According to Goldstein Research, “Biometric provides high level of security in the public, private and commercial sectors by recognizing the human characteristics with the help of iris recognition systems, fingerprints scanning and voice recognition, for identification. Biometric technique helps in preventing data breaches and frauds and unauthorized access. High degree of accuracy and security provided by biometric system is boosting the adoption rate on a large scale and thereby accelerating the growth of global biometric market.”
Global biometric market is segmented on the basis of technology and by end-user. Technology segment is bifurcated into fingerprint recognition technology, iris recognition, facial recognition, hand geometry, vein recognition, signature recognition and voice recognition. Among these segments fingerprint recognition technology is the most commonly used as biometric systems owing to its low cost and easy installation feature. Reliable and stable security features of fingerprint recognition technology are promoting its adoption in end-user sectors such as government, banking, and other. Fingerprint recognition technology segment occupied 43% share of global biometric market in 2016 and is expected to dominate the market over the forecast period.
Asia-Pacific region is the fastest growing region for biometric market. Asia-Pacific biometric market is projected to reach USD 10.78 billion in 2024, growing at a CAGR of 19.0% during the forecast period. Growing standardization of security systems and identification in Asian countries are boosting the growth of biometric market in the region.
Face Recognition Technology: Shaping Future of Biometric Systems
Integration with 2D & 3D face recognition systems are boosting the adoption of face recognition biometric system across the globe. For instance biometric security scanners installed at the airport are used to allow e-passport holders to clear customs more easily and helps in recognizing travelers with fake passports. With the advancement in facial recognition security at custom and border protection are also improving. Facial recognition technology is now being implemented to facilitate government and law enforcements where high level of security clearance is required.
“Global Biometric Market Outlook 2024” contains detailed overview of the global biometric market in terms of market segmentation by technology and by end-user
Further, for the in-depth analysis, the report encompasses the industry growth drivers, market challenges, risk analysis, market attractiveness, BPS (Base Point Scale) analysis, Porter’s five force model and SWOT analysis.
Global biometric market also provides competitive outlook of some of the major players of global biometric market which includes profiling of companies such as NEC Corporation, 3M Company, Precise Biometrics AB, Hitachi, Morpho, Fujitsu Limited, Smartmatic, Suprema, Apple Inc., BIO-Key International, Inc., Thales SA, Daon, Inc, Secunet Security Networks AG, Safran SA, Fulcrum Biometrics, Facebanx, Cognitec Systems GmbH, Cross Match Technologies, HID Global, Sonavation, Olea Sensor Networks, Synaptics Incorporated, Next Biometrics, Egis Technology Inc. and Atmel Corporation. The company profiles include business strategy, geographical revenue distribution, major information of the companies which encompasses business outlook, products, services and industries catered, financial analysis of the company and recent developments.
Overall, the report represents comprehensive synopsis on the global biometric market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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