NEW YORK, April 10, 2019 /PRNewswire/ -- The Global Biometric Authentication and Identification Market Projected to Grow Over $51.98 Billion by 2023
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The report presents a detailed market analysis including an in-depth study of the market drivers, opportunities, challenges, and growth trends mapped across segments.The market is segmented based on modality, motility, application, and regional presence.
The increasing risk of data breaches along with privacy concerns among consumers, is one of the crucial issues to be looked upon in the current scenario. The effort to deliver such solutions, along with the growing demand of handheld devices, is acting as one of the major drivers for the global biometric authentication and identification market at present.
The increased usage of deep learning techniques for big data in biometrics, has been identified as the key opportunity that could escalate the market growth in the coming years. However, latent fingerprint and spoofing coupled with concerns of cyber threats, continue to remain the pain points of the market.
The modality chapter is divided into eight broader categories including fingerprint, vein pattern, facial, eye, palmprint, voice, handwritten, and others. The information supplied in the report includes key market players, market size, key restraints, and growth opportunities.
The classification of abovementioned different modalities into fixed and mobile motility, provides an in-depth analysis of the market statistics, key trends, and opportunities across regions.
The extensive research in various modalities by major players such as Fingerprint Cards AB, Fulcrum Biometrics, and Anviz Global, among others, has provided a plethora of applications including commercial, healthcare, government, and banking and financial. The report provides an exhaustive application analysis including the market statistics for different verticals and enumerates various use cases with a futuristic roadmap for each industry vertical.
Being an extensive research study on the leading as well as developing regions in the biometric authentication and identification market, such as Asia-Pacific, North America, Europe, and Rest-of-the-World, the report provides the market statistics, drivers, challenges, and opportunities across these regions.
The report also formulates the entire supply chain of the market, along with industry trends of biometric authentication and identification, technology trends, and competitive scenario with emphasis on market timelines and technology roadmaps, and market dynamics. Some of the key players identified in the report are Fulcrum Biometrics (India), Anviz Global (China), Fingerprint Cards AB (Sweden), M2SYS Technologies (U.S.), and Aware Inc. (U.S.).
Key questions answered in the report:
• Why is fingerprint recognition so widely adopted, and which biometric recognition system is expected to grow at the fastest rate in the forecast period?
• What are the technology trends present in global biometric authentication and identification market?
• In the supply chain, who are the major stakeholders and how they are related to each other?
• What are the strategies and initiatives adopted by the existing market players to make a mark in the biometric authentication and identification market?
• Which biometric motility category of the global biometric authentication and identification market is dominating in 2018 and which category is expected to dominate in 2023?
• What is the revenue generated by different applications, and which application category is currently dominating the global biometric authentication and identification market?
• What are the major driving forces that are expected to increase the demand for the global biometric authentication and identification market during the forecast period, 2018-2023?
• Which country is expected to be dominant in adopting the biometric authentication and identification market during the forecast period 2018-2023?
• What are the major restraints inhibiting the growth of the global biometric authentication and identification market?
• What major opportunities do the major players foresee in the biometric authentication and identification market?
• What is the competitive scenario of the key players operating in the global biometric authentication and identification market?
Biometric based system plays a crucial role in the global industrial ecosystem and is regarded as a significant technology in the present scenario.Biometrics has helped to deliver secure services in various circumstances and is considered to be a deterrent to people with malevolent intentions.
It has helped to identify known suspects traversing crowded security areas, such as airports, railway stations, and other locations. With the development and implementation of advanced innovative technologies and concepts such as biometrics in field of anti-terrorism protection, terrorist attacks have been somewhat reduced.
The global biometric authentication and identification market is expected to witness a significant growth during the forecast period (2018-2023) registering a CAGR of 22.54%. This growth in the biometric authentication and identification market is due to an increasing demand of enhanced safety and security of the personnel. Among the changing paradigm of the consumer as well as enterprise market, a significantly higher demand of biometrics from the consumer goods segment such as from smartphones, laptops, and tablets is majorly impacting the growth of the biometric industry. However, latent fingerprinting spoofing, coupled with the risk of data breaches and privacy concern, are some of the pressing matters to be looked upon in the current scenario which is restraining the overall growth of the global biometric authentication and identification market.
The biometric authentication and identification market has been tracked along the lines of modality (facial, fingerprint, eye, vein, palmprint, voice, and handwritten), motility, application, and regions.Revenue generated from various application segments, namely, banking and financial institutions, government, enterprise, healthcare, commercial, and others, have been analyzed.
The report also covers the biometric authentication and identification technology market on a global scale and consequently provides revenue data of the key regions. A separate segment specifically has been dedicated to the key global regions: North America, Europe, Asia-Pacific (APAC), and Rest-of-the-World (RoW).
The use of biometric systems widely finds its application in areas such as high security forensic laboratories, banking and financial institutions, and other similar areas.Based on the end-user requirements, different modalities are preferred for user identification, such as recognition based on facial, fingerprint, eye, and palmprint, among others.
The fingerprint authentication and identification modality is widely used due to its high flexibility and reliability.Moreover, government institutions (law enforcement, border security, ID issuance, and homeland security), healthcare, enterprises, banking and financial institutions, commercial, and other sectors have adopted this user authentication technique to ensure an overall protection to the population from any impeding global crisis.
The current drive towards cashless economy has compelled people to switch to digital banking or electronic transfers. Also, a gradual rise in cashless transactions has led to an increase in digital threats and fraud in the last few years.
The global biometric authentication and identification market has been further classified into mobile and fixed biometrics devices. The fixed devices constitute the larger share in the biometric authentication and identification market due to the large-scale biometric infrastructure used for the purpose of time management and attendance system, such as in the enterprise sector.
On the basis of application, the global biometric authentication and identification technology market is segmented into banking and financial institutions, government, enterprise, commercial, healthcare, and otherss.Government segment is the highest revenue generating segment among all the applications of biometric authentication and identification; whereas enterprise is expected to grow at the highest rate during the forecast period.
In the government application segment, biometrics are primarily used in the law enforcement agencies, governmental organizations, and defense establishments. Integrating biometrics in the existing access control and authentication systems holds the potential to largely increase the reliability of existing solutions.
The market study has identified North America as the leading region in the global biometric authentication and identification market accounting for almost 31.02% of the net revenue generated by the biometric authentication and identification. APAC is also anticipated to be a promising market with a multi-fold rise in demand expected from China, South Korea, Japan, and other Asian nations in the coming future.
• North America
• The U.S.
• South Korea
• Middle East and Africa
• South America
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