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Global Biometrics Market 2019-2023 | Development of New Products to Boost Growth | Technavio

Technavio has announced its latest market research report titled global biometrics market 2019-2023 (Graphic: Business Wire)

LONDON--(BUSINESS WIRE)--

The global biometrics market is expected to post a CAGR of more than 15% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20191127005446/en/

Governments across the world are increasing efforts to adopt various initiatives such as e-passport and national identity cards. For instance, in 2018, the New South Wales Government in Australia announced that it would provide monetary aid to support the rollout of the National Facial Biometric Matching Capability. Similarly, the EU has mandated the inclusion of fingerprint data in e-passports along with a digital photograph. Such initiatives by governments across the world are increasing the demand for biometric technologies, thereby driving the growth of the market.

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As per Technavio, the continuous developments of new products will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.

Global Biometrics Market: Continuous Development of New Products

Vendors in the market are focusing on the development of new products to expand their product portfolios and stay competitive in the market. Many vendors are providing 3D facial recognition solutions to enable quick and secure unlocks in smartphones and other security applications. Some vendors are introducing fingerprint-controlled biometric locks for bikes. The development of such innovative biometric products is expected to boost market growth during the forecast period.

“Technological advancements in biometrics and the rising popularity of face and voice recognition biometrics in the BFSI sector will further boost market growth during the forecast period”, says a senior analyst at Technavio.

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Global Biometrics Market: Segmentation Analysis

This market report segments the global biometrics market by end-users (government, healthcare, BFSI, and others) and geography (Americas, APAC, and EMEA).

The Americas region led the market in 2018, followed by APAC and EMEA respectively. During the forecast period, the Americas region is expected to maintain its dominance over the market. This is due to increasing investments in biometric technologies by governments in the region. However, the APAC region is expected to witness the maximum incremental growth during the forecast period due to the rising adoption of biometric systems among several end-users in the region such as BFSI, consumer electronics, and governments.

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Some of the key topics covered in the report include:

Market Landscape

  • Market ecosystem
  • Market characteristics
  • Market segmentation analysis

Market Sizing

  • Market definition
  • Market size and forecast

Five Forces Analysis

Market Segmentation

Customer Landscape

Geographical Segmentation

  • Geographic comparison
  • Key leading countries

Market Drivers

Market Challenges

Market Trends

Vendor Landscape

  • Landscape disruption
  • Competitive scenario

Vendor Analysis

  • Vendors covered
  • Vendor classification
  • Market positioning of vendors

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

View source version on businesswire.com: https://www.businesswire.com/news/home/20191127005446/en/