Global Biometric Systems Market (2021-2026) By Technology, Functionality, Component, Authentication, End Users and Geography, Impact of Covid-19, Ansoff Analysis

Global Biometric Systems Market (2021-2026) By Technology, Functionality, Component, Authentication, End Users and Geography, Impact of Covid-19, Ansoff Analysis

Introduction

Biometric systems are IT-based systems used to identify and authenticate individuals by collecting and analyzing physical and behavioral characteristics such as fingerprints, eyes, face, voice, signatures, typing rhythm, hand geometry etc.

The Global Biometric Systems Market is expected to reach USD 61.3 Bn by 2026 growing at CAGR of 18%.

Growth of the market is attributed to rising security concerns, increasing government initiatives to adopt biometrics, increasing use of biometrics in smartphones to access other important applications, increased convenience and secure identity management.

The market is hampered due to data security concerns and high deployment costs. Technological developments such as cloud-based service and Artificial Intelligence will create growth opportunities in the market.

Market Dynamics

DriversRising security concernsIncreasing Government Initiatives to adopt biometricsIncreasing use of biometrics in smartphones for seamless access to other applicationsIncreased convenience and secure identity management RestraintsData security concernHigh deployment costOpportunitiesTechnological DevelopmentsSegments Covered

Fingerprint recognition systems have a maximum share in the Global Biometric System Market By Technology. The fingerprint recognition systems are easy to install and are low cost. Growth of the market is attributed to the increasing demand from banking & finance, travel & immigration etc.
The face recognition and voice recognition systems are expected to grow at a significant rate due to user preference.
By Authentication, multifactor authentication will have the largest market share and is expected to grow at a significant rate.
The United States is anticipated to have a large market share and is expected to grow significantly during the forecast period. Countries like India are also expected to grow at a higher rate due to technology penetration, rapid digitization, and increasing adoption of the biometric system.
The Global Biometric System Market is segmented based on Technology, Functionality, Component, Authentication, and End User.

Biometric System Market, By TechnologyFace RecognitionHand GeometryVoice RecognitionSignature RecognitionIRIS RecognitionFingerprint RecognitionOthers Biometric System Market, By FunctionalityContactNon-ContactCombinedBiometric System Market, By ComponentHardwareSoftwareBiometric System Market, By AuthenticationSingle-Factor AuthenticationMultifactor AuthenticationBiometric System Market, By End UsersGovernmentDefence ServicesBanking & FinanceConsumer ElectronicsHealthcareCommercial Safety & SecurityTransport/Visa/LogisticsOthersBiometric System Market, By GeographyNorth AmericaSouth AmericaEuropeAsia PacificMiddle East and AfricaCompany Profiles

Some of the companies covered in this report are Accu-Time Systems, Inc., BIO-Key International, Inc., Cognitec Systems, GmbH, Fujitsu Limited, Siemens AG, RCG Holdings, Ltd., Suprema, Inc., IrisGuard, Inc., Thales Group, Cross Match Technologies etc.

IGR Competitive Quadrant

The report includes IGR Competitive Quadrant, a proprietary tool to analyze and evaluate the position of companies based on their Industry Position score and Market Performance. The tool uses various factors for categorizing the players into four categories. Some of these factors considered for analysis are financial performance over the last 3 years, growth strategies, innovation score, new product launches, investments, growth in market share etc.

Lions:Represents companies with a strong foothold in the market, with the highest market share, large investments in technologies, new products.

Bulls:Companies that are medium in size competing with their USPs, growing companies with proven market share.

Rabbits:Small companies but growing rapidly, constantly improving their offerings in the market

Tortoise:Companies which are slow in growth, having a long legacy and stable or negative in performance

Why buy this report?

The report offers a comprehensive evaluation of the Global Biometric System Market. The report includes in-depth qualitative analysis, verifiable data from authentic sources and projections about market size. The projections are calculated using proven research methodologies.

The report has been compiled through extensive primary and secondary research. The primary research is done through interviews, surveys and observation of renowned personnel in the industry.

The report includes in-depth market analysis using Porter’s 5 force model and the Ansoff Matrix. The impact of Covid-19 on the market is also featured in the report.

The report also contains the competitive analysis using IGR Competitive Quadrant, Infogence’s Proprietary competitive positioning tool.

Report Highlights:A complete analysis of the market including parent industryImportant market dynamics and trendsMarket segmentationHistorical, current, and projected size of the market based on value and volumeMarket shares and strategies of key playersRecommendations to companies for strengthening their foothold in the market