UV Disinfection Equipment Market worth $9.2 billion by 2026

 

The report "UV Disinfection Equipment Market with COVID-19 Impact Analysis by Component (UV Lamps, Reactor Chambers), Power Rating (High, medium, low), Application (Water and Wastewater, Surface), End-user (Municipal, Residential), Geography - Global Forecast to 2026", size is projected to reach USD 9.2 billion by 2026 from an estimated USD 4.8 billion in 2021, at a CAGR of 14.0% from 2021 to 2026. The increasing demand for UV disinfection equipment to combat COVID-19 pandemic is among the factors driving the growth of the UV disinfection equipment market.

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Browse 171 market data Tables and 66 Figures spread through 235 Pages and in-depth TOC on "UV Disinfection Equipment Market with COVID-19 Impact Analysis by Component (UV Lamps, Reactor Chambers), Power Rating (High, medium, low), Application (Water and Wastewater, Surface), End-user (Municipal, Residential), Geography - Global Forecast to 2026"
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UV lamps segment to projected to register the highest CAGR between 2021 to 2026

The UV lamps segment is expected to register the highest CAGR during the forecast period. UV disinfection equipment can employ single or multiple UV lamps depending on the function of the equipment. The decreased operating cost of UV disinfection equipment due to the adoption of UV LED has fueled the growth of the market.

High-power UV disinfection equipment segment held the largest share of the market in 2020

In 2020, high-power UV disinfection equipment held the largest share of the UV disinfection equipment market. Market growth can be attributed to the huge demand for high-power UV disinfection equipment from municipal corporations. These equipment are suitable for municipal water and wastewater treatment applications as they can be used for disinfecting large amounts of water in less time.

By application, water and wastewater disinfection application is projected to grow at highest CAGR during forecast period

The UV disinfection equipment market for water and wastewater disinfection application is projected to record the highest CAGR during the forecast period. Market growth can be attributed to the rising concern regarding water and wastewater treatment among governments across the world. Also, regulations are imposed on wastewater discharge in the large water bodies by the government of different countries across the world.

By end user, municipal segment is projected to grow at highest CAGR during forecast period

The municipal segment is expected to witness the highest CAGR during the forecast period. The surging demand for water and wastewater disinfection in this sector is primarily responsible for the market growth. The increasing concern toward preserving natural resources by using an environmentally friendly disinfection solution for the treatment of water and wastewater in rivers and natural springs is among the main reasons driving the growth of the UV disinfection equipment market in the municipal segment.

By region, APAC UV disinfection equipment market estimated to grow at highest CAGR throughout the forecast period

The UV disinfection equipment market in APAC is projected to grow at the highest CAGR during the forecast period. Successful projects such as the Clean Ganga project in APAC are contributing to the growth of the market in the region. Moreover, the high adoption rate of UV technology in countries such as China, Japan, South Korea, and India, along with the increasing number of startups dealing in UV technology, drives the growth of the UV disinfection equipment market in APAC.

Xylem Inc. (US), Trojan Technologies (Canada), Halma Group (UK), Kuraray Co., Ltd. (Japan), Atlantic Ultraviolet Corporation (US), Evoqua Water Technologies LLC (US), Advanced UV, Inc. (US), American Ultraviolet (US), Atlantium Technologies Ltd. (Israel), and Hoenle AG (Germany),  are some of the key players in the UV disinfection equipment market.

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Digital Signage Market expected to reach $27.8 billion by 2026

 

The report "Digital Signage Market with COVID-19 Impact Analysis by Offering (Hardware, Software, Services), Product, Display Size, Installation Location, Application (Retail, Healthcare, Hospitality, BFSI, Education), and Geography - Global Forecast to 2026", will grow to USD 27.8 billion by 2026 (forecast year) from USD 16.3 billion in 2021 (estimated year), at a CAGR of 11.2% between 2021 to 2026. The key drivers fueling the growth of this market include the growing adoption of digital signage in commercial applications, increasing infrastructure developments in emerging countries, surging demand for 4K & 8K resolution displays, and ongoing technological advancements in displays.

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The hardware segment to hold the largest market share in 2026

The hardware segment of the digital signage market, by offering is estimated to hold the largest market share in 2026. The rapid adoption of display technologies such as direct-view LED and OLED offering ultra-high definition (UHD), 4K, and 8K resolutions complemented by the growing adoption of digital signage in commercial industries is expected to drive hardware segment market growth. Additionally, the increasing adoption of large screen digital signage in the retail sector and advertising spaces as a suitable replacement for traditional signboards would boost the growth of the hardware segment in coming years.

