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Global Biometric Technology market size is estimated to grow at a CAGR of more than 10% during the forecast period 2020-2027

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Global Biometric Technology market size is estimated to grow at a CAGR of more than 10% during the forecast period 2020-2027

February 10
13:36 2021
Global Biometric Technology market size is estimated to grow at a CAGR of more than 10% during the forecast period 2020-2027
The “Global Biometric Technology market” report has been added to ReportOcean.com offering.

The market growth is majorly influenced by rising application of biometrics in consumer electronic devices for identification and authentication purposes. Increasing demand for security and surveillance is also acting as a major influencing factor towards market growth. However, high cost of biometric technology may hinder the overall market growth over the future forecast period. High-security applications need multi-step authentication process, while low-security applications require single-factor biometric systems. Price variations in implementation of multi-factor biometric applications depends upon the type of sensor used in the device.

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The market is witnessing an influencing trend of growth in adoption of biometric technology in automotive applications around the world.

Biometric systems are more reliable, more convenient, and quicker than conventional security systems that rely on smart cards, PINs and passwords. Along with easy operational traits, these systems are easy to install and can be operated with ease even by low-skilled personnel- hence the operation do not require high skilled specialists.

Growth in applications of biometrics in consumer electronics advanced authentication in various recognition systems in tablets and smartphones are positively influencing the overall market growth over the future period. Moreover, integration of biometrics technology with e-commerce and e-commerce applications allow safe and secure transactions that create ample amount of opportunities for the growth of the global biometrics technology market size.

Biometrics technologies have key applications in e-passport programs, that support the successful tracking and tracing of illegal migration. Moreover, rising use of biometric technology in enterprises to ensure secure identity management, improved convenience, and superior human resource management. Hence, increasing end-user application of biometrics will drive the overall growth of the global biometric technology market size.

Regional Overview of the Biometric Technology Market

This market research study report studies the global biometric technologymarket size in key regions like North America, Europe, Asia Pacific, Middle East & Africa and South America. As per the analysis, the North America biometric technologymarket is anticipated to hold majority of the market share during the forecast period. The regional market dominance is attributed to increasing application of biometrics technology in various end-uses such as commerce, justice, homeland security, defense and others in the US and Canada majorly.

Studying the Asia-Pacific market shows that the regional fastest growth is attributed to growing technological awareness in countries with high population base such as China and India. Projects like UIDAI in India and e-KTP electronic ID initiative in Indonesia that uses face, fingerprints, and eye biometry are majorly contributing towards market growth over the future forecast period.

Segmentation Overview of the Global Biometric Technology Market

The global biometric technology market is categorized on the basis of industry, distribution channel and region. These major market segments are further categorized into various sub-segments to study the market in detail.

Based on Industry

  • Public sector
  • Banking & financial sector
  • Healthcare
  • IT & telecommunication
  • Others (hospitality, retail, automotive)

Based on Distribution Channel

  • Direct Sales
  • Distributor

Based on Region

  • North America
    • The U.S.
    • Canada
    • Mexico
  • Europe
    • The U.K.
    • Germany
    • France
    • Spain
    • Russia
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Australia & NZ
    • Rest of Asia Pacific
  • South America
    • Brazil
    • Argentina
    • Rest of South America
  • Middle East & Africa
    • U.A.E.
    • Saudi Arabia
    • South Africa
    • Egypt
    • Rest of Middle East & Africa

Competitive Landscape of the Global Biometric Technology Market

3M Company (Cogent Systems, Inc.), BIO-key International, Inc., Fujitsu Frontech Limited, ImageWare Systems, Inc., NEC Corporation, Precise Biometrics, Safran S.A., Suprema, Inc., Secunet Security Networks AG and Thales S.A. among others among others are profiled in the research study under various heads such as company business overview, Company Details (Key Executive, Employee count, Trading stock, Year of Establishment), Financial Overview, Business Strategies Adopted and SWOT analysis. Companies in the market have adopted various competitive strategies such as product launch, business expansion, mergers & acquisitions, agreement, partnership, and others to offer better and competitive products to customers in the global biometric technology industry.

Recent Developments:

In February 2019, Product Launch: The IDEMIA 3D Face recognition solution, Infineon and pmdtechnologies announced the collaboration to offer a complete solution for system integrators and OEMs that delivers an optimal user experience with focus on bullet-proof security, fast recognition and convenience.

In June 2019, Acquisition: Green Bit, a company based in Italy has joined the government business of Gemalto as a result of recent acquisition of Thales for an undisclosed amount. The acquisition may accelerate and enhance Gemalto’s biometric capture capacities.

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