| Status : Published | Published On : Nov, 2020 | Report Code : VRSME9025 | Industry : Semiconductor & Electronics | Available Format :
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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.
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
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Report Metric |
Details |
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Market Size Available for the Years in the Study |
2015–2025 |
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Historical Period |
2015–2019 |
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Base Year |
2019 |
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Forecast Period |
2020–2025 |
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Segments Covered in the Study |
Type, End Use, and Region |
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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.) |
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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
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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.
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Source: VynZ Research
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Source: VynZ Research
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Research Methodology
- Desk Research / Pilot Interviews
- Build Market Size Model
- Research and Analysis
- Final Deliverabvle