Biometric system Market Set to Grow at Healthy CAGR forecast by 2025

Posted by Andre on August 31st, 2019

The Global Biometric System Market is expected to reach USD 33.5 Billion by 2025, from USD 12.93 Billion in 2017 growing at a CAGR of 17.8% during the forecast period of 2018 to 2025. The upcoming market report contains data for historic years 2014 & 2015, the base year of calculation is 2016 and the forecast period is 2018 to 2025. Some of the major players operating in the global biometric system market are Safran, NEC Technologies India Private Limited, FUJITSU, Aware, Inc., Gemalto Cogent, Inc., BIO-key International, Inc., Precise Biometrics AB, secunet Security Networks AG., Thales Group, Cognitec Systems GmbH, Crossmatch., Fulcrum Biometrics, LLC., Daon, Facebanx , HID Global Corporation/ASSA ABLOY AB., SUPREMA., IRITECH, INC., M2SYS Technology  and among others.

Market Segmentation: Global Biometric System Market

•          The global biometric system market is segmented into authentication, component, function, application, and by geography.
•          Based on authentication, the global biometric system market is classified into single factor authentication and multi-factor authentication. Single factor authentication is segmented into fingerprint recognition, iris recognition, palm print recognition, face recognition, vein recognition, signature recognition, voice recognition and other biometric technologies. Other biometric technologies are further segmented into DNA recognition, keystroke recognition and gait recognition. Multi-factor authentication is segmented into smart card authentication, pin authentication and multi-modal authentication. Multi-modal authentication is further segmented into two biometric factors authentication and three biometric factors authentication.
•          On the basis of component, the global biometric system market is segmented into hardware and software. Hardware is further segmented into fingerprint readers, scanners, camera, and others.
•          On the basis of function, the global biometric system market is segmented into contact, non-contact, and others.
•          On the basis of application, the global biometric system market is segmented into government, military & defence, healthcare, banking & finance, consumer electronics, security, travel & immigration and others application. Security is further segmented into home security and commercial security.

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Major Market Drivers:

•          Increasing usage of biometric technology in financial institutes and healthcare sectors
•          Growing use of biometric systems in criminal identification
•          Incorporation of biometrics in smartphones

Restraints:

•          High installation cost for biometric system

Competitive Analysis: Global Biometric System Market

The global biometric system market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of biometric system market for global, Europe, North America, Asia pacific and South America.

Key insights in the report:

•          Complete and distinct analysis of the market drivers and restraints
•          Key Market players involved in this industry
•          Detailed analysis of the Market Segmentation
•          Competitive analysis of the key players involved

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