According to the new market research report "Biometric System Market by Authentication Type (Single-Factor and Multifactor), Functionality Type (Contact, Non-Contact, and Combined), Component (Hardware and Software), Application, and Geography - Global Forecast to 2023", published by MarketsandMarkets™, the market is estimated to grow from USD 16.80 billion by 2018 to USD 41.80 billion by 2023, at a CAGR of 19.99% between 2018 and 2023.
Early buyers will receive 10% customization on this report
The biometrics system market has huge potential in application such as government; military and defense; and travel and immigration. Major factors driving the growth of this market are the increasing number of government initiatives to adopt biometrics, and growing need for surveillance and security owing to the threats of terrorist attacks.
Single-factor authentication to hold the largest share of the biometrics system market by 2018
Single-factor authentication systems are fast, easy to install, and cost-effective compared to the multifactor authentication systems. Modalities such as fingerprint, face, and iris are among the most prominent technologies, especially in the government, travel and immigration, and banking applications.
Pin with biometrics to hold largest share of the biometrics system market for multi factor authentication by 2018
The systems based on both biometrics and PIN are cost-effective and use a secure method for authentication compared to other multifactor authentication systems. Thus, banks and financial institutions are extensively using biometrics combined with PIN to authenticate and verify the transactions of an account holder.
Travel and immigration to hold largest share of biometrics system market from 2018 to 2023
The increasing demand for biometrics systems in travel and immigration applications is attributed to the growing need for security across border-crossing points (BCPs) as well as to the elevating implementation of biometrics system owing to increasing travel and tourism activities across these points.
North America to hold largest share of biometrics system market by 2018
North America is the largest market for biometrics technologies owing to the presence of key biometrics system manufacturers such as Aware and Cross Match Technologies. The growth of the North American market can be attributed to the increasing government initiatives in North American countries such as the US, Canada, and Mexico for large-scale funded programs such as e-passports and e-visas.
Companies profiled in the report are Safran (France), NEC (Japan) Thales (France), Fujitsu (Japan), ASSA ABLOY (Sweden), Precise Biometrics (Sweden), Aware (US), Secunet Security Networks (Germany), Cross Match Technologies (US), and Stanley Black & Decker (France). This report also covers the following prominent players: Cognitec Systems (Germany), Daon (US), Facebanx (UK), BIO-key International (US), Securiport (US), M2SYS Technology (US), Suprema (South Korea), Qualcomm (US), Fulcrum Biometrics (US), and VASCO Data Security International (US).
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies' revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model - GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets's flagship competitive intelligence and market research platform, "Knowledge Store" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
Contact: Mr. Shelly Singh MarketsandMarkets™ INC. 630 Dundee Road Suite 430 Northbrook, IL 60062 USA: +1-888-600-6441 Email: firstname.lastname@example.org