The global biometric system market is expected to reach an estimated $32.4 billion by 2022 and it is forecast to grow at a CAGR of 15% from 2017 to 2022.
Trends, opportunities and forecast in this market to 2022 by type (physiological and behavioral), by technology (fingerprint, AFIS, iris recognition, facial recognition, hand geometry, vein recognition, signature recognition, voice recognition, and others), by end use industry (government and law enforcement, commercial and retail, health care, travel and immigration, financial and banking, and others), and by region (North America, Europe, Asia Pacific, and the Rest of the World)
The global biometric system market looks promising with opportunities in the government, commercial, healthcare, and banking sector. The major growth drivers for this market are increasing focus of safety and security in private and business sectors related to unauthorized access, growth in the e-passport program for personal identification, and the growing adaption of voice recognition systems in the banking and financial services sector.
Emerging trends, which have a direct impact on the dynamics of the biometric system industry, include development of advanced biometric modalities, such as body odor, ear pattern, and lip biometrics and increasing use of advanced biometric sensors.
Biometric system companies profiled in this market report include Safran SA, NEC Corporation, 3M Cogent, Precise Biometrics, and Fujitsu Ltd are among the major biometric system manufacturers.
The author forecasts that AFIS is expected to remain the largest technology due to the increasing demand in various law enforcement and civil applications. The voice recognition technology segment is expected to experience the highest growth rate in the forecast period supported by increasing demand from the banking and finance sector in addition to the healthcare sector.
Within the biometric system market, government & law enforcement is expected to remain the largest segment due to the growing demand for biometric systems in defense sectors and homeland security. The report predicts that the financial & banking sector is likely to experience the highest growth in the forecast period supported by increasing use of biometrics to enhance security and protect the financial information and identity of customers.
North America is expected to remain the largest region during the forecast period due to the stringent government regulations for security in the US and Canada.
The study includes biometric system market size and forecast for the global biometric system market through 2022 segmented by type, technology, end use industry, and region as follows:
Biometric system market by Technology [$M shipment analysis from 2011 to 2022]:
- Iris Recognition
- Facial Recognition
- Hand Geometry
- Vein Recognition
- Signature recognition
- Voice Recognition
Biometric system market by End Use Industry [$M shipment analysis from 2011 to 2022]:
- Government and Law Enforcement
- Commercial and Retail
- Health Care
- Travel and Immigration
- Financial and Banking
Biometric system market by Type [$M shipment analysis from 2011 to 2022]:
- Physiological Type
- Behavioral Type
Biometric system market by Region [$M shipment analysis for 2011 - 2022]: