Biometrics - Global Market Outlook (2018-2027)
According to Stratistics MRC, the Global Biometrics market is accounted for $17.28 billion in 2018 and is expected to reach $76.64 billion by 2027 growing at a CAGR of 18.0% during the forecast period. Some of the key factors such as need for security owing to threats of terrorist attacks and growing need for surveillance are driving the market growth during the forecast period. However, high deployment cost is the restraining factor for the growth of the market.
Biometrics is the term used to define metrics related to human characteristics. Biometrics authentication or realistic authentication is used in computer science as a form of identification and access control. It is also used to recognize individuals in groups that are below surveillance.
By authentication type, voice recognition is supposed to witness significant growth due to the consumer likes for a safer identity mechanism. Technological advancement in biometrics and the growing popularity of voice recognition biometrics in the BFSI sector will propel market growth of this segment during the forecast period.
On the basis of geography, North America is anticipated to hold considerable market share during the estimate period due to the rapid digitalization and increasing popularity of smart technology. The growing government initiatives in countries such as Canada and US also fuel the market in this region.
Some of the key players in Biometrics Market include ASSA Abloy, Aware, Bio-Key International, Cognitec Systems, Daon, Facebanx, Fujitsu, Fulcrum Biometrics, NEC, Precise Biometrics, Safran, Secunet Security Networks, Securiport, Stanley Black & Decker and Thales.
Functionality Types Covered:
Authentication Types Covered:
• Multi-Factor Authentication
• Single-Factor Authentication
End Users Covered:
• Automotive & Transportation
• Consumer Goods & Electronics
• Healthcare & Life Sciences
• Banking & Finance Services and Insurance (BFSI)
• Offices & Industrial
• Information Technology
• Building, Construction & Real Estate
• Chemicals & Advanced Material
• Energy & Utilities
• Food & Beverage
• North America
o Rest of Europe
• Asia Pacific
o New Zealand
o Rest of Asia Pacific
• South America
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2017, 2018, 2019, 2023 and 2027
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic analysis: Drivers and Constraints, Product/Technology Analysis, Porter’s five forces analysis, SWOT analysis, etc.
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
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