The imperative need for efficient security systems to secure confidential data in enterprises has led to an increasing demand for biometrics. Biometrics offer several advantages in high-end identification management as they are precise, easy and safe to use, accountable, secure, user-friendly, convenient, and scalable. The advantages of the technology are expected to play a major role in pushing the global biometrics authentication and identification market, mentions Market Research Report (MRFR) in its recently published report.
The growth of physical security breaches over the past few years has paved the way for the market growth of biometrics market. Biometrics find novel use in government projects such as passport and visas and also serve as a means for unique identification and authentication purposes. The growing need for enhanced security for access of confidential data in enterprises has necessitated the integration of biometrics in security systems and is a major driver of the market. The shift in trend from fixed biometric devices to mobile biometrics devices and rise in demand for portable biometrics and touch-less biometrics devices has also aided in market expansion.
MRFR states that the global market is projected to garner considerable growth during the forecast period due to a number of key factors. Rising concerns related to global security and safety, the massive demand for security protocols, and the integration of biometrics across various industry verticals like government, banking, homeland security, financial institutions, and others are expected to be key drivers of the global market. Biometrics even hold novel use in government projects like visas and passports and serve as a key technology for unique identification and authentication purposes. Additionally, the booming demand for smartphones, increasing support from the government, increasing adoption of biometrics in the healthcare and banking sector, and the usage of biometrics in smartphone technologies are some of the other key drivers of the global market.
Deep penetration among consumers owing to growing crime rates and fraudulent activities, escalating deployment of biometrics in facial recognition and phone unlock in smartphones spurs the market for biometrics. Despite the number of advantages biometric systems offer, the growth of the market might be hindered by the high price of deployment of biometric systems, difficulties in integration into existing software. Moreover, security concerns arising out of breach of stored biometric information or biometric template acts a barrier to the adoption of biometrics system.
However, on the other hand, the growth of the global biometric authentication & identification market can be hampered by the high deployment pricing associated with biometric systems and difficulties in integrating the technology into existing software.
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The global biometric authentication & identification market segmentation is based on the basis of the following key dynamics: authentication type, component, motility, and application.
By authentication type, the market divides into multi-factor authentication and single factor authentication.
The single factor authentication segment is narrowed down into iris recognition, fingerprint recognition, face recognition, palm print recognition, signature recognition, and vein recognition. While, the multi-factor authentication segment is broken down into biometrics combined with pin technology and biometrics combined with smart card technology.
By motility, the market segments into fixed and mobile.
By component, the market comprises scanners, fingerprint readers, and camera.
By application, the market includes healthcare, banking and financial institutions, enterprise, consumer electronics, government, retail and commerce, among others.
The key markets of the global biometric authentication and identification market are North America, Europe, Asia-Pacific, and the Middle East & Africa. North America is the leader in the biometric authentication and identification market followed by Europe and Asia-Pacific. Considerable investments in security systems at airports and borders by customs and border protection (CBP), has led the market for biometric systems in North America. Asia-Pacific region is expected to exhibit rapid growth over the forecast period owing to ID enrollment projects initiated in countries such as China and India. The Middle East & Africa market holds a relatively smaller share of the market but is expected to grow at a fast rate over the forecast period.
The biometric authentication & identification market is highly competitive and hosts a number key and prominent players as well as various emerging organizations. The presence of a wide pool of application-specific vendors that compete in terms of quality, technology, and price is one of the highlighting characterizations of the market. Some of the key players identified by MRFR in the global market are: Apple Inc., Crossmatch Technologies, 3M Cogent, Diamond Fortress Technologies, Fingerprint Cards AB, Cognitec Systems, Synaptics Inc., Aware INC, Bio-Key International Inc., Anviz Global, Fujitsu Global, and others.
May 23rd, 2019, LumenVox and MODIS ITO made the announcement of inking a partnership deal to deliver customer voice and biometric authentication solutions to companies.
June 5th, 2019, it was revealed through a release that IDEX Biometrics ASA, a global leader in advanced fingerprint authentication and identification solutions, is collaborating with Tongxin Microelectronics Co., Ltd. The deal is aimed at creating a compatible biometric smart card solution.
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