The outdoor installation segment to register higher CAGR during the forecast period

The outdoor installation segment of the digital signage market, by installation location, is projected to register the higher CAGR during the forecast period. This growth can be attributed to various technological developments related to digital signage display as a result of which businesses have the option to choose from a wide variety of high brightness, highly attractive displays in different sizes and configurations offering brightness of more than 2000 nits, making them perfectly suitable for outdoor locations. Moreover, with recent advancements in display technology, digital displays have become less prone to harsh outdoor environments and deliver excellent product life.

APAC is projected to hold the largest share of the digital signage market in 2026

APAC is expected to hold the largest share of the digital signage market in 2026. Increasing adoption of the Internet of Things (IoT) and technologies that enable digital transformation across various sectors such as commercial, institutional, infrastructure, and industrial has fueled the demand for digital signage in APAC. In addition, strong economic growth, rise in consumerism, growth in the standards of living, increase in disposable income, high technological advancements, growth of retail space, and changes in lifestyles have accelerated the adoption of strong and reliable advertising media in the countries of the region.

Samsung Electronics (South Korea), LG Electronics (South Korea), Sharp Corporation (Japan), Leyard Optoelectronic (US), Sony Corporation (Japan), Barco (Belgium), Panasonic Corporation (Japan), Shanghai Goodview Electronics (China), AU Optronics (Taiwan), and BrightSign (US) are the key players in the global digital signage market. These players are increasingly undertaking strategies such as product launches and development, expansions, partnerships, contracts, and acquisitions to increase their market share.

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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.

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Wireless Network Test Equipment Market worth $4.7 billion by 2023

 

According to the new market research report "Wireless Network Test Equipment Market by Equipment Type (Drive Test Equipment, Monitoring Equipment, OSS with Geolocation Equipment, SON Testing Equipment), Network Technology (2G/3G/4G and 5G), End User, and Region - Global Forecast to 2023", the wireless network test equipment market is estimated to be worth USD 3.2 billion in 2018 and is expected to reach USD 4.7 billion by 2023 at a CAGR of 8.0%. The major factors fueling the growth of the wireless network test equipment market include the growing mobile data traffic coupled with increasing adoption of smart devices, rising technological advancement toward networking and communication, and increasing interoperability of network technologies.

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“Drive test equipment to lead wireless network test equipment market by 2023”

Drive test is the process of measuring and assessing the coverage, capacity, and Quality of Service (QoS) of a mobile network. The process requires a laptop, data collecting software, dongle, mobile phone for each network to be tested and a GPS antenna. The testing process includes a vehicle that comprises the aforementioned equipment to check and record different types of physical and virtual parameters of a cellular network in a given geographic area. This testing helps detect and understand what difficulty subscriber face in a given area, and thereby allowing service providers to accordingly make changes in the network for delivering effective coverage and service to the customers. The equipment used in drive test are highly specialized electronic devices that interface with OEM mobile handsets to receive realistic and comparable with actual user experiences.

“2G/3G/4G network technology to be largest market for wireless network test equipment during forecast period”

2G/3G/4G networks are the most widely used network technologies. The market of 4G/LTE would increase until the introduction of 5G with the advancement in LTE into 4.5G Pro and 4.9G (Gigabit LTE). The LTE advanced connectivity technologies would help improve data rates and customer experiences. The increasing importance of mobile data services in a large number of industries across the world demands more capacity of mobile networks, which, in turn, would drive the market for 4G/LTE until the introduction of 5G connectivity technology.

“Enterprises to lead wireless network test equipment market by 2023”

The enterprises holds the maximum share of wireless network test equipment market. Wireless network test equipment help enterprises improve their network performance by examining every aspect of the network process during the entire journey. Wireless network test equipment is widely adopted due to the increased need for maintaining and optimizing the network. The demand for wireless network testing is shifting from subscriber to enterprise and government organizations.

