NEW YORK, March 30, 2017 /PRNewswire/ -- Trends, opportunities and forecast in this market to 2022 by type (physiological and behavioral), by technology (fingerprint, AFIS, iris recognition, facial recognition, hand geometry, vein recognition, signature recognition, voice recognition, and others), by end use industry (government and law enforcement, commercial and retail, health care, travel and immigration, financial and banking, and others), and by region (North America, Europe, Asia Pacific, and the Rest of the World)
The global biometric system market looks promising with opportunities in the government, commercial, healthcare, and banking sector. The global biometric system market is expected to reach an estimated $32.4 billion by 2022 and it is forecast to grow at a CAGR of 15% from 2017 to 2022. The major growth drivers for this market are increasing focus of safety and security in private and business sectors related to unauthorized access, growth in the e-passport program for personal identification, and the growing adaption of voice recognition systems in the banking and financial services sector.
Emerging trends, which have a direct impact on the dynamics of the biometric system industry, include development of advanced biometric modalities, such as body odor, ear pattern, and lip biometrics and increasing use of advanced biometric sensors.
The study includes biometric system market size and forecast for the global biometric system market through 2022 segmented by type, technology, end use industry, and region as follows:
Biometric system market by Technology [$M shipment analysis from 2011 to 2022]:
- Iris Recognition
- Facial Recognition
- Hand Geometry
- Vein Recognition
- Signature recognition
- Voice Recognition
Biometric system market by End Use Industry [$M shipment analysis from 2011 to 2022]:
- Government and Law Enforcement
- Commercial and Retail
- Health Care
- Travel and Immigration
- Financial and Banking
Biometric system market by Type [$M shipment analysis from 2011 to 2022]:
- Physiological Type
- Behavioral Type
Biometric system market by Region [$M shipment analysis for 2011 – 2022]:
- North America
- Asia Pacific
- The Rest of the World
Biometric system companies profiled in this market report include Safran SA, NEC Corporation, 3M Cogent, Precise Biometrics, and Fujitsu Ltd are among the major biometric system manufacturers.
Lucintel forecasts that AFIS is expected to remain the largest technology due to the increasing demand in various law enforcement and civil applications. The voice recognition technology segment is expected to experience the highest growth rate in the forecast period supported by increasing demand from the banking and finance sector in addition to the healthcare sector.
Within the biometric system market, government & law enforcement is expected to remain the largest segment due to the growing demand for biometric systems in defense sectors and homeland security. Lucintel predicts that the financial & banking sector is likely to experience the highest growth in the forecast period supported by increasing use of biometrics to enhance security and protect the financial information and identity of customers.
North America is expected to remain the largest region during the forecast period due to the stringent government regulations for security in the US and Canada.
Some of the features of "Growth Opportunities in the Global Biometric System Market 2017-2022: Trends, Forecast, and Opportunity Analysis" include:
- Market size estimates: Global biometric system market size estimation in terms of value ($M) shipment.
- Trend and forecast analysis: Biometric system market trend (2011-2016) and forecast (2017-2022) by segments and region.
- Segmentation analysis: Global biometric system market size by various applications such as technology, end use, by type in terms of value shipment.
- Growth opportunities: Analysis on growth opportunities in different applications.
- Strategic analysis: This includes M&A, new product development, competitive landscape, and expansion strategies of biometric system suppliers in the global biometric system market.
- Analysis of competitive intensity of the industry based on Porter's Five Forces model.
This report answers following 11 key questions:
Q.1. What are some of the most promising, high-growth opportunities for the global biometric system market by type (physiological and behavioral), by technology (fingerprint, AFIS, iris recognition, facial recognition, hand geometry, vein recognition, signature recognition, voice recognition, and others), by end use industry (government and law enforcement, commercial and retail, health care, travel and immigration, financial and banking, and others), and by region (North America, Europe, Asia Pacific, and the Rest of the World)?
Q.2. Which segments will grow at a faster pace and why?
Q.3. Which regions will grow at a faster pace and why?
Q.4. What are the key factors affecting market dynamics? What are the drivers and challenges of the biometric system market?
Q.5. What are the business risks and threats to the market?
Q.6. What are the emerging trends in this market and reasons behind them?
Q.7. What are some changing demands of customers in the biometric system market?
Q.8. What are the new developments in the market? Which biometric system companies are leading these developments?
Q.9. Who are the major biometric system suppliers? What strategic initiatives are being implemented by key players for business growth?
Q.10. What are some of the competitive products and processes in this area and how big of a threat do they pose for loss of market share via product substitution?
Q.11. What M&A activity has occurred in the last 5 years?
The analysts used the following sources for the creation and completion of this valuable report:
- In-depth interviews of the major players in this market
- Detailed secondary research from competitors' financial statements and published data
- Extensive searches of published works, market, and database information pertaining to industry news, company press releases, and customer intentions
- A compilation of the experiences, judgments, and insights of Lucintel's professionals, who have analyzed and tracked this market over the years.
Extensive research and interviews are conducted in the supply chain of this market to estimate market share, market size, trends, drivers, challenges, and forecasts in the market. Some of the manufacturers in global biometric system market are 3M Cogent, Inc., Safran SA, Fujitsu Frontech Limited, NEC Corporation, Thales S.A and others. Some of the distributors in this market are ACTAtek (UK) Ltd., Biolock UK Ltd, Fulcrum Biometrics (I) Pvt. Ltd., Mereal Biometrics and others.
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