Fact.MR Biometric Authentication Solution Market Segmented By Component Hardware, Software, Services; By Type Fingerprint Identification System, Iris Identification System, Voice Identification System, Face Identification System; By Industry BFSI, Healthc
As organizations are focusing on secure authentication methods for user access, e-commerce, and other safety applications, the demand for biometric authentication solutions is growing rapidly. The increasing dependency on digital technologies and automation is further expected to drive the growth of the biometric authentication solutions market.
Moreover, the continuous demand for enhanced security and identification system has led to the increasing adoption of biometric authentication solutions. Furthermore, as the businesses strive to implement the right mix of technologies and policies for security and reliability, the demand for biometric authentication solutions is expected to grow rapidly, which is expected to contribute to the growth of the biometric authentication solution market.
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Biometric authentication solution serves as a bundle of highly secure identification and personal verification solution for encountering the security breaches and transaction frauds. The widespread deployment of biometric authentication solutions and technologies for information and physical access security is fuelling the growth of biometric authentication solution market. In addition, with the exponential increase in the number of users switching to mobile banking, various organizations are adopting biometric authentication solutions as security measures. Due to these factors, the demand for biometric authentication solution is expected to increase rapidly in the near future.
Biometric Authentication Solution Market: Drivers and Challenges
The meteoric rise in the demand for smartphones and tablets is one of the primary factors fuelling the growth of biometric authentication solution market. Also, the rise in demand for biometric authentication solution for identification and verification application in BFSI (Banking, Financial services, & Insurance), government, retail, and healthcare industries is creating potential growth opportunities for the biometric authentication solution market.
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The primary application of a biometric authentication solutions is to provide accessibility to an authorized individual into a premises. Owing to this, enhanced security and identification feature of a biometric authentication solutions, the government of various countries are taking initiatives for promoting the adoption of a biometric authentication solution.
Apart from this, increasing application of biometric authentication solutions on smartphones is creating potential growth opportunities for biometric authentication solution market. Furthermore, the rising trend of device-embedded biometric authentication solutions and growing preference for automated identity authentication solutions are some of the major factors driving the growth of biometric authentication solution market.
However, issues such as lack of infrastructural development for the implementation and adoption of biometric system, at various regions, acts as a restraining factor for the biometric authentication solution market. Moreover, the high deployment cost of a biometric authentication solutions is one of the major factor due to which various small and medium organizations are not adopting biometric authentication solutions and this is one of the major challenge for the growth of biometric authentication solution market.
Examples of some of the key players in the global biometric authentication solution market are HID Global, Nuance Communications, Inc., 3M, NEC Corporation, M2SYS Technology, Suprema, Gemalto, IDEMIA, Aware, Inc., Fulcrum Biometrics, LLC, Innovatrics, Tascent, and FUJITSU.
Biometric Authentication Solution Market: Regional Overview
On the basis of geography, North America is expected to dominate the biometric authentication solution market due to the presence of various biometric authentication solution providers and high adoption of biometric authentication solution in various industries. Asia Pacific and Europe are also expected to create potential growth opportunities for the biometric authentication solution market, owing to the increasing adoption of smartphones and tablets in the region.
In addition to this, the unorganized market for biometric authentication solution in China, Japan, and India is creating a competitive environment for global biometric authentication solution providers. Moreover, the demand for biometric authentication solution has risen dramatically in the past few years in the Middle East & Africa and Latin American regions, due to rise in digital technologies and growth in the smartphone and tablet market.
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The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, and inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators, and governing factors, along with market attractiveness as per segment. The report also maps the qualitative impact of various market factors on market segments and geographies.
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