“APAC to be largest market for wireless network test equipment during forecast period”

The wireless network test equipment market in APAC is mainly concentrated in countries such as Germany, the UK, and France. China has a large number of 2G, 3G, and 4G subscribers and is likely to be among the frontrunners to deploy 5G. It is also among the major adopters of IoT in APAC. The country is striving for the development of smart cities. In 2013, 311 cities were selected for the transformation into smart cities; of which, significant progress has been observed in ~80 cities. Many vendors, such as Ericsson (Sweden), Cisco (US), and Huawei (China), provide various solutions for these smart cities and are conducting an extensive study on the infrastructure and new projects capabilities in the Asian countries. Additionally, China is a populated country; thus mobile and data connectivity infrastructures are likely to increase. The dense population of the country could lead to issues regarding the reliability of the connectivity, resulting in call drops and network failures. Therefore, major telecom players in China collaborate with facility owners and use wireless network test equipment to offer enhanced wireless connectivity.

Major players involved in the wireless network test equipment market include Anritsu (Japan), Infovista (Virginia), Keysight Technologies (US), Rohde & Schwarz (Germany), VIAVI (US), Accuver (US), Dingli Corporation (China), Empirix (US), EXFO (US), Spirent Communications (UK), Teoco (US), RADCOM (Israel), Gemalto (Netherlands), NETSCOUT (US), and Bird Technologies (US).

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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.

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Flexible Heater Market expeccted to reach $1,356 million by 2023

 

According to the latest market research report "Flexible Heater Market by Type (Silicone Rubber, Polyimide, Polyester, Mica), Industry (Electronics & Semiconductor, Medical, Aerospace & Defense, Automotive, Food & Beverages, Oil & Gas), and Geography - Global Forecast to 2023", The flexible heater market is expected to grow from USD 945 million in 2018 to USD 1,356 million by 2023 at a CAGR of 7.5%. The factors such as a wide range of applications and rising demand from several industries are driving the growth of the flexible heater market. Flexible form factor, technological advancements, launch of innovative products, and high adoption of flexible heaters in medical applications are also driving the market toward significant growth.

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“Silicone rubber-based flexible heater market to grow at highest CAGR during forecast period”

The market for silicone rubber-based flexible heaters is expected to grow at the highest CAGR during the forecast period. Due to their flexibility, faster warm-ups, improved heat transfers, and decreased wattage requirements, silicone rubber-based flexible heaters are used in applications such as semiconductor processing; energy processing (in gas dehydration and gas sweetening); kitchen equipment (in fryers, grills, ovens, warming cabinets, and steam tables); packaging; photovoltaic; medical and analytical instrumentation; aircraft; and spacecraft and satellites. The increasing demand for flexible heaters, coupled with the overall growth of various end-user industries, is driving the market.

“Medical industry to provide significant opportunities to flexible heater market players during forecast period”

Flexible heaters are widely used in the medical industry for electric heating elements and sensors, ranging from dimensional and resistance tolerances; low current leakage; and high insulation resistance readings. In the medical industry, these heaters are primarily found in the ultrasonic cleansers, fluid warmers, warming blankets, sterilization trays, blood warmers, temperature therapy equipment, warming blanket cabinets, dialysis machines, patient warming pads, and various other medical equipment. The increasing demand for these heaters in such applications in the medical industry is expected to fuel the market for flexible heaters during the forecast period.

“APAC holds largest share of flexible heater market”

APAC accounts for the largest share of the market, followed by North America and Europe. The increasing demand for flexible heaters in various medical equipment, analytical instruments, avionics and defense systems, semiconductor processes, and commercial food equipment is driving the growth of the flexible heater market. The electronics, semiconductor, and automotive are the major industries in APAC, and the market for the medical device and food equipment manufacturing is expected to grow at the fastest rate in this region in the coming years. The economic growth of the region and lower operating costs in countries such as China and India are expected to drive the demand for flexible heaters in APAC. In addition, the growth of the market in APAC is fueled by the manufacturers shifting their production processes to this region due to the raw material availability, cheap workforce, and increasing demand for these heaters.

Several major players in the flexible heater market are NIBE Industrier AB (Sweden), Honeywell International Inc. (US), Omega Engineering (US), Watlow Electric Manufacturing (US), Smiths Group plc (UK), Chromalox (US), Rogers Corporation (US), Minco Products, Inc. (US), Zoppas Industries S.P.A. (Italy), and All Flex Flexible Circuits (US), among others.

About MarketsandMarkets™

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.

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Substrate-Like PCB Market expected to reach $2.6 billion by 2024

 

According to the new market research report on "Substrate-Like PCB Market by Line/Spacing (25/25 & 30/30 µm and Less than 25/25 µm), Inspection Technology (Automated Optical Inspection, Direct Imaging, Automated Optical Shaping), Application, and Geography - Global Forecast to 2023", The substrate-like PCB market is expected to grow from USD 1.1 billion in 2018 to USD 2.6 billion by 2024, at a compound annual growth rate (CAGR) of 15.6% during the forecast period. The high adoption of SLPs by leading OEMs, surge in demand for smart consumer electronics and wearable devices, and impactful benefits of SLP are a few major factors driving the growth of the substrate-like PCB market.

