The rising criminal activities in the countries has led to the enhancement of security features by several governments and security agencies. Moreover, the growing infrastructure development in the developing countries are anticipated to positively impact the growth of Global Biometric System market.
According to MarkNtel Advisors’ research report “Global Biometric System Market Analysis, 2020”, the Biometric System market is projected to grow at a CAGR of around 14% during 2020-25. The fingerprint recognition grabbed the highest market share in the Global Biometric System market in 2019. However, the facial recognition market is anticipated to rapidly grow in the North America and APAC region in the forthcoming period on account of various government initiatives introduced by the governments. In 2019, India planned to set up the world’s largest facial recognition systems which would help the police force, gather information, identify criminals, etc. Moreover, the US government rolled out a plan to deploy facial recognition at the US airports by 2021.
As per MarkNtel Advisors’ study, the consumer electronics sector captured a significant market share in the Global Biometric System market in 2019 on account of the growing application of fingerprint and facial recognition in mobiles, tablets, etc. The adoption of biometrics is projected to provide high security in mobile payments thereby surging the demand for biometrics in the years to come. Moreover, the biometric systems have vast applications in the new construction projects along with the old ones.
Major deployment of the Biometric System finds in the areas of commercial, retail, government and transportation sectors. Hence, the increasing installation of biometric devices due to rising criminal activities along with the rising construction activities is anticipated to strongly contribute to the growth of Global Biometric System market in the forthcoming years.
The software segment is anticipated to attain the highest CAGR during the projected period 2020-25. However, the hardware components comprising of the finger print readers, scanners, and cameras held the dominating position in the global biometric system market, as revealed by the MarkNtel Advisors’ research report on “Global Biometric System Market Analysis, 2020”.
The software is one of the most essential component in the whole biometric system, to ensure the compatibility of the biometric system. the introduction of artificial intelligence and the cloud computing as a service for biometric devices, is expected to accelerate the demand for associated software with rapidly increasing hardware biometric device market.
The major players who has grabbed a considerable market share in the Global Biometric System market include Thales, Safran, NEC, Assa Abloy, Fujitsu, Stanley Black & Decker, Jhonson Controls, etc.
"Global Biometric System Market Analysis, 2020” provides comprehensive qualitative and quantitative insights on the market potential, regional opportunities, key factors impacting sales and purchase decision, hotspots and opportunities available for Biometric System firms across the globe. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitor's capabilities on 16 parameters. This will help companies in the competition assessment, formulation of Go to Market Strategies and identifying the blue ocean for their offerings.
Industry Segmentation:
1. By Authentication Type (Fingerprint Recognition, Iris Recognition, Palm Print Recognition, Face Recognition, Voice Recognition, Others)
2. By Offering (Hardware, Software)
3. By Functionality (Contact, Non-Contact, Combined)
4. By End Users (Government, Military & Defense, Healthcare, Banking & Finance, Consumer Electronics, Residential, Corporate Offices)
5. By Geographic Region (North America, South America, Europe, Middle East & Africa, Asia Pacific)
6. By Competitors (Thales, Safran, NEC, Assa Abloy, Fujitsu, Stanley Black & Decker, Jhonson Controls, Others)
Key questions answered in the study:
1. What are the current and future trends of the Global Biometric System market?
2. How the industry has been evolving in terms of end-user demand and application areas?
3. What are the future plans and customer expectations of end-users across the globe?
4. How the competition has been shaping across the countries followed by their comparative factorial indexing?
5. What are the key growth drivers and challenges for the Global Biometric System market?
6. What are the customer orientation, purchase behavior, and expectations from the Biometric System companies across various regions?