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",
the biometrics system 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.
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Browse 93 market data Tables and 49 Figures spread through 186 Pages and in-depth TOC on "Biometric System Market - Global Forecast to 2023"
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 larger share of 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.
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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).
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