Biometric System Market Analysis, Growth, Share, Industry Trends, Supply Demand, Forecast and Sales

Biometric system refers to biological data used by technology to identify the person. This systems 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.

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 biometric system market is expected to grow at approximately USD 33 Billion by 2023, at 15% of CAGR between 2017 and 2023.

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Key Players:

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.

Segments:

Biometric System Market for segment on the basis of component, authentication type, function and application.

Biometric System Market by Component:

Hardware

• Fingerprint readers
• Scanners (Live Scanner, Palm vein scanner)
• Camera (Eye/Iris/Face/Retina camera)
• Others (Microphones, Speakers)

Software

Biometric System Market by Authentication Type:

Single Factor Authentication

• Fingerprint Recognition
• Iris Recognition
• Palm Print Recognition
• Face Recognition
• Vein Recognition
• Signature Recognition
• Voice Recognition
• Other Biometric Technologies
• DNA Recognition
• Keystroke Recognition
• Gait Recognition

Multi-Factor Authentication

• Biometrics combined with Smart Card Technology
• Biometrics combined with Pin Technology
• Two biometric factor authentication
• Three biometric factor authentication

Biometric System Market by Function:

• Contact
• Non-Contact
• Others

Biometric System Market by Application:

• Government
• BFSI
• Healthcare
• Military and Defense
• Consumer Electronics
• Security
• Home
• Commercial
• Travel and Immigration
• Others

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Regional Analysis:

The regional analysis of biometric system market is being studied for region such as Asia Pacific, North America, Europe and Rest of the World. North America region is expected to account for largest market share in biometric system market owing to high implementation of biometrics system by government and security agencies and wide adoption of fingerprint recognition by US region. Asia-Pacific region is growing at highest CAGR rate owing to increased adoption of this system by government in security of national heritage, airports and e-passport verification.

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