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Biometric System Markets, 2024 - Increased Convenience, Secure Identity Management, and Superior Human Resource Management

DUBLIN, Nov. 7, 2019 /PRNewswire/ -- The "Biometric System Market by Authentication Type (Single-Factor: Fingerprint, Iris, Palm Print, Face, Voice; Multi-Factor), Offering (Hardware, Software), Functionality (Contact, Noncontact, Combined), End User, and Region - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.

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The Global Biometric System Market Size is Expected to Grow from USD 33.0 Billion in 2019 to USD 65.3 Billion by 2024 at a CAGR of 14.6%.

The biometric system market is gaining traction, mainly due to the increasing adoption in consumer electronics and the growing need for surveillance and security.

The need for biometric systems is mainly driven by the increasing use of biometrics in consumer electronics devices to provide seamless access over different applications, rising number of government initiatives to adopt biometrics, growing need for surveillance and security due to the threats of terrorist attacks, and increasing penetration of biometric technology in automotive and enterprise applications. However, high deployment cost inhibits the growth of the biometric system industry.

Biometrics is a term used to define the physical and behavioral characteristics of a human body that are measurable in various forms. Biometric system technology is a technology that identifies an individual through the verification of physical and behavioral characteristics, such as fingerprints; eye retinas and irises; deoxyribonucleic acid (DNA); voice patterns; facial patterns; and hand measurements for authentication purposes.

Biometrics has successfully replaced traditional identification methods in most applications across various industries. It has become a preferred option for authentication and identification. Initially, the use of biometrics was limited to government projects. However, with the advent of technologies such as face recognition, voice recognition, etc., and security features of biometrics systems, their deployment has increased rapidly in commercial applications.

Key Topics Covered:

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights
4.1 Biometric System Market Opportunities
4.2 Market, By Single-Factor Authentication
4.3 Market in APAC, By End User and Country
4.4 Biometrics Market, By Multi-Factor Authentication
4.5 Market in APAC, By Country

5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers Increasing Use of Biometrics in Consumer Electronics Devices to Provide Seamless Access Over Different Applications Rising Number of Government Initiatives to Adopt Biometrics Growing Need for Surveillance and Security Owing to Threats of Terrorist Attacks Proliferation of Biometric Technology in Automotive Enterprise Applications Increased Convenience, Secure Identity Management, and Superior Human Resource Management
5.2.2 Restraints High Deployment Cost
5.2.3 Opportunities Technological Developments
5.2.4 Challenges Data Security Concerns
5.3 Value Chain Analysis

6 Biometric System Market, By Authentication Type
6.1 Introduction
6.2 Single-Factor Authentication
6.2.1 Fingerprint Recognition AFIS Large Market for AFIS is Owing to Its Adoption By Law Enforcement Agencies Non-AFIS Increasing Consumer Awareness for Biometrics to Drive the Adoption of Non-AFIS Technology
6.2.2 Iris Recognition Iris Recognition is Largely Being Adopted for Identification and Authentication Purposes Due to Increasing Government Initiatives
6.2.3 Palm Print Recognition Increased Level of Accuracy and Security to Drive the Adoption of Palm Print Recognition Solutions
6.2.4 Face Recognition Growing Need for Surveillance and Increasing Adoption of Video Analytics Capabilities are Driving the Market for Face Recognition
6.2.5 Vein Recognition Need for High Security in Applications Such as Banking, Immigration, Etc., to Drive the Vein Recognition Market
6.2.6 Signature Recognition Noninvasive Nature and Better Convenience of Signature Recognition to Drive Its Adoption in Near Future
6.2.7 Voice Recognition Increasing Accuracy of Voice Recognition Through Integration of AI to Boost the Market of Voice Recognition
6.2.8 Others DNA Recognition Dna Recognition Technology is Being Adopted for Applications Such as Forensic Sciences, Healthcare, and Criminal Investigations Keystroke Recognition Keystroke Recognition is One of the Leading Behavioral Biometric Technology Gait Recognition Gait Recognition is Widely Used for Long-Distance Verification Otoacoustic Emissions Otoacoustic Emission is One of the Most Innovative and Emerging Biometric Technology
6.3 Multi-Factor Authentication
6.3.1 Smart Card With Biometrics Smart Card With Biometrics is One of the Leading Advanced Secured Authentication Technologies
6.3.2 Pin With Biometrics Pin With Biometrics is One of the Most Common Multi-Factor Authentication Methods
6.3.3 Multimodal Biometric Two-Factor Authentication Three-Factor Authentication

7 Biometric System Market, By Offering
7.1 Introduction
7.2 Hardware
7.2.1 Fingerprint Readers Fingerprint Readers to Hold Largest Share of Biometric Hardware Component Market
7.2.2 Scanners Demand for Increased Accuracy to Drive the Adoption of Scanners
7.2.3 Cameras Increasing Market of Facial Recognition to Drive Camera Segment of Biometric Hardware Market
7.2.4 Other
7.3 Software
7.3.1 Software Market Expected to Grow at A Higher CAGR During Forecast Period

8 Biometric System Market, By Functionality
8.1 Introduction
8.2 Contact Functionality
8.2.1 Contact Functionality Biometrics to Hold Largest Market Share During Forecast Period
8.3 Non-Contact Functionality
8.3.1 Non-Contact Biometric Functionality is Widely Used for Non-Touch Verification
8.4 Combined Functionality
8.4.1 Combined Biometric Functionality Segment to Grow at Highest Rate Owing to High Security and Accuracy

9 Biometric System Market, By End User
9.1 Introduction
9.2 Government
9.2.1 Increasing Government Initiatives for Public Safety to Drive Biometrics Market in Government
9.3 Military & Defense
9.3.1 Biometrics Adoption in Military & Defense is Increasing to Eradicate Security Concerns
9.4 Healthcare
9.4.1 Need to Bring Efficiency in Clinical Processes and Improve Diagnosis and Treatment Drive the Biometrics Adoption in Healthcare
9.5 Banking & Finance
9.5.1 Ease in Access to Financial Services Through Biometric Systems to Drive the Adoption of Biometric Systems in Banking & Finance Sector
9.6 Consumer Electronics
9.6.1 Adoption of Biometrics in Consumer Electronics is Growing Owing to the Seamless Access to Multiple Features and Cost-Effectiveness
9.7 Travel & Immigration
9.7.1 Increasing Security Concerns of Various Nations to Drive Biometric Systems Adoption in Travel & Immigration
9.8 Automotive
9.8.1 Rising Preference for Advanced Electronics and Demand for Increased Convenience and Security to Drive Adoption of Biometrics in Automotive Sector
9.9 Security
9.9.1 Residential Security Emergence of IoT and Wireless Technologies and Increasing Consumer Awareness to Drive the Biometrics Adoption in Residential Security
9.9.2 Commercial Security Rising Security Concerns Among Enterprises to Drive Biometric System Market in Commercial Security Applications
9.10 Others

10 Geographic Analysis

Company Profiles

Key Companies

  • Thales
  • Safran
  • NEC
  • ASSA Abloy
  • Fujitsu
  • Precise Biometrics
  • Secunet Security Networks
  • Stanley Black & Decker
  • Aware
  • Cognitec Systems

Other Key Companies

  • Daon
  • Facebanx
  • Bio-Key International
  • Securiport
  • M2sys Technology
  • Suprima
  • Fulcrum Biometrics
  • Vasco Data Security International
  • Qualcomm
  • Integrated Biometrics

For more information about this report visit https://www.researchandmarkets.com/r/b7s91w

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