A Biometrics system provides a high degree of accuracy and security. The emergent adoption of the technology in the e-commerce industry for secure payments, growing applications within the finance industry, and increasing security concerns are anticipated to propel the market during the forecast period. With biometrics technology, there are reduced frauds and security breaches as compared to traditional methods like the use of tokens and passwords. Surging demand for biometrics technology across various applications is estimated to favor the growth of the market over the coming years.
The Global Biometrics System market will experience significant growth during the forecast timeline 2019-2025. Biometrics refers to a diverse set of technologies used for measuring and evaluating human body characteristics, such as fingerprints, irises, and retinas, vocal and facial patterns for confirmation and identification purposes.
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Global Biometric System Market: Competitive Landscape
Companies such as Safran, NEC corporation, Thales, Fujitsu limited, ASSA ABLOY, Precise Biometrics, 3M Cognent, Secunet Security Networks, Hitachi, Cross Match Technologies, Stanley Black & Decker, Cognitec Systems, Daon, Facebanx, BIO-key International, Securiport, M2SYS Technology, Suprema, Qualcomm, Fulcrum Biometrics, and VASCO Data Security International are the leading players of biometric system market across the globe.
Among Authentication type, Single-Factor Authentication segment holds the largest market share of the global biometric system market during the forecast period
Based on the authentication type, the market has been divided into Single-Factor and Multifactor authentication. Among them, the single-factor market dominates the overall market during the forecast period 2019-2025. Single-Factor authentication includes Fingerprint recognition, Iris recognition, palm print recognition, Face recognition, Signature recognition, Voice recognition, and others. Multifactor authentication includes Smart card with biometrics, Pin with biometrics, and Multimodal biometrics. In 2017, the pin with biometrics held the largest share of multifactor authentication type in the biometrics system market due to its cost-effectiveness. The systems based on both biometrics and PIN uses a secure technique for authentication compared with other multifactor authentication systems.
Non-Contact segment is projected to be the fastest growing functionality type of the global biometric system market during the forecast period
Global biometrics system market has been segmented based on functionality type as Contact, Non-Contact, and Combined. With the development of information and communication technology in recent years, the importance of security measuring is increasing. The fingerprint technology is the leading contact functionality segment of the overall biometric system market. The extensive adoption and rising implementation of fingerprint recognition systems are propelling the market for contact-based functionality.
North America accounts for the lion’s share of the global biometric system market during the forecast period
Geographically, the biometric system market is analyzed across North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. North America is the leading region during the forecast timeline due to favorable government regulations, growing travel & tourism activities across the region and the presence of major industry players will significantly contribute to the regional sales. Asia Pacific biometrics market is expected to showcase a significant growth rate owing to the increased implementation of biometrics in China and India. Furthermore, the introduction of China Resident Identity Card Law by China requires scanned and recorded fingerprints of citizens for identification. Europe biometrics market is projected to exhibit a significant share due to wide usage in military and IT applications.
Scope of the Report
By Authentication Type
By Functionality Type
- Military & Defense
- Banking & Finance
- Travel & Immigration
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