Biometric System Market: Segmented: By Authentication Type (Single factor Authentication and Multi factor Authentication), By Functionality Type (Contact, Non-contact and combined), By Application (Government, Military & Defense, Healthcare, Banking & Finance and Others) And Region - Global Analysis of Market Size, Share & Trends For 2019-2020 And Forecasts To 2031
[ 170 + Pages Research Report ] Biometric System Market to surpass valued USD 144 billion by 2031 from USD 39.6 billion in 2021 at a CAGR of 13.8% in the coming years, i.e., 2021-31.
Biometric technology is a security system that examines an individual's behavioral or physical features to identify them. Biometrics is being utilized to replace traditional security & identification techniques like ID cards and pin systems. A biometric system converts biological data into digital data, which is subsequently used to identify people. Biometric systems provide several advantages, including the requirements of the individual's presence for access, as opposed to other kinds of identification that can be stolen or fabricated, quick integration & deployment, strong security, and ease of installation.
Global Biometric System market is expected to project a notable CAGR of 13.8%.
The necessity for precise identity-based IT solutions and sophisticated security systems to counteract rising terrorism & criminal activities is predicted to drive significant expansion in the worldwide biometric market. Governments all over the world are increasingly requiring biometric technology for identification and recognition purposes. Furthermore, the rapid advancement of technology is due to the widespread usage of e-commerce & cloud computing.
Single-factor Authentication segment to grow with the highest CAGR during 2021-31
Global Biometric System market is classified based on Authentication Type into Single-factor Authentication and Multi-factor Authentication. Single-factor biometrics are low-cost and quick to implement. Furthermore, single-factor authentication methods are much faster and easier to use. These systems, however, are vulnerable to high-level security threats. Nonetheless, single-factor authentication's accuracy and security have improved because of technologically increasing hardware and software solutions, as well as biometric systems combined with AI.
Military and Defense segment to grow with the highest CAGR during 2021-31
The global Biometric system market is segmented based on application into Government, military & defense, healthcare, banking & finance, and others. The military & defense segment had the greatest market share and is expected to create the most profit throughout the forecast period. It is attributed to the use of biometrics in defense and military to provide a wide range of applications for securing a variety of military tasks and actions, recognition and access control, as well as biometric authentication system will not only defend the military forces or aid in the smoothing of military activities but will also maintain the balance among both civil liberties and national security.
A growing number of government projects to embrace biometrics
Increased utilization of biometrics devices in various companies throughout the world as a result of government attempts to improve safe, easy, as well as superior identification & human resource practices, is a crucial factor projected to boost the industry's potential growth shortly. Furthermore, biometric systems are recognized to be faster, more comfortable, and more trustworthy than traditional security systems that depend on keys, PINs, or smart cards. These programs have aided in the prevention of identity theft & document manipulation, as well as international terrorism, organized crime, and illegal migration, all of which are expected to drive the worldwide biometric system market forward.
Increasing demand for Biometric technology in consumer electronics
Consumer electronics manufacturers, such as those that make smartphones, iPad, laptops, and even home automation devices, are eager to incorporate innovative features and functions into their products to attract new clients and increase their customer base. End-users are becoming more concerned about security as they use advanced smart devices & digital technologies to manage sensitive data. As a result, today's consumers prefer to access savings accounts, email accounts, and other sensitive data such as financial information and medical records via devices that accept biometric authentication. Similarly, biometric technology-based cellphones are increasingly being utilized to secure identities for accessing workplaces, doors, and IT systems, resulting in a better user experience and prospects for portable access control solution providers.
High deployment Cost
The increased cost of biometric system elements, as well as the high cost of installation, stifles demand for biometric systems among private and public companies. The cost of a biometric device is determined by the brands, registration, waterproofing, sensor design, and other factors.
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
Global Biometric System market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. The Asia-Pacific biometrics marketplace is expected to increase at the quickest rate during the analysis period. This is mostly due to the widespread adoption and use of biometrics in access controls systems to validate users' physical and behavioral characteristics. Furthermore, biometrics systems such as face recognition, eye retina scan, & fingerprint mapping are extensively used throughout the Asia-Pacific region, propelling regional market expansion.
Much biometric equipment, such as fingerprint scanners, vein recognition, and others, require touching of surfaces, the COVID-19 epidemic had a moderate influence on biometric technology market size. Furthermore, during the pandemic, people began wearing face masks, making it difficult for biometric technology equipment to recognize them. In addition, numerous government agencies have put a moratorium on the use of biometrics.
Global Biometric System is further segmented by region into:
Biometric System Market Segments:
|The market size value in 2021||39.6 billion|
|The revenue forecast in 2031||144 billion|
|Growth Rate||CAGR of 13.8% from 2021 to 2031|
|The base year for estimation||2020|
|Quantitative units||Revenue in USD billion and CAGR from 2021 to 2031|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
|Segments covered||Authentication Type, Functionality type, Application, and Region|
|Regional scope||North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA)|
|Key companies profiled||Thales Group, IDEMIA, NEC Corporation, Fujitsu Limited, Assa Abloy AB, Precise Biometrics AB, Stanley Black & Decker, Inc., Cognitec Systems, GmbH, Neurotechnology, and Safran Group and Other Prominent Players.|
Biometric System Market size was estimated at USD 39.6 billion by 2021
Key players: Thales Group, IDEMIA, NEC Corporation, Fujitsu Limited, Assa Abloy AB, Precise Biometrics AB, Stanley Black & Decker, Inc., Cognitec Systems, GmbH, Neurotechnology, and Safran Group and Other Prominent Players.
Single-factor Authentication segment t are anticipated to hold the largest Biometric System Market.
Drivers: A growing number of government projects to embrace biometrics and Increasing demand for Biometric technology in consumer electronics
Biometric technology is a security system that examines an individual's behavioral or physical features to identify them. Biometrics is being utilized to replace traditional security & identification techniques like ID cards and pin systems.
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