Biometric Authentication & Identification Market Emerging Technologies and Future Growth Study

Market Highlights

Biometric technology is an electronic process for identification and verification. It has gained quick mileage and is accepted on a large-scale across different industry domains. The global biometric authentication & identification market, as per this report by Market Research Future (MRFR), is expected to thrive saliently during the forecast period 2016 to 20277. Increasing applications across various industry domains is likely to prompt market growth over the next couple of years.

MRFR states that the global market is projected to garner considerable growth during the forecast period due to a number of key factors. Rising concerns related to global security and safety, the massive demand for security protocols, and the integration of biometrics across various industry verticals like government, banking, homeland security, financial institutions, and others are expected to be key drivers of the global market. Biometrics even hold novel use in government projects like visas and passports and serve as a key technology for unique identification and authentication purposes. Additionally, the booming demand for smartphones, increasing support from the government, increasing adoption of biometrics in the healthcare and banking sector, and the usage of biometrics in smartphone technologies are some of the other key drivers of the global market.

However, on the other hand, the growth of the global biometric authentication & identification market can be hampered by the high deployment pricing associated with biometric systems and difficulties in integrating the technology into existing software.

Segmentation:

The global biometric authentication & identification market growth segmentation is based on the basis of the following key dynamics:  authentication type, component, motility, and application.

By authentication type, the market divides into multi-factor authentication and single factor authentication.

The single factor authentication segment is narrowed down into iris recognition, fingerprint recognition, face recognition, palm print recognition, signature recognition, and vein recognition. While, the multi-factor authentication segment is broken down into biometrics combined with pin technology and biometrics combined with smart card technology.

By motility, the market segments into fixed and mobile.

By component, the market comprises scanners, fingerprint readers, and camera.

By application, the market includes healthcare, banking and financial institutions, enterprise, consumer electronics, government, retail and commerce, among others.

Regional Analysis:

The global biometric authentication & identification market, on the basis of region, has been segmented into North America, Asia Pacific (APAC), Europe, and the Rest of the World (RoW). The segments are further analyzed on the basis of key country-level markets. North America is projected to exhibit rapid growth over the next couple of years. The rising adoption of the technology across different domains such as healthcare, BFSI, e-commerce, government, etc. is expected to catapult the biometric authentication & identification market on upward trajectory. The regional market is projected to expand at a high CAGR in the coming years. Asia Pacific is also prognosticated to observe rapid developments in the biometric authentication & identification market. The growth of the end-user industry domains is likely to dictate the growth of the regional market in the nearby future.

Competitive Landscape

The biometric authentication & identification market is highly competitive and hosts a number key and prominent players as well as various emerging organizations. The presence of a wide pool of application-specific vendors that compete in terms of quality, technology, and price is one of the highlighting characterizations of the market. Some of the key players identified by MRFR in the global market are: Apple Inc., Crossmatch Technologies, 3M Cogent, Diamond Fortress Technologies, Fingerprint Cards AB, Cognitec Systems, Synaptics Inc., Aware INC, Bio-Key International Inc., Anviz Global, Fujitsu Global, and others.

May 23rd, 2019, LumenVox and MODIS ITO made the announcement of inking a partnership deal to deliver customer voice and biometric authentication solutions to companies.

June 5th, 2019, it was revealed through a release that IDEX Biometrics ASA, a global leader in advanced fingerprint authentication and identification solutions, is collaborating with Tongxin Microelectronics Co., Ltd. The deal is aimed at creating a compatible biometric smart card solution.

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