According to a new market report published by Lucintel, the future of the global biometric system market looks promising with opportunities in the government, commercial, healthcare, and banking sector. 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. 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.
Browse 64 market data tables and 87 figures spread through 176 pages and in-depth TOC on Global Biometric Market
In this market, fingerprint, automated fingerprint identification system (AFIS), iris recognition, facial recognition, hand geometry, vein recognition, signature recognition, and voice recognition are the major biometric technologies used for identification and access control. Lucintel 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. Lucintel 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.
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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.
Asia Pacific is expected to witness good growth over the forecast period because of growing adoption of biometric technologies in national ID and e-passport programs.
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Emerging trends, which have a direct impact on the dynamics of the industry, include development of advanced biometric modalities, such as body odor, ear pattern, and lip biometrics and increasing use of advanced biometric sensors. Safran SA, NEC Corporation, 3M Cogent, Precise Biometrics, and Fujitsu Ltd are among the major biometric system manufacturers.
The study includes a forecast for the global biometric system market 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]:
- North America
- Asia Pacific
- The Rest of the World
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This report answers following 11 key questions:
Q.1 What are some of the most promising, high-growth opportunities for the global biometric system market 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)?
Q. 2 Which segments will grow at a faster pace and why?
Q.3 Which regions will grow at a faster pace and why?
Q.4 What are the key factors affecting market dynamics? What are the drivers and challenges of the market?
Q.5 What are the business risks and threats to the market?
Q.6 What are the emerging trends in this market and reasons behind them?
Q.7 What are some changing demands of customers in the market?
Q.8 What are the new developments in the market? Which companies are leading these developments?
Q.9 Who are the major players in this market? What strategic initiatives are being implemented by key players for business growth?
Q.10 What are some of the competitive products and processes in this area and how big of a threat do they pose for loss of market share via product substitution?
Q.11 What M&A activity has occurred in the last 5 years?
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