Dublin, Dec. 20, 2019 (GLOBE NEWSWIRE) -- 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.
The global biometric system market is expected to grow from US$ 33 billion in 2019 to US$ 65.3 billion by 2024 at a CAGR of 14.6%.
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.
Thales Group (Thales) (France), Safran (France), NEC Corporation (NEC) (Japan), ASSA ABLOY AB (ASSA ABLOY) (Sweden), and Fujitsu Ltd. (Fujitsu) (Japan) are among the leading players in the biometric system market.
Single-factor authentication segment to hold the largest market share during the forecast period
The larger market for single-factor authentication is owing to its convenience, cost-effectiveness, and fast responsiveness. Single-factor authentication technologies, such as fingerprint, face, and iris, are among the most prominent technologies, especially in government, travel & immigration, and banking applications. Significant adoption of facial recognition and fingerprint recognition solutions in consumer electronics devices has spurred the demand for single-factor authentication-based biometric systems. Increasing awareness regarding and adoption of surveillance cameras for facial recognition have propelled the market for facial recognition in recent years. Facial recognition technology is deployed on a large scale for identification management. For instance, several airports in countries such as the UK, US, and China have integrated facial recognition systems to enhance security.
Combined functionality type segment to grow at highest CAGR during the forecast period
The highest CAGR of the combined segment is attributed to the increasing need for efficient and reliable biometrics. Multimodal biometrics guard against spoofing or forgery through multi-level authentication.
Many countries, such as the US, India, and the UK, have adopted multimodal authentication systems (a combination of two or three biometrics modalities, using the contact or non-contact functionalities) for security checkpoints on the country borders owing to increasing threats of terrorist activities.
Consumer electronics to hold the largest size of the biometric system market during the forecast period
The consumer electronics industry is one of the continuously evolving industries. This industry has been witnessing new developments in recent years at a rapid pace. Alexa, a voice assistance speaker, or smartphones equipped with facial and fingerprint recognition are well-known examples of such developments. Biometrics is one of the revolutionary technologies in the consumer electronics sector, owing to its security and cost-effectiveness.
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
5.2.1.1 Increasing Use of Biometrics in Consumer Electronics Devices to Provide Seamless Access Over Different Applications
5.2.1.2 Rising Number of Government Initiatives to Adopt Biometrics
5.2.1.3 Growing Need for Surveillance and Security Owing to Threats of Terrorist Attacks
5.2.1.4 Proliferation of Biometric Technology in Automotive Enterprise Applications
5.2.1.5 Increased Convenience, Secure Identity Management, and Superior Human Resource Management
5.2.2 Restraints
5.2.2.1 High Deployment Cost
5.2.3 Opportunities
5.2.3.1 Technological Developments
5.2.4 Challenges
5.2.4.1 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
6.2.1.1 AFIS
6.2.1.1.1 Large Market for AFIS is Owing to Its Adoption By Law Enforcement Agencies
6.2.1.2 Non-AFIS
6.2.1.2.1 Increasing Consumer Awareness for Biometrics to Drive the Adoption of Non-AFIS Technology
6.2.2 Iris Recognition
6.2.2.1 Iris Recognition is Largely Being Adopted for Identification and Authentication Purposes Due to Increasing Government Initiatives
6.2.3 Palm Print Recognition
6.2.3.1 Increased Level of Accuracy and Security to Drive the Adoption of Palm Print Recognition Solutions
6.2.4 Face Recognition
6.2.4.1 Growing Need for Surveillance and Increasing Adoption of Video Analytics Capabilities are Driving the Market for Face Recognition
6.2.5 Vein Recognition
6.2.5.1 Need for High Security in Applications Such as Banking, Immigration, Etc., to Drive the Vein Recognition Market
6.2.6 Signature Recognition
6.2.6.1 Noninvasive Nature and Better Convenience of Signature Recognition to Drive Its Adoption in Near Future
6.2.7 Voice Recognition
6.2.7.1 Increasing Accuracy of Voice Recognition Through Integration of AI to Boost the Market of Voice Recognition
6.2.8 Others
6.2.8.1 DNA Recognition
6.2.8.1.1 Dna Recognition Technology is Being Adopted for Applications Such as Forensic Sciences, Healthcare, and Criminal Investigations
6.2.8.2 Keystroke Recognition
6.2.8.2.1 Keystroke Recognition is One of the Leading Behavioral Biometric Technology
6.2.8.3 Gait Recognition
6.2.8.3.1 Gait Recognition is Widely Used for Long-Distance Verification
6.2.8.4 Otoacoustic Emissions
6.2.8.4.1 Otoacoustic Emission is One of the Most Innovative and Emerging Biometric Technology
6.3 Multi-Factor Authentication
6.3.1 Smart Card With Biometrics
6.3.1.1 Smart Card With Biometrics is One of the Leading Advanced Secured Authentication Technologies
6.3.2 Pin With Biometrics
6.3.2.1 Pin With Biometrics is One of the Most Common Multi-Factor Authentication Methods
6.3.3 Multimodal Biometric
6.3.3.1 Two-Factor Authentication
6.3.3.2 Three-Factor Authentication
7 Biometric System Market, By Offering
7.1 Introduction
7.2 Hardware
7.2.1 Fingerprint Readers
7.2.1.1 Fingerprint Readers to Hold Largest Share of Biometric Hardware Component Market
7.2.2 Scanners
7.2.2.1 Demand for Increased Accuracy to Drive the Adoption of Scanners
7.2.3 Cameras
7.2.3.1 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
9.9.1.1 Emergence of IoT and Wireless Technologies and Increasing Consumer Awareness to Drive the Biometrics Adoption in Residential Security
9.9.2 Commercial Security
9.9.2.1 Rising Security Concerns Among Enterprises to Drive Biometric System Market in Commercial Security Applications
9.10 Others
10 Geographic Analysis
10.1 Introduction
10.2 North America
10.3 Europe
10.4 APAC
10.5 RoW
11 Competitive Landscape
11.1 Overview
11.2 Ranking Analysis
11.3 Competitive Scenario
11.3.1 Product Developments and Launches
11.3.2 Partnerships, Agreements, and Collaborations
11.3.3 Acquisitions
11.3.4 Investments and Expansions
11.4 Competitive Leadership Mapping
11.4.1 Visionary Leaders
11.4.2 Dynamic Differentiators
11.4.3 Innovators
11.4.4 Emerging Companies
12 Company Profiles
12.1 Key Companies
12.1.1 Thales
12.1.2 Safran
12.1.3 NEC
12.1.4 ASSA Abloy
12.1.5 Fujitsu
12.1.6 Precise Biometrics
12.1.7 Secunet Security Networks
12.1.8 Stanley Black & Decker
12.1.9 Aware
12.1.10 Cognitec Systems
12.2 Other Key Companies
12.2.1 Daon
12.2.2 Facebanx
12.2.3 Bio-Key International
12.2.4 Securiport
12.2.5 M2sys Technology
12.2.6 Suprima
12.2.7 Fulcrum Biometrics
12.2.8 Vasco Data Security International
12.2.9 Qualcomm
12.2.10 Integrated Biometrics
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