Status : Published | Published On : Nov, 2020 | Report Code : VRSME9025 | Industry : Semiconductor & Electronics | Available Format :
![]() |
Page : 150 |
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
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:
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
Data Validation
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.
Source: VynZ Research
Source: VynZ Research