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Line space of 25/25 & 30/30 µm to hold major share of substrate-like PCB market during forecast period

Line space of 25/25 & 30/30 µm is expected to hold the largest market share for the SLP market based on the line/space segment. Most of the consumer electronics devices, such as smart bands, smartphones, and fitness trackers, are battery operated and demand for more battery capacity. To increase the battery capacity, the size of the PCB should be compromised. To achieve this, SLPs can be implemented, and the line/space can be reduced to 25/25 µm or 30/30 µm. Therefore, smartphone manufacturers such as Apple and Samsung are using SLPs, which can subsequently allow using larger batteries. Due to the more detailed, smaller area, SLPs can set aside more space for other components. Earlier, HDI PCBs required line/space of 50/50 µm, but due to the use of mSAP, line/space of up to 25 µm can be achieved.

Consumer electronics application to dominate substrate-like PCB market during forecast period

The consumer electronics application is expected to hold the largest market share of the substrate-like PCB market. Consumer electronics includes smartphones, tablets, smart bands, fitness bands, wearables, and others. Increasing demand for consumer electronics expected to provide opportunities to players in the SLP market. Due to the increasing power consumption in consumer electronics applications, batteries need to get bigger, while boards need to get smaller; SLP is seen as an element that can satisfy both the conditions simultaneously. Moreover, with the adoption of 5G, there is a requirement for advanced PCBs, which is expected to propel the SLP market growth in the coming years. There will be more space for the battery with the use of SLP in a smartphone as SLP will allow for thinner connections between key components such as the DRAM, NAND flash memory, and application processor. With the use of SLP, the number of layers can be increased, thereby reducing the board area and width by 30% compared to the existing one. Major SLP suppliers include Kinsus, Ibiden, Compeq, Unimicron, AT&S. ZD Techand Samsung Electro-Mechanics.

APAC to hold major share of substrate-like PCB market by 2024

APAC is an emerging market for substrate-like PCBs. APAC is expected to hold the largest size of the substrate-like PCB market during the forecast period due to the high adoption of SLP-based products in consumer electronics such as smartphones, and strong presence of major smartphone players such as Samsung, Huawei, Oppo, and Vivio in this region. APAC has become a global focal point for large investments and business expansion opportunities. More than 50% of the global mobile subscribers live in APAC—mostly in China and India. There has been a paradigm shift of users from 3G to 4G technology in this region. Asian markets are encouraging the development of 5G mobile technologies with commercial deployments planned in South Korea in 2019, and Japan and China in 2020.

AT&S (Austria);  TTM Technologies (US); Samsung Electro-Mechanics (South Korea); Korea Circuit (South Korea); Kinsus Interconnect Technology (Taiwan); Zhen Ding Technology (Taiwan); Unimicron (Taiwan); Compeq (Taiwan); Ibiden (Japan); Daeduck Electronics (South Korea); ISU Petasys (South Korea); Tripod Technology Corporation (Taiwan); LG Innotek (South Korea) are major players in the substrate-like PCB market.

About MarketsandMarkets™

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.

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NDT and Inspection Market Return to Trend in $11.7 billion by 2025

 

The report "NDT and Inspection Market with COVID-19 Impact by Technique (Visual Testing, Magnetic Particle, Liquid Penetrant, Eddy-Current, Ultrasonic, Radiographic, Acoustic Emission), Method, Service, Vertical, and Region - Global Forecast to 2025", size is estimated to grow from USD 8.4 billion in 2020 to USD 11.7 billion by 2025, growing at a CAGR of 7.0%. Stringent government regulations regarding public safety & product quality and continuous advances in electronics, automation, and robotics are among a few major factors driving the NDT and inspection markets growth. The high adoption of IoT devices and rising need to assess aging assets health also propel the development of the NDT and inspection market.

