Biometric Systems Market was valued at USD 28.4 Billion in 2019 and is projected to reach USD 79.8 Billion by 2026, growing at a CAGR of 13.6% from 2020 to 2027.
Fingerprint recognition is that the most typical and oldest modality. The solutions used for fingerprint recognition are easy to put in and low in value compared with alternative authentication technologies. The expansion of the marketplace for fingerprint recognition is attributed to the increasing demand for fingerprint recognition solutions in travel and immigration applications for e-passports and e-visas furthermore as within the government sector for issuance a permit. Fingerprint authentication is extensively employed in various alternative revenue-generating sectors like care and banking & finance.
Based on authentication sort, the Biometric System Market are often divided into single-factor authentication and multi-factor authentication. Single-factor authentication accounts for the biggest market share and is predicted to continue its dominance for a couple of years because of high adoption rates of single-factor authentication in numerous end-use industries like client physics, banking & finance, automotive, and military & defense because of its benefits like straightforward to use & install, value effective, low error rates et al.. Also, the increasing use of fingerprint authentication at offices to trace attending and promptness is one in all the most important factors driving growth of the single-factor authentication section.
Based on offering, the Biometric System Market can be segmented into hardware and software. The software segment is expected to grow at the highest CAGR during the forecast period (2020-2027) owing to the increasing adoption of cloud-based biometric systems across the globe, which demands the right software to increase the compatibility of the biometric systems with different applications.
Based on functionality type, the market is often divided into contact, noncontact, and combined. The contact section accounts for the most important market share because of its widespread blessings like simple installation, cost-effectiveness, high sturdiness, and others, in comparison with alternative segments. In addition, the growing adoption of fingerprint authentication within the banking & finance sector is refueling growth of the contact section.
Based on region, the global biometric system market can be segmented into North America, Europe, Asia Pacific, and the Rest of the World (ROW). In 2018, North America accounted for the largest market share and is expected to continue its dominance over the next few years. This growth can be attributed to growing digitalization, increasing acceptance of smart technologies, and rising government initiatives aimed toward public safety.
Based on region, the Biometric System Market may be metameric into North America, Europe, Asia Pacific and therefore the Rest of the World (ROW). In 2018, North America accounted for the biggest market share and is anticipated to continue its dominance over consecutive few years. This growth may be attributed to growing digitalisation, increasing acceptance of sensible technologies, and rising government initiatives aimed toward public safety.
Reasons to Purchase this Report
• Current and future of global Biometric System Market outlook in the developed and emerging markets.
• The segment that is expected to dominate the market as well as the segment which holds highest CAGR in the forecast period.
• Regions/Countries that are expected to witness the fastest growth rates during the forecast period.
• The latest developments, market shares, and strategies that are employed by the major market players.
Key Biometric System Market Segments are:
On the basis of Authentication Type:
• Single-factor authentication
• Multi-factor authentication
On the basis of Offering:
On the basis of Functionality Type:
On the basis of End User:
• Military & Defense
• Banking & Finance
• Consumer Electronics
• Travel& Immigration
On the basis of Region:
• North America
• Asia Pacific (APAC)
• Rest of the World (RoW)
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