Biometric System Market Worth $32.73 Billion by 2022
November 23, 2016 | PRNewswireEstimated reading time: 2 minutes
According to the new market research report "Biometric System Market by Authentication Type (Single-Factor: (Fingerprint, IRIS, Palm Print, Face, Vein, Signature, Voice), Multi-Factor), Component (Hardware and Software), Function (Contact and Non-contact), Application, and Region - Global Forecast to 2022", published by MarketsandMarkets, the market is expected to grow from USD 10.74 Billion in 2015 to reach USD 32.73 Billion by 2022, at a CAGR of 16.79% between 2016 and 2022.
The future growth of the biometric system market is expected to be driven by rising use of biometric technology in financial institutes and healthcare sectors, government initiatives in adoption of biometric system, and increasing use of biometric systems in criminal identification.
Fingerprint recognition is one of the oldest, simple to install, and low-cost technology; therefore, it is more commonly used. In travel and immigration, fingerprint recognition technology is used in e-passports, e-visas, and driving licenses to authenticate an individual. In the consumer electronics industry, fingerprint recognition technology is used in laptops, computers, and smartphones, among others. Hence, fingerprint authentication finds numerous applications and is widely adopted by many industries.
Many governments have set some stringent rules and regulations in the travel and immigration sector to improve the overall security. Countries such as the U.S. and the U.K have passed some stringent laws. In the U.S., according to Enhanced Border Security and Visa Entry Reform Act of 2002, it is mandatory to use biometrics in visas. This factor would drive the growth of the biometric system market in the travel and immigration sector. Moreover, countries such as Japan, Singapore, and the U.S. have deployed biometric systems in airports to improve the overall security.
North America held the largest share of the Biometric System Market in 2015, followed by Europe and Asia-Pacific. The U.S. held the largest share of the biometric system market in North America owing to strong demand in government and security sector. The U.S. has made considerable investments in setting up biometrics-based security solutions at its borders and airports through its customs and border protection (CBP), a government agency to monitor the influx of immigrants and tourists. The United States citizenship and immigration services have made e-visa and e-passport mandatory for new applicants. All these developments have led to the growth of the biometric system market in North America.
Major players in this market include Safran SA (France), NEC Corporation (Japan), 3M Cogent, Inc.(U.S.), Fujitsu Ltd. (Japan), BIO-Key International, Inc. (U.S.), Precise Biometrics AB (Sweden), Secunet Security Networks AG (Germany), Thales SA (France), Aware, Inc. (U.S.), Cognitec Systems GmbH (Germany), Cross Match Technologies (U.S.), Fulcrum Biometrics, LLC (U.S.), Daon, Inc. (U.S.), and Facebanx (U.K.).
About MarketsandMarkets
MarketsandMarkets is the largest market research firm worldwide in terms of annually published premium market research reports. Serving 1700 global fortune enterprises with more than 1200 premium studies in a year, M&M is catering to a multitude of clients across 8 different industrial verticals. We specialize in consulting assignments and business research across high growth markets, cutting edge technologies and newer applications. Our 850 fulltime analyst and SMEs at MarketsandMarkets are tracking global high growth markets following the "Growth Engagement Model - GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors.
Suggested Items
Warm Windows and Streamlined Skin Patches – IDTechEx Explores Flexible and Printed Electronics
04/26/2024 | IDTechExFlexible and printed electronics can be integrated into cars and homes to create modern aesthetics that are beneficial and easy to use. From luminous car controls to food labels that communicate the quality of food, the uses of this technology are endless and can upgrade many areas of everyday life.
iNEMI Packaging Tech Topic Series: Role of EDA in Advanced Semiconductor Packaging
04/26/2024 | iNEMIAdvanced semiconductor packaging with heterogenous integration has made on-package integration of multiple chips a crucial part of finding alternatives to transistor scaling. Historically, EDA tools for front-end and back-end design have evolved separately; however, design complexity and the increased number of die-to-die or die-to-substrate interconnections has led to the need for EDA tools that can support integration of overall design planning, implementation, and system analysis in a single cockpit.
Koh Young Showcases Award-winning Inspection Solutions at SMTconnect with SmartRep in Hall 4A.225
04/25/2024 | Koh Young TechnologyKoh Young Technology, the industry leader in True 3D measurement-based inspection solutions, will showcase an array of award-winning inspection and measurement solutions at SMTconnect alongside its sales partner, SmartRep, in booth 4A.225 at NürnbergMesse from June 11-13, 2023. The following offers a glimpse into what Koh Young will present at the tradeshow:
Real Time with… IPC APEX EXPO 2024: Plasmatreat: Innovative Surface Preparation Solutions
04/25/2024 | Real Time with...IPC APEX EXPOIn this interview, Editor Nolan Johnson speaks with Hardev Grewal, CEO and president of Plasmatreat, a developer of atmospheric plasma solutions. Plasmatreat uses clean compressed air and electricity to create plasma, offering environmentally friendly methods for surface preparation. Their technology measures plasma density for process optimization and can remove organic micro-contamination. Nolan and Hardev also discuss REDOX-Tool, a new technology for removing metal oxides.
Nanotechnology Market to Surpass $53.51 Billion by 2031
04/25/2024 | PRNewswireSkyQuest projects that the nanotechnology market will attain a value of USD 53.51 billion by 2031, with a CAGR of 36.4% over the forecast period (2024-2031).