Biometric System Market is anticipated to grow at a CAGR of 14.09% from 2019 to 2030
Market Industry Reports (MIR) has published a new report titled “Biometric System Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2030.” According to the report, the global biometric system market accounted for over US$ 34.25 billion in 2019. The market is anticipated to grow at a CAGR of 14.09% from 2019 to 2030.
Biometric systems depend on human characteristics, such as faces, finger veins, palm veins, fingerprints, irises, and voice patterns, to identify human beings. Biometric systems have a wide range of applications in various end-use industries such as banking & finance, consumer electronics, healthcare, automotive, government, and military & defense. The key players have been investing heavily in the development of better solutions. For instance, Panasonic is going to launch the facial recognition technology in the Indian market by 2020
The increasing use of biometric systems in mobile phones, the growing adoption of biometric systems in small-scale organizations, and rising technological advancements in the market are few of the major factors driving market growth. Additionally, increasing adoption of biometric systems by several governments, and the growing use of biometric systems in airport security are factors that will further boost market growth. Moreover, the automotive industry plays a vital role in fueling growth of the market. For instance, in 2018, Hyundai developed a biometric system that can unlock and start the car.
However, the high deployment cost of biometric systems, data security concerns, and the lack of skilled workforce are the major factors that will restrain market growth. Moreover, biometric systems have some disadvantages, such as physical traits cannot be changed, high error rates, high complexity, difficulties in scanning, and others may hamper market growth.
Browse key industry insights spread across 170 pages with market data tables & figures & charts from the report, Biometric System Market by Authentication Type (Single-Factor Authentication and Multi-Factor Authentication), Offering (Hardware and Software), Functionality Type (Contact, Non-contact, and Combined), End User (Banking & Finance, Consumer Electronics, Healthcare, Automotive, Government, and Military & Defense) - Analysis & Forecast 2019-2030 in detail along with the table of contents:https://www.marketindustryreports.com/biometric-system-market/266
Asia Pacific is expected to grow at the highest CAGR during the forecast period followed by Europe and North America. The growth in this region can be attributed to the increasing number of government initiatives aimed toward public safety, increasing adoption of mobile banking, growing adoption of biometric systems, such as fingerprint authentication systems, in small & large-scale organizations.
Some of the prominent players in the global biometric system market include NEC Corporation, Integrated Biometrics, LLC, HID Global Corporation/ASSA ABLOY AB, SUPREMA, SecuGen Corporation, and FUJITSU, among others
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