The rising number of criminal activities in various countries has led to the enhancement of security features by several governments and security agencies. The growing infrastructure development in the developing countries are anticipated to positively impact the growth of Global Biometric System market. Moreover, the biometric systems have vast applications in the new construction projects. Major deployment of the Biometric Systems are largely witnessed 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 considerable construction activities is anticipated to strongly contribute to the growth of Global Biometric System market in the forthcoming years
According to MarkNtel Advisors’ research report titled “Global Biometric System Market Analysis, 2020”, the Biometric System market is projected to grow at a CAGR of around 14% during 2020-25. Based on end user, the consumer electronics sector captured a significant market share in the Global Biometric System market in 2019 on account of the growing applications 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.
The Software Segment is Anticipated to Attain the Highest CAGR
The software segment is anticipated to attain the highest CAGR during the projected period 2020-25. Software is one of the most essential components in the whole biometric system as it ensures 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 growth of the hardware biometric device market.
However, the hardware components comprising the fingerprint readers, scanners, and cameras held the dominating position in the global biometric system market, as stated in the MarkNtel Advisors’ research report on “Global Biometric System Market Analysis, 2020”.
As per MarkNtel Advisors, 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 growth 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.
Key questions answered in the study: