasing demand for voice biometrics in these countries. Furthermore, China is a significant customer and supplier of face recognition technology since the country's law enforcement agencies, as well as other government agencies, have adopted surveillance technologies.
Market Overview:
The report bifurcates the Biometric System market on the basis of different product types, applications, end-user industries, and key regions of the world where the market has already established its presence. The report accurately offers insights into the supply-demand ratio and production and consumption volume of each segment.
Segments Covered in this report are:
- Product Type Outlook (Revenue, USD Billion; 2019-2030)
- Hardware
- Software
- Authentication Type Outlook (Revenue, USD Billion; 2019-2030)
- Single-Factor Authentication
- Multi-Factor Authentication
- Contact Type Outlook (Revenue, USD Billion; 2019-2030)
- Contact-based
- Non-Contact-based
- Hybrid
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Key reasons to buy the Global Biometric System Market report:
- The latest report comprehensively studies the global Biometric System market size and provides useful inference on numerous aspects of the market, such as the current business trends, market share, product offerings, and product share.
- The report offers an insightful analysis of the regional outlook of the market.
- It offers a detailed account of the end-use applications of the products services offered by this industry.
- The report holistically covers the latest developments taking place in this industry. Therefore, it lists the most effective business strategies implemented by the market rivals for ideal business expansion.
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