Report Ocean is a comprehensive analysis of the “Biometric System Market” that includes both qualitative and quantitative data. The report covers various regions and provides insights into major industry changes, challenges faced by businesses and competitors, and potential new opportunities in the market. It also includes a SWOT analysis, Porter’s Five Forces model, and a value chain review to help readers understand the industry’s position in the market and the stakeholder positions.
Global Biometric System Market Thrives with a Growth Rate Surpassing 13.9%
Refreshed Content:
The Global Biometric System Market, valued at approximately USD 30.77 billion in 2022, is poised for substantial growth, anticipated to witness a robust growth rate of more than 13.9% over the forecast period from 2023 to 2030. Biometric systems, employing digital techniques for identity verification through unique human personal features, play a pivotal role in enhancing security and authentication processes. This technology analyzes distinctive biometric traits such as fingerprints, faces, iris, voice, and vein patterns to immediately identify or validate individuals, providing an additional layer of protection to system authentication.
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Moreover, the biometric system is widely used in consumer electronics for identification and authentication applications. Thus, the growing consumer electronic industry is anticipated to support the market growth. According to Statista, in 2019, the consumer electronics market was valued USD 951.91 billion; in 2022 the market reached USD 987.16 billion and it is anticipated to reach USD 1052.96 billion by 2025. Additionally, the increasing usage of multi-factor authentication in the BFSI, automotive, and consumer electronics industries, is presenting attractive opportunities throughout the projection period. However, heavy initial investment of Biometric Devices stifling market growth throughout the forecast period of 2023-2030.
The key driver for the market’s growth is the increased utilization of biometric technology in consumer electronics for identification and authentication applications. Governments’ heightened focus on preventing fraudulent beneficiary entries and improving governance through biometrics further accelerates market growth. Additionally, the growing popularity of biometric technology in automotive applications for safety and security, coupled with the increasing incidents of crime, contributes to the industry’s positive trajectory.
Furthermore, the widespread use of biometric systems in consumer electronics for identification and authentication applications is expected to bolster market growth. The growing consumer electronics market, reaching USD 951.91 billion in 2019 and projected to reach USD 1052.96 billion by 2025, supports this anticipation. The increasing adoption of multi-factor authentication in BFSI, automotive, and consumer electronics industries presents attractive opportunities throughout the projection period. However, the heavy initial investment in biometric devices poses a challenge, stifling market growth throughout the forecast period from 2023 to 2030.
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Market Dynamics:
- The consumer electronics market reached USD 987.16 billion in 2022 and is anticipated to reach USD 1052.96 billion by 2025.
Key Regions:
North America dominated the market in 2022, driven by increased demand for biometric system solutions in the information and technology industries. Asia Pacific is expected to witness significant growth, fueled by increased technology adoption in various industries and the deployment of the Automated Facial Recognition System (AFRS) in India.
Major Market Players:
Key market players include HID Global Corporation, Bio Key International Inc., NEC Corporation, Thales Group, Fulcrum Biometric Inc., Nuance Communication Inc., Precise Biometric, Qualcomm Technology Inc., DERMALOG Identification Systems GmbH, and Daon Inc.
Recent Developments:
- September 2022: Daon Inc. made its biometric identity access management solution, “Identity X,” accessible on the Genesys AppFoundry platform, enhancing security for Genesys Cloud X customers.
- January 2022: Precision Biometrics collaborated with Infineon Technology to employ the Infineon biometry fingerprint algorithm in their Precise Bio Match product, enabling autonomous driver seat adjustment in automobiles.
Objective of the Study:
The study aims to define market sizes of different segments & countries in recent years and forecast values to the coming years. The report incorporates both qualitative and quantitative aspects, analyzing driving factors, challenges, potential opportunities, competitive landscape, and product offerings of key players.
Detailed Segments and Sub-segments:
By Authentication Type:
- Multi-factor Authentication
- Single Factor Authentication
By Contact Type:
- Contact-Based System
- Contact Less System
- Hybrid
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By Technology:
- Face Recognition
- Iris Recognition
- Voice Recognition
- Vein Recognition
- Fingerprint Recognition
- Others
By Mobility:
- Fixed
- Portable
By End-user:
- BFSI
- Military & Defense
- Consumer Electronics
- Travel & Transport
- Commercial
- Smart Home
- Government & Public
- Others
By Region:
- North America
- U.S.
- Canada
- Europe
- UK
- Germany
- France
- Spain
- Italy
- ROE
- Asia Pacific
- China
- India
- Japan
- Australia
- South Korea
- RoAPAC
- Latin America
- Brazil
- Mexico
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
Report Scope:
- Historical Data: 2020 – 2021
- Base Year for Estimation: 2022
- Forecast Period: 2023-2030
- Report Coverage: Revenue Forecast, Company Ranking, Competitive Landscape, Growth Factors, and Trends
- Segments Covered: Authentication Type, Contact Type, Technology, Mobility, End User, Region
- Regional Scope: North America; Europe; Asia Pacific; Latin America; Middle East & Africa
- Customization Scope: Free report customization (equivalent up to 8 analyst’s working hours) with purchase. Addition or alteration to country, regional & segment scope*
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Key Questions Answered by the Report:
- What are the driving factors for market growth?
- What challenges and limitations does the market face?
- What emerging opportunities exist in the market?
- What potential threats and risks could impact the market?
- What is the current market size and growth rate?
- What are the market segments and their sizes?
- Which regions are projected to experience the highest growth and market share?
- What variables affect different geographical areas?
- Who are the major players in the market and their rankings?
- What recent partnerships, launches, expansions, or acquisitions have occurred among the companies profiled?
- What are the comprehensive profiles of the top market players, including business overview, insights, product benchmarking, and SWOT analysis?
- What is the present market outlook, considering recent changes and growth possibilities?
- What are the drivers, obstacles, and restrictions in both developing and emerging regions?
- How does the market analysis utilize Porter’s five forces analysis?
- How does the Value Chain provide insights into market dynamics?
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