Biometric System Market 2021-2027
New Study Reports " Global Biometric System Market 2021, Analysis, Growth, Size, Share, Trends Forecasts to 2027" has been Added on MarketResearchFuture.
Report Overview
Starting with the overview of the Biometric System Market, it presents an overall analysis of the latest trends that are prevalent in the industry. The report begins with the description of the market surroundings and the analysis of the size and forecast of product or service based on regions and applications. In addition to it, the report also introduces the market competitive landscape among the vendors and manufacturers that contribute to the growth of the product or service. The company profiling and market price analysis in relation to the value chain features is also covered in the report. The data experts have examined and scrutinized the industry trends in the key regions. 2021 has been considered as the base year, with the forecast period extending to 2027.
The Global Biometric System 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 Biometric System Market will reach approximately USD 73 billion by the end of the year 2026, with a CAGR of around 15 percent during the forecast period (2017-2026).
Biometric systems are devices that grant access to services or institutions on the basis of biometric data of individuals. The focus on security and safety in light of increasing espionage and crime rates has garnered interest towards the technology. The global Global Biometric System Market report by Market Research Future (MRFR) contains predictions for the technology across industries for the forecast period (2020-2027). The COVID-19 pandemic and its effects on the industry are encompassed in the report.
Market Scope
The Global Biometric System Market is set to achieve a high valuation at a CAGR of 15% over the forecast period. This is attributed to concerns of corporate espionage and cybercrimes. Biometric systems can be a reliable safeguard in blocking access or entry to unauthorized individuals. The adoption of these systems by numerous organizations for protecting their data can drive the market demand significantly.
The rising crime rates in private housing societies have provided a lucrative opportunity for the Global Biometric System Market. Developments in these systems and other authentication methods used by these systems to deny entry to unlawful persons can bolster the market growth.
The COVID-19 pandemic had dampened the sales of biometric systems owing to fears of the virus being circulated via touch. Moreover, the shutdown of offices and industries had badly affected the industry. But the market has found a market in smart devices and consumer electronic devices as more of its customers use biometric recognition patterns to access them.
But the high costs of biometric systems can hamper the market growth.
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 Global Biometric System 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 Biometric System.
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Segmentation
The Global Biometric System Market has been segmented on the basis of authentication type into single-factor authentication and multiple-factor authentication.
The single factor authentication segment is likely to garner huge demand in the market owing to its integration in portable devices. Single print authentication includes fingerprint recognition, iris recognition, face recognition, palm print recognition, voice recognition, signature recognition, vein recognition, DNA recognition, gait recognition, keystroke recognition, and other biometric technologies.
Multiple factor authentication consists of biometrics combined with smart card technologies, pin technology, three biometric factor authentication, and two biometric factor authentication.
Among all the single authentication methods, fingerprint recognition methods are widely used and have the highest market share. It is implemented in driving licenses, the travel and immigration industry, e-passports, e-visas, usage in laptops, smartphones, and computers for security purposes. It provides can provide authentication services at low costs and keep the security in check.
Based on components, the Global Biometric System Market is divided into hardware and software. The hardware and software segments can both share an equal proportion of the market owing to security measures required in major industries.
By application, the Global Biometric System Market segmentation comprises security, military and defense, healthcare, government, BFSI, consumer electronics, commercial, home, travel and immigration, and others. The travel and immigration segment holds the largest market share out of all applications.
Based on functions, it comprises contact, non-contact, and other functions.
Regional Analysis
North America, Europe, Asia-Pacific (APAC), and Rest-of-the-World (RoW) are regions considered in the market.
North America is projected to dominate the market owing to risks of corporate secrets being unveiled and expansion plans of large organizations. Implementation of fingerprint applications in latest devices and entrances of companies in the U.S. can drive the market growth.
On the other hand, APAC is bound to generate a remarkable growth rate over the forecast period. This is attributed to national security and verification of electronic passports. Reopening of tourist destinations and use of vaccine passports to gain access to these places can drive the demand for biometric systems.
Industry news
The Canada Border Services Agency has invited bids for proposals for implementation of biometric systems to deal with illegal immigration at their borders and for controlling the pandemic.
Key Stakeholders
Biometric System Market Manufacturers
Biometric System Market Distributors/Traders/Wholesalers
Biometric System Market Subcomponent Manufacturers
Industry Association
Downstream Vendors
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Complete Report Details@ https://www.marketresearchfuture.com/reports/biometric-system-market-3754
Important Key Points from Table of Content:
1 Executive Summary
2 Market Introduction
3 Research Methodology
4 Market Dynamics
5 Global Biometric System Market, By Component
6 Global Biometric System Market, by Technology
7 Global Biometric System Market, by Application
8 Global Biometric System Market, By Industry
9 Global Biometric System Market, By Region
10 Competitive Landscape
And more
Continued...
Our team is studying Covid-19 and its impact on various industry verticals and wherever required we will be considering Covid-19 footprints for a better analysis of markets and industries. Cordially get in touch for more details.
About Us:
Market Research Future (MRFR) is an esteemed company with a reputation of serving clients across domains of information technology (IT), healthcare, and chemicals. Our analysts undertake painstaking primary and secondary research to provide a seamless report with a 360 degree perspective. Data is compared against reputed organizations, trustworthy databases, and international surveys for producing impeccable reports backed with graphical and statistical information.
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