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“The ultrasonic testing (UT) technique to hold the largest share of the NDT and inspection market in 2019”

Ultrasonic testing is expected to account for the largest market share in 2019. It is presently the most popular NDT technique owing to its ability to identify defects and determine their severity accurately. Some advanced techniques such as ultrasonic immersion testing and guided-wave ultrasonic testing can also be used for critical applications in the oil & gas and aerospace industries. Ultrasonic testing has evolved considerably over the last few decades and is the most important NDT technique for identifying and quantifying surface and subsurface defects. Ultrasonic NDT inspection can be conducted by using a wide range of methods, a few of which are manual and cost-effective, while others need advanced automated equipment for determining faults in critical applications. This technique can also be deployed to inspect objects that are not easily accessible through direct contact, such as inspecting the piping system buried under the earths surface.

The market for the manufacturing vertical expected to grow at the highest CAGR during the forecast period

The manufacturing sector is expected to be the fastest-growing vertical in the NDT and inspection market from 2020 to 2025. This sector is receiving a boost from emerging markets such as China, India, and South Africa due to their growing manufacturing and industrial base. The NDT and inspection technique is widely used in manufacturing to ensure the integrity of components produced. This technique is primarily employed for preventive maintenance and failure analysis and the post-care of the damages.

North America expected to hold the largest market share during the forecast period

North America is expected to hold the largest share of the overall NDT and inspection market by 2025. The rapid growth of automotive, power generation, oil & gas, and aerospace & defense industries in the region are the major reason for the growing adoption of NDT equipment and rising demand for related services in North America.

General Electric (US), Olympus Corporation (Japan), MISTRAS Group (US), Nikon Metrology (Belgium), and Ashtead Technology (Scotland), YXLON International (Germany), Sonatest (UK), Zetec, Inc. (US), T.D. Williamson Inc. (US), Bosello High Technology Srl (Italy), Eddyfi (Canada), and Magnaflux (US), Fischer Technology Inc. (US), Cygnus Instruments Ltd. (UK), NDT Global GmBH (Germany), Acuren (US), and LynX Inspection (Canada) are the key players in the market.

About MarketsandMarkets™

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, "Knowledgestore" 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.

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Biometric System Market revenues to grow $68.6 billion by 2025

 

The report "Biometric System Market with COVID-19 Impact by Authentication Type (Single-Factor: Fingerprint, Iris, Face, Voice; Multi-Factor), Offering (Hardware, Software), Type (Contact-based, Contactless, Hybrid), Vertical, and Region - Global Forecast to 2025", is expected to grow from USD 36.6 billion in 2020 to USD 68.6 billion by 2025; it is estimated to grow at a CAGR of 13.4% during the forecast period. The major factors driving the market include the increasing use of biometrics in consumer electronic devices for authentication and identification purposes, the growing need for surveillance and security with the heightened threat of terrorist attacks, and the surging adoption of biometric technology in automotive applications.

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“Multi-factor authentication are expected to to be the fastest-growing market for biometric system market during the forecast period”

The growing demand for multi-factor authentication is attributed to the rising need for additional security against the theft of sensitive data, especially in government and defense verticals. Combining multiple identifiers adds an extra level of protection, making the system more effective, accurate, and reliable. In addition, a multimodal biometric system can reduce the failure to enroll (FTE) and failure to capture (FTC) rates. The rapid development of biometric smart cards for payment and identification purposes is expected to drive the growth of the multi-factor authentication segment.

“Hybrid biometric system market is expected to be the fastest-growing segment during the forecast period”

The highest CAGR of hybrid biometric systems is attributed to the increasing adoption of efficient and reliable biometrics. Multimodal biometric solutions offer enhanced safety against spoofing or forgery through multi-level authentication. In addition, many countries, such as the US, India, and the UK, have adopted multimodal authentication systems (a combination of two or three biometric modalities, using contact-based or contactless systems) for security checkpoints at country borders due to the heightened threat of terrorist attacks.

“RoW to be the fastest-growing market for biometric system during the forecast period”

The biometric system market in RoW has been further segmented into the Middle East & Africa and South America. The Middle East is one of the fastest-growing economies in the world in terms of infrastructure, electronics industry, and other technological advancements. The growth of the biometric system market in the Middle East & Africa can be attributed to their unique geographic location, airport hubs, and increasing passenger traffic. The government sector is the primary investor in the biometric system market in the Middle East, mainly for the national ID projects; the banking sector is another major contributor to market growth in the region. The adoption of biometrics technology in other sectors such as residential and commercial security, healthcare, and travel & immigration is comparatively low, but it is expected to increase in the next few years.

Major companies involved in the development and supply of biometric system are Thales (France), Safran (France) , NEC (Japan), ASSA ABLOY (Sweden), and Fujitsu (Japan).

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