Biometric System Market Worth $65.3 Billion by 2024 - Exclusive Report by MarketsandMarkets™

CHICAGO, Oct. 25, 2019 /PRNewswire/ -- The report "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", published by MarketsandMarkets™ , size is estimated to grow from USD 33.0 billion in 2019 to USD 65.3 billion by 2024; it is expected to grow at a CAGR of 14.6% during the forecast period.

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Multi-factor authentication segment to grow at highest CAGR during forecast period

The growth of the multi-factor authentication segment is attributed to the increasing deployment and the need for security to avoid hacking attacks on sensitive information, especially in government and defense applications. The combination of multiple identifiers adds an extra level of security, making the system more effective, accurate, and reliable. In addition, a multimodal biometric system can reduce the failure to enroll (FTE) and failure to capture (FTC) rates. The rapid development of biometric smart cards for payment and identification purposes is expected to drive the growth of the multi-factor authentication segment.

Contact functionality type segment expected to have largest market size during forecast period

Contact-based biometric systems include palm, fingerprint, and signature recognition systems. Of these, fingerprint recognition systems have been in the market for the longest period. Widespread adoption of fingerprint recognition systems is driving the market for contact-based biometric systems. Since fingerprint recognition is mostly used in contact-based biometric systems, the increasing demand for fingerprint recognition solutions would have a positive impact on contact-based biometric systems. Signature recognition is also gaining traction owing to the low deployment and procurement cost associated with this technology. Emerging applications such as sports and entertainment are also expected to deploy fingerprint recognition solutions extensively in the coming years.

Market in RoW to grow at highest CAGR during forecast period

The region is currently contributing less to the overall market. The increasing demand for advanced identity management solutions from various governments in this region to maintain security at border crossing points is the main factor fueling the growth of the biometric system market in the region. Furthermore, the countries in the region have started adopting fingerprint-based biometrics for banking and finance applications.

Browse and in-depth TOC on "Biometric System Market"

124 - Tables

51 - Figures

191 - Pages

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Key players in the biometric system market include Thales Group (Thales) (France), Safran (France), NEC Corporation (NEC) (Japan), ASSA ABLOY AB (ASSA ABLOY) (Sweden), Fujitsu Ltd. (Fujitsu) (Japan), Precise Biometrics, Inc. (Precise Biometrics) (US), Secunet Security Networks AG (Secunet) (Germany), Stanley Black & Decker, Inc. (STANLEY Security) (France), Aware (US), and Cognitec Systems GmbH (Cognitec Systems) (Germany).

Please explore relevant report

Access Control Market by Component (Hardware Card-Based Readers, Biometric Readers, Electronic Locks, Controllers, and Software), Service (Installation, Maintenance, & ACaaS), Vertical, and Geography - Global Forecast to 2024

Fingerprint Sensor Market by Technology (Capacitive, Optical, Thermal, Ultrasonic), Type (Touch, Swipe), Application (Consumer Electronics, Banking & Finance, Government & Law Enforcement, Commercial, Smart Homes), and Region-Global Forecast to 2024 

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