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Increase in demand for high-level security in private, commercial & public sectors is a significant factor driving revenue growth of the global biometric system

VANCOUVER, BC, CANADA, November 10, 2022 /EINPresswire.com/ -- The global Biometric System Market size is expected to reach USD 115.41 Billion at a revenue CAGR of 13.2% in 2030, according to latest analysis by Emergen Research. Market revenue growth of biometric systems can be attributed to rising demand and adoption of contactless biometrics systems in the healthcare industry globally. For instance, on 8 May 2020, NEC Corporation launched NeoFace Thermal Express, which is a dual-faced biometric and fever detection system for access control. The device is capable of detecting elevated body temperatures and Personal Protective Equipment (PPE) equipment such as face masks and others. Moreover, an increase in demand for high-level security in private, commercial, and public sectors is another factor driving the market revenue growth. Demand for facial and voice recognition software in security and surveillance applications has been rising significantly in the recent past owing to increasing terrorist activities and potential risks. This software is commonly used at airports for identification purposes, but deployment has also been increasing at customs and border checks, and even by police to identify and arrest individuals at protests in the very recent past.

Furthermore, there is an increasing demand for a more robust and secure method of operating and accessing credible information and statistical statistics in technology-driven systems that are used across various end-use industries. Hence, rise in implementation of voice matching biometric systems is aiding market revenue growth as there are prominent market players in voice assistance such as Google, Microsoft, and Apple that are investing extensively in R&D of voice matching biometrics. For example, on 23 February 2022, Microsoft launched Windows Hello biometrics for Windows 10 and Windows 11. The biometrics software enables employees to use fingerprints or facial recognition as an alternative method to unlock devices. However, the global biometric system market revenue growth is hampered by enforcement of laws through governmental organizations in various countries.

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Some Key Highlights in the Report
On 7 July 2021, Thales announced the launch of a new voice biometric solution as a part of Thales Trusted Digital Identity Service Platform. The launch is expected to meet demand of mobile operator call centers to fight identity fraud whilst providing a seamless customer experience.

The software segment revenue is expected to register a fast growth rate over the forecast period. Biometrics has generated a lot of attention owing to the growing demand for strong encryption services to reduce fraud and malicious attacks. Software solutions are essential for assuring biometric device interoperability and compatibility. The use of cloud-based services and AI for biometric devices is expected to increase demand for related software to assure device and operating system compatibility for various applications.

The non-contact-based segment accounted for a significantly larger revenue share in 2021. The industry is growing owing to the increase in demand for smartphones with face recognition software to improve security. In addition, the integration of digital disruptive technologies such as AI and automation has boosted the demand for contactless biometric solutions. Furthermore, increased worries about the spread of coronavirus through contact-based biometric solutions have prompted end-users to switch to contactless technologies, and this trend is expected to continue during the forecast period.

The biometric system market in Asia Pacific is expected to register fastest revenue CAGR over the forecast period. Most countries in the region are getting rid of conventional process of manual passwords, signatures, or token-based authentication, especially in the banking sector. China and India have some of the most extensive consumer bases for biometric systems, which is increasing demand for voice biometrics in these countries. Furthermore, China is a significant customer and supplier of face recognition technology since the country's law enforcement agencies, as well as other government agencies, have adopted surveillance technologies.

Key players in the market include BIO-key International, NEC Corporation, Secunet Security Networks AG, HID Global Corporation, Fujitsu Limited, Cognitec Systems GmbH, Thales, Precise Group, Aware Inc., Siemens AG, SUPREMA, and IrisGuard Ltd.

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Key market aspects studied in the report:

Market Scope: The report explains the scope of various commercial possibilities in the global Biometric System market over the upcoming years. The estimated revenue build-up over the forecast years has been included in the report. The report analyzes the key market segments and sub-segments and provides deep insights into the market to assist readers with the formulation of lucrative strategies for business expansion.

Competitive Outlook: The leading companies operating in the Biometric System market have been enumerated in this report. This section of the report lays emphasis on the geographical reach and production facilities of these companies. To get ahead of their rivals, the leading players are focusing more on offering products at competitive prices, according to our analysts.

Report Objective: The primary objective of this report is to provide the manufacturers, distributors, suppliers, and buyers engaged in this sector with access to a deeper and improved understanding of the global Biometric System market.

Competitive Terrain:

The global Biometric System industry is highly consolidated owing to the presence of renowned companies operating across several international and local segments of the market. These players dominate the industry in terms of their strong geographical reach and a large number of production facilities. The companies are intensely competitive against one another and excel in their individual technological capabilities, as well as product development, innovation, and product pricing strategies.

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Segments Covered in this report are:

Product Type Outlook (Revenue, USD Billion; 2019-2030)
Hardware

Software

Authentication Type Outlook (Revenue, USD Billion; 2019-2030)
Single-Factor Authentication

Multi-Factor Authentication

Contact Type Outlook (Revenue, USD Billion; 2019-2030)
Contact-based

Non-Contact-based

Hybrid

Biometric Type Outlook (Revenue, USD Billion; 2019-2030)
IRIS Recognition

Hand Geometry

Facial Recognition

Signature Verification

Voice Recognition

Palm Vein

Fingerprint

Automated Fingerprint Identification System

Non-AFIS (Automated Fingerprint Identification System)

Others

End-Use Outlook (Revenue, USD Billion; 2019-2030)
BFSI

Government & defense

Aerospace

Automotive

Consumer electronics

Healthcare

Retail & e-commerce

Others

Regional Outlook (Revenue, USD Billion; 2019–2030)
North America

U.S.

Canada

Mexico

Europe

Germany

U.K.

France

Italy

Spain

Sweden

BENELUX

Rest of Europe

Asia Pacific

China

India

Japan

South Korea

Rest of APAC

Latin America

Brazil

Rest of LATAM

Middle East & Africa

Saudi Arabia

U.A.E.

South Africa

Israel

Rest of MEA

Key reasons to buy the Global Biometric System Market report:

The latest report comprehensively studies the global Biometric System market size and provides useful inference on numerous aspects of the market, such as the current business trends, market share, product offerings, and product share.

The report offers an insightful analysis of the regional outlook of the market.

It offers a detailed account of the end-use applications of the products & services offered by this industry.

The report holistically covers the latest developments taking place in this industry. Therefore, it lists the most effective business strategies implemented by the market rivals for ideal business expansion.

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Eric Lee
Emergen Research
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