Status : Published Published On : Nov, 2020 Report Code : VRSME9025 Industry : Semiconductor & Electronics Available Format : Page : 150

Global Biometric Technology Market - Analysis and Forecast (2019-2025)

Industry Insights by Type (Face, Hand Geometry, Voice, Signature, Iris, AFIS, Non-AFIS, Others), By End Use (Government, Banking & Finance, Transport/Logistics, Defense & Security, Others)

Industry Overview

The global biometric technology market estimated to be USD 22.0 billion in 2020 and is predicted to reach USD 58.0 billion by 2025, growing at a CAGR of 21.4% during the forecast period. The factors responsible for the growth of biometric technology across the globe is surging demand for high level security in the private, public, and commercial sectors. Moreover, widespread use of biometrics technology in consumer electronics, in order to enhance customer experiences, is also boost the growth of the market. Increasing uses of biometric technology in the e-commerce application for secure transactions also supports in the growth of the global biometric technology market.

Biometric Technology Market Highlights

Market Segmentation

Insight by Type

Based on type, the global biometric technology market is categorized into face, hand geometry, voice, signature, iris, automated fingerprint identification system (AFIS), non-AFIS, others. In 2019, the non-AFIS segment dominated the biometric technology market owing to its high accuracy and efficiency it is widely adopted in various sectors to enable authorized access.

However, market for AFIS segment is expected to grow at the fastest rate during the forecast period owing to its use in fingerprint and palm identification for many civil applications.

Scope of the Report

Report Metric

Details

Market Size Available for the Years in the Study

2015–2025

Historical Period

2015–2019

Base Year

2019

Forecast Period

2020–2025

Segments Covered in the Study

Type, End Use, and Region

Geographies Covered in the Study

North America (U.S., Canada, Mexico), Europe (Germany, U.K., France, Italy, Spain, Russia), Asia-Pacific (China, Japan, India, South Korea), and Rest of the World (Brazil, Saudi Arabia, South Africa, U.A.E.)

Companies Covered in the Study

NEC Corporation, Precise Biometrics AB, Fujitsu Limited, 3M Cogent, Hitachi, FaceFirst, Accu-Time Systems, Inc., AFIX Technologies, BIO-key International, Inc., and Nuance Communications

Industry Dynamics

Growth Drivers

The primary factors driving the growth of the global biometric technology market are:

  • - Growing concerns regarding internal and external securities
  • - Growing use of the technology in government and private sectors for employee identification and attendance
  • - Rising adoption of biometrics systems in the BFSI sector for securing financial transactions across the globe

Challenges

Higher in price as compared to their alternates may hinder the growth of the global biometric technology market.

Geographic Overview

Geographically, North America is the largest revenue contributor in the biometric technology market. In the region, biometric techniques are widely used in various departments such as commerce, defense, homeland security, justice, and state.

Asia-Pacific is observed to witness the fastest growth in the market, as the region comprises of the large population base and increasing awareness about the technology. In addition, countries such as China and India are sights of high growth rates in the region.

Competitive Insight

Key players operating in the global biometric technology market include NEC Corporation, Precise Biometrics AB, Fujitsu Limited, 3M Cogent, Hitachi, FaceFirst, Accu-Time Systems, Inc., AFIX Technologies, BIO-key International, Inc., and Nuance Communications.

Forecast Parameters

  • - Identifying variables and establishing market impact.
  • - Establishing market trends regionally.
  • - Analyzing opportunities and market penetration rates by understanding product commercialization, regional expansion.
  • - Analyzing demand and supply trends and changes in industry dynamics to establish future growth.
  • - Analyzing sustainability strategies adhered by market participants in an attempt to determine future course of the market.
  • - Analyzing historical market trends and super-imposing them on the current and future variables to determine year-on-year trend.
  • - Understanding adoption, development, distribution and regulatory framework.

Data Validation

  • - Estimated and forecasted data was validated through industry experts.
  • - Apart from industry experts, data triangulation methods were used for validation.
  • - Bottom up and top down approach has been used for estimation and forecast of market data, whereas top down approach was used for validation.
  • - Demand as well as supply side surveys were conducted in order to understand the industry dynamics and data validation.

Research Phases

Biometric Technology Market Research Phases

Primary Research

VynZ Research conducts extensive primary research to understand the market dynamics, validate market data and have key opinions from the industry experts. The key profiles approached within the industry includes, CEO, CFO, CTO, President, Vice President, Product Managers, Regional Heads and Others. Also, end user surveys comprising of consumers are also conducted to understand consumer behavior.

Biometric Technology Market Size

Source: VynZ Research

Biometric Technology Market Size Analysis

Source: VynZ Research

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Research Methodology

  •  Desk Research / Pilot Interviews
  •  Build Market Size Model
  •  Research and Analysis
  •  Final Deliverabvle
Biometric Technology Market