Opportunities for the global biometric system market to reach $32.4 billion by 2022
Added: (Fri Nov 23 2018)
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According to a new market report published by Lucintel, the future of 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.
In this market, fingerprint, automated fingerprint identification system (AFIS), iris recognition, facial recognition, hand geometry, vein recognition, signature recognition, and voice recognition are the major biometric technologies used for identification and access control. 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.
Asia Pacific is expected to witness good growth over the forecast period because of growing adoption of biometric technologies in national ID and e-passport programs.
Emerging trends, which have a direct impact on the dynamics of the industry, include development of advanced biometric modalities, such as body odor, ear pattern, and lip biometrics and increasing use of advanced biometric sensors. Safran SA, NEC Corporation, 3M Cogent, Precise Biometrics, and Fujitsu Ltd are among the major biometric system manufacturers.
Lucintel, a leading global strategic consulting and market research firm, has analyzed growth opportunities in the global biometric system market by type, technology, end use industry, and region and has come up with a comprehensive research report entitled Growth Opportunities in the Global Biometric System Market 2017-2022: Trends, Forecast, and Opportunity Analysis. The Lucintel report serves as a spring board for growth strategy as it provides a comprehensive data and analysis on trends, key drivers, and directions. The study includes a forecast for the global biometric system market by type, technology, end use industry, and region as follows:
By Technology [$M shipment analysis from 2011 to 2022]:
By End Use Industry [$M shipment analysis from 2011 to 2022]:
Government and Law Enforcement
Commercial and Retail
Travel and Immigration
Financial and Banking
By Type [$M shipment analysis from 2011 to 2022]:
By Region [$M shipment analysis for 2011 2022]:
The Rest of the World
This 176-page research report will enable you to make confident business decisions in this globally competitive marketplace. For a detailed table of contents, contact Lucintel at +1-972-636-5056 or firstname.lastname@example.org. Lucintel offerings include Telecommunication Report, Telecommunication Market Report, Opportunity Screening and Analysis, Capital Investment Feasibility and SWOT Matrix.
Lucintel, the premier global management consulting and market research firm, creates winning strategies for growth. It offers market assessments, competitive analysis, opportunity analysis, growth consulting, M&A, and due diligence services to executives and key decision-makers in a variety of industries. For further information, visit www.lucintel.com.
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 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 market?
Q.8 What are the new developments in the market? Which companies are leading these developments?
Q.9 Who are the major players in this market? 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?