Global Biometric System Market – Analysis and Forecast (2018-2024)

Industry Insights by Authentication Type (Single-Factor Authentication, and Multifactor Authentication), by Component (Hardware, and Software), by Functionality Type (Contact Functionality, Combined Functionality and Noncontact Functionality) and by Application (Government, Healthcare, Automotive, Banking & Finance, Travel & Immigration, Military & Defense, Consumer Electronics, Security, and Others)

Status : Upcoming
Report Code : VRSME9008
Available Format : PDF
Industry : Healthcare

Industry Overview

Biometric system is a technological system which requires biological data such as an individual’s face, fingerprints, iris, DNA, and typing rhythms for the identification of a person. It is used in various industries such as banking, consumer electronics, defense, government, healthcare, transport, and commercial safety and security.

The global biometric system market is growing at a significant rate, due to a mounting number of government initiatives to implement biometrics and growing need for surveillance and security. Different authentication types contributed to the biometric system market size. The market has witnessed a high demand for single-factor authentication in the coming years due to easy to install, cost-effective and fast.

Market Segmentation

Insight by Authentication Type

On the basis of authentication type the biometric system market is subdivided into single-factor authentication, and multifactor authentication. Among all authentication type, single-factor authentication segment accounted the larger share in the market, as it is easy to install, cost-effective and fast.

The single-factor authentication is further subdivided into fingerprint recognition, face recognition, voice recognition, IRIS recognition, signature recognition, palm print recognition, vein recognition, and others. The fingerprint recognition segment accounted the largest share in the market, due to the high employment of fingerprint recognition technology in e-visas, e-passports, travel and immigration, and driving license, and increased implementation of it in computers, laptops, and smartphones for security purpose. Moreover, the voice recognition segment is expected to grow at the fastest rate in the market, due to mounting demand in the banking, healthcare and finance sectors.

In addition, multifactor authentication is further subdivided into a pin with biometrics, multimodal biometrics and smart card with biometrics. The pins with biometrics segment accounted the largest share in the market as it is cost effective and use a secure method for authentication.

Insight by Component

On the basis of the component, the biometric system market is subdivided into hardware and software. The hardware is further subdivided into the scanner, camera, fingerprint readers, and others.

Insight by Functionality Type

On the basis of functionality type, the market is subdivided into contact functionality, combined functionality, and noncontact functionality. Among all functionality types, the contact functionality accounted the largest share in the biometric system market due to extensive acceptance and mounting implementation of fingerprint recognition systems.

Insight by Application

On the basis of application, the biometric system market is subdivided into government, healthcare, automotive, banking & finance, travel & immigration, military & defense, consumer electronics, security, and others. Among all applications, the travel & immigration accounted the largest share in the biometric system market due to the mounting necessity for security across border-crossing points. In addition, the automotive segment is expected to grow at significant rate in the market due to escalating number of vehicle theft instances, which is boosting the vehicle manufacturers to provide their products with biometrics systems, thus enhancing the security levels for their consumers.

Industry Dynamics

Growth Drivers

A mounting number of government initiatives to implement biometrics, multiplying of biometric technology in applications such as financial institutes, automotive, and retail, growing need for surveillance and security, and enhanced convenience, secure identity management, and superior human resource management are the primary growth drivers for biometric system market.

In addition, technological upgrades and advancements, and exclusive and easy features of biometrics system are the major factors driving the growth of biometric system market.

Challenges

The threat of confidentiality and data breach, and high deployment price are the major challenges for the growth of biometric system market.

Industry Ecosystem

Globally industry players are leveraging market growth through launching new products. The high level of capital requirement also poses a major barrier to the entry of new players. This offers an edge to the established players in the industry competition.

Geographic Overview

Geographically, North America the largest biometric system market due to increasing government initiatives. In addition, technological up gradation and advancement and mounting concerns of safety and security are also facilitating the growth of the North American biometric system market.

Asia-Pacific is observed to witness the fastest growth in the market due to increased travel and tourism activity. In addition, mounting concerns of safety and security and escalating government projects are also up surging growth of the Asia-Pacific biometric system market.

Competitive Insight

Key players in the biometric system market are catering the demand by collaborating, and acquiring with small players and investing in technologically advanced products across the globe. In February 2018, Fujitsu launched AuthConductor Client, a collection of biometric authentication software for PCs.

In addition, in September 2018 Fujitsu Limited and Fujitsu Frontech Limited mutually developed biometric-enabled cashless gambling machines for the Japan Racing Association (JRA). Thales, Fujitsu Ltd., Safran, Secunet Security Networks AG, Precise Biometrics AB, NEC Corporation, Stanley Black & Decker, and Assa Abloy are the key players offering biometric system.

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