Biometric Authentication & Identification Market Size, Share, Trends and Forecast to 2027
- ehteshampeerzade
- Dec 2, 2020
- 3 min read
Market Highlights
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.
The imperative need for efficient security systems to secure confidential data in enterprises has led to an increasing demand for biometrics. Biometrics offer several advantages in high-end identification management as they are precise, easy and safe to use, accountable, secure, user-friendly, convenient, and scalable. The advantages of the technology are expected to play a major role in pushing the global biometrics authentication and identification market, mentions Market Research Report (MRFR) in its recently published report.
Top Boosters and Key Barriers
The biometric technology offers a host of advantages including high degree of security in the public, commercial and private sectors. The technology helps record all the unique human characteristics, such as fingerprints, retina, voice patterns and DNA for authorization. As a result, with the increasing demand, the biometric authentication and identification market share is set to expand in the next couple of years.
The market has gained massive traction in recent years on account of the augmented use of biometric authentication and identification technology for better security across different verticals in a variety of industries. With the biometric technology, the chances of frauds as well as security breaches compared to traditional techniques like tokens and passwords has come down significantly, which boosts the market growth across the globe.
Furthermore, the rising adoption of the technology within the e-commerce industry to facilitate secure payments also speeds up the market growth. Mounting concerns with regard to internal as well as external securities can leave a positive impact on the global market in the following years. The surging use of the technology in private and government sectors for employee attendance and identification can drive the market growth in the approaching years.
Regional Insight
The global biometric authentication & identification market share is geographically distributed across the following regions: Asia Pacific, North America, Europe, and the Middle East & Africa.
North America spearheads the global biometric authentication & identification market with the highest share. The region is further anticipated to grow during the forecast period and retain its position in the market. The growth of the North American market can be attributed to the massive scale investments being made by the customs and border protection (CBP) agency across airport and border security systems.
Asia Pacific is another key region in the global landscape. The region is expected to register an impressive growth in the biometric authentication & identification market over the forecast period. This is due to the various ID enrollment projects undertaken across major developing economies like India and China.
The European region stands second in the biometric authentication & identification market and boasts a similar growth pattern as that of North America. Lastly, the Middle East & Africa market holds a minimal share in the market but is expected to attain growth at a fast rate during the forecast period.
Segmentation:
The biometric authentication & identification industry is expanding at a significant pace and in order to offer an exhaustive analysis, the MRFR report ha segmented the market with respect to modality, motility and Application as well as their sub-segments.
With regard to modality, the market segments profiled in the report are Classification of biometric systems, Multimodal biometric systems and Market statistics.
The motility-based market segmentation includes Fixed as well as Mobile.
The applications of biometric authentication & identification technology are Banking and financial institutions, Enterprise, Healthcare, Retail, commerce and Consumer electronics. The rising use of biometrics systems within the BFSI sector to make financial transactions encourages market growth. Meanwhile, the surging use of advanced authentication and recognition systems in tablets and smartphones has boosted the market demand in the consumer electronics industry.
Top Companies
3M Cogent, Inc. (U.S.), Daon, Inc. (U.S.), BIO-Key International, Inc. (U.S.), Secunet Security Networks AG (Germany), Fujitsu Ltd. (Japan), Safran SA (France), Precise Biometrics AB (Sweden), Fulcrum Biometrics, LLC (U.S.), Thales SA (France), Aware, Inc. (U.S.), Cognitec Systems GmbH (Germany), Cross Match Technologies (U.S.), Facebanx (U.K.), NEC Corporation (Japan), are some of the top players in the market for biometric authentication and identification.
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