Biometric System Market 2019 Global Key Players Analysis by NEC, Fujitsu, BIO-Key, Precise Biometrics, Secunet Security Networks, Thales, Aware, Cognitec
The biometric system market is expected to grow at approximately USD 33 Billion by 2023, at 15% of CAGR between 2017 and 2023.
Biometric system refers to biological data used by technology to identify the person. This system enables organization to provide statistical analysis of physical and behavioral characteristics of people. In short, biometric authentication states that each individual is unique and can be identified by his or her distinct behavioral and physical traits.
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The factors driving Biometric System Market includes, unique and easy operation of biometric system, growing terror attacks and increasing crimes are fueling the market growth. By authentication type segment, fingerprint recognition technology accounts for high market share in biometric system market. High implementation of fingerprint recognition technology in e-passports, travel and immigration, e-visas and driving license is fueling the biometric system market. According to the study, by application segment, travel and immigration sector acquires largest market share, owing to high adoption of biometric system in travelling and immigration industry by UK and US region. The requirement for compliance for regulatory purpose and internal investigation is forcing enterprises to adopt biometric system services.
Biometric system market is segmented on the basis of authentication type that includes single factor authentication. This is further bifurcated into fingerprint authentication, iris recognition, palm print recognition, finger recognition and vein recognition. Fingerprint recognition accounts for highest market share in biometric system market owing to increased implementation of it in computers, laptops and smartphones for security purpose. It is most commonly used in travelling and immigration industry due to low cost, easy authentication and excellent service.
The prominent players in the biometric system market are- SA (France), NEC Corporation (Japan), Fujitsu Ltd. (Japan), BIO-Key International, Inc. (U.S.), Precise Biometrics AB (Sweden), Secunet Security Networks AG (Germany), Thales SA (France), Aware, Inc. (U.S.), Cognitec Systems GmbH (Germany), Cross Match Technologies (U.S.), among others.
Biometric System Market Segmentation:
The biometric system market has been segmented on the basis of application that includes healthcare, military and defense, BFSI, consumer electronics and others. By application segment, healthcare and travels and immigration accounts for highest market share. Biometrics system enables hospital authority by providing efficient identification system that supports fingerprint, palm, vein, iris and face recognition. It offers numerous benefits to healthcare organization that includes elimination of identity fraud, reduces patient risk, enhance patient privacy and overcome issues related with cultural naming convention.
Market Research Analysis:
The biometric system market in North America region is growing due to high adoption of biometrics solutions by enterprise and need to improve information governance in organizations. According to the study, the biometric system market will show considerable growth in Europe region. Asia-Pacific market is estimated to be one of the fastest growing market as it is continuously investing into research and development of biometric system market and increasing terror attacks to directly address the security of citizens. Increasing population, and growing IT landscape is boosting the market in the region. The region is witnessing high adoption of biometric system software by enterprises. Developing countries such as India and China are adopting biometric system software at a large scale owing to increase population, growing crime rate and robust
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• Investors and consultants
• System Integrators
• Government Organizations
• Research/Consultancy firms
• Technology solution providers
• IT Solution Providers
• Original Equipment Manufacturers
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