Biometric System Market Analysis and Size
Biometric security systems market highly being deployed globally as automated security techniques. The human intervention is reduced to the minimum for recognizing and confirming an individual's identity based on distinctive behavioral features or physiological features.
• The rise in demand for security and surveillance solutions is escalating the growth of biometric system market. The biometric system market was valued at USD 36.14 billion in 2021 and is expected to reach USD 119.42 billion by 2029, registering a CAGR of 15.75% during the forecast period of 2022-2029. The market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.
It helps to outline target audiences for the clients before launching any advertising campaign. Biometric System Market research report has several benefits which can be projected to varied aspects of Semiconductor & Electronics industry. Important industry trends, market size, and market share are analysed and discussed in detail in this market report. With a formalised and managerial approach, marketing research has been performed in the winning Biometric System Market report to offer the best solution. This global market research report studies the market at regional and global level by considering major geographical areas. Biometric System Market report provides top to bottom examination of the market as far as income and developing business sector is concerned.
Restraints/Challenges Biometric System Market
On the other hand, high costs associated with biometric systems and high risk of transmission of coronavirus posed by touch-based biometric solutions are expected to obstruct market growth. Also, limitations in detecting authorized and unauthorized users and data security concerns are projected to challenge the biometric system market in the forecast period of 2022-2029.
Competitive Landscape and Biometric System Market Share Analysis
Some of the major players operating in the biometric system market are
1) Safran (France)
2) NEC Technologies India Private Limited (India)
3) FUJITSU (Japan)
4) Aware, Inc. (US)
5) Gemalto Cogent, Inc. (US)
6) BIO-key International, Inc. (US)
7) Precise Biometrics AB (Sweden)
8) secunet Security Networks AG. (Germany)
9) Thales Group (France)
10) Cognitec Systems GmbH (Germany)
11) Crossmatch. (US)
12) Fulcrum Biometrics, LLC. (US)
13) Daon (Ireland)
14) Facebanx (US)
15) HID Global Corporation/ASSA ABLOY AB. (US)
16) SUPREMA. (South Korea)
17) IRITECH, INC. (US)
Biometric System Market Regional Analysis/Insights
The countries covered in the biometric system market report are U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA).
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Covid-19 Impact on Biometric System Market
The biometric system market was moderately impacted by the outbreak of COVID-19 due to the increase in the fear of spreading virus through touching the surface of biometric devices, such as scanners and fingerprint, among others. However, an increase in demand for zero surface biometric devices, including vein recognition and iris recognition was witnessed as consumers used these devices for authentication purpose without the fear of contamination, and is expected to accelerate the market growth in the post-pandemic scenario.
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Major TOC of the Report
2 MARKET SEGMENTATION
3 EXECUTIVE SUMMARY
4 PREMIUM INSIGHTS
5 MARKET OVERVIEW
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