According to the global Biometric Technology market is expected to grow from $3.24 billion in 2016 to reach $12.22 billion by 2023 with a CAGR of 20.8%. Biometrics technology is used for recognition and verification of persons by analyzing their fingerprints, voice, face, iris and hand geometry signatures. Some of the key factors that are propelling the market growth include advancement in technologies, rising applications in commercial & government sectors, growing demand for improved security systems in organizations. However, hug capital investments and technological restrictions are some factors creating a challenge for this market.
By application, automated fingerprint identification system (AFIS) is expected to witness highest CAGR over the forecast period owing to its demand in various civil applications and law enforcements. Based on geography, Asia Pacific region is anticipated to be the fastest growing market attributed to rising awareness of biometrics technology in emerging nations. The markets in China, India, Mexico and Russia are projected to grow significantly.
Some of the key players in this market include Suprema, Inc., Fujitsu Limited, IDTECK, IrisGuard, Inc. , Lumidigm, Inc., Morpho SA (Safran), NEC Corporation, RCG Holdings, Ltd.,
BIO-Key International, Inc., Cognitec Systems, GmbH, Daon, Inc., Accu-Time Systems, Inc., DigitalPersona, Inc., Siemens AG and 3M Cogent, Inc.
Components Covered:
Hardware
o Scanners
o Fingerprint Readers
o Camera
o Other Hardware
Software
Function Types Covered:
Contact
Non-Contact
Other Function Types
Applications Covered:
Voice Recognition
Non-Automated Fingerprint Identification System (AFIS)
Signature Recognition
Vein Recognition
Iris Recognition
Hand geometry Recognition
Biometrics Combined With Pin Authentication
Face Recognition
Biometric System Combined With Smart Card Authentication
Automated Fingerprint Identification System (AFIS)
Multi-Modal Authentication
Other Applications
End Users Covered:
Travel & Immigration
Healthcare
Banking & Finance
Defense & Security
Government
IT & Telecommunication
Consumer Electronics
Transport/Logistics
Other End Users
Regions Covered:
North America
o US
o Canada
o Mexico
Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o Rest of Asia Pacific
South America
o Argentina
o Brazil
o Chile
o Rest of South America
Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa
What our report offers:
– Market share assessments for the regional and country level segments
– Market share analysis of the top industry players
– Strategic recommendations for the new entrants
– Market forecasts for a minimum of 7 years of all the mentioned segments, sub segments and the regional markets
– Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
– Strategic recommendations in key business segments based on the market estimations
– Competitive landscaping mapping the key common trends
– Company profiling with detailed strategies, financials, and recent developments
– Supply chain trends mapping the latest technological advancements
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