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Biometric System Market Report 2018 - Global Forecast to 2023 - ResearchAndMarkets.com

[August 13, 2018]

Biometric System Market Report 2018 - Global Forecast to 2023 - ResearchAndMarkets.com

The "Biometric System Market by Authentication Type (Single-Factor and Multifactor), Functionality Type (Contact, Non-Contact, and Combined), Component (Hardware and Software), Application, and Geography - Global Forecast to 2023" report has been added to ResearchAndMarkets.com's offering.

The biometrics system market is expected to grow from USD 16.80 billion by 2018 to USD 41.80 billion by 2023, at a CAGR of 19.99% between 2018 and 2023.

Biometrics systems are gaining high traction worldwide owing to the growing need for surveillance and security in the private and business sectors. Further, the increasing adoption of voice recognition systems in the banking and financial services are expected to fuel the growth of the market in future. However, high deployment cost acts a restraint for the market growth.

This report has been segmented, on the basis of application, into government, security, and automotive. The growth of the market for the automotive application can be attributed to the increasing number of vehicle theft cases, which is encouraging the vehicle manufacturers to equip their products with biometrics ystems, thereby enhancing the security levels for their customers.

Market Dynamics

Drivers

Increasing Number of Government Initiatives to Adopt Biometrics
Growing Need for Surveillance and Security Owing to the Threats of Terrorist Attacks
Proliferation of Biometric Technology in Applications Such as Financial Institutes, Retail, and Automotive
Increased Convenience, Secure Identity Management, and Superior Human Resource Management

Restraint