Biometric Systems to 2025: Industry Analysis and Implications Resulting from the COVID-19 Pandemic

DUBLIN, Sept. 1, 2020 /PRNewswire/ -- The "Global Biometric Systems Market by Technology, Functionality, Component, Authentication, End Users, Geography and the Impact of Covid-19 (2020-2025)" report has been added to ResearchAndMarkets.com's offering.

The Global Biometric Systems Market is expected to reach USD 57.7 billion by 2025, growing at a CAGR of 18%. The market is segmented based on Technology, Functionality, Component, Authentication, and End User.

Growth of the market is attributed to rising security concerns, increasing government initiatives to adopt biometrics, increasing use of biometrics in smartphones to access other important applications, increased convenience and secure identity management. The market is hampered due to data security concerns and high deployment costs. Technological developments such as cloud-based service and Artificial Intelligence will create growth opportunities in the market.

Fingerprint recognition systems have a maximum share in the Global Biometric System Market by Technology. The fingerprint recognition systems are easy to install and are low cost. Growth of the market is attributed to the increasing demand from banking & finance and travel & immigration. Face recognition and voice recognition systems are expected to grow at a significant rate due to user preference. By authentication, multifactor authentication will have the largest market share and is expected to grow at a significant rate.

The United States is anticipated to have a large market share and is expected to grow significantly during the forecast period. Countries like India are also expected to grow at a higher rate due to technology penetration, rapid digitization, and increasing adoption of the biometric system.

Market Dynamics

Drivers

• Rising Security Concerns
• Increasing Government Initiatives to Adopt Biometrics
• Increasing Use of Biometrics in Smartphones for Seamless Access to Other Applications
• Increased Convenience and Secure Identity Management

Restraints

• Data Security Concern
• High Deployment Cost

Opportunities

• Technological Developments

IGR Competitive Quadrant

The report includes IGR Competitive Quadrant, a proprietary tool to analyze and evaluate the position of companies based on their Industry Position score and Market Performance. The tool uses various factors for categorizing the players into four categories. Some of these factors considered for analysis are financial performance over the last 3 years, growth strategies, innovation score, new product launches, investments, and grwth in market share.

Lions: Represents companies with a strong foothold in the market, with the highest market share, large investments in technologies, and new products.
Bulls: Companies that are medium in size competing with their USPs, growing companies with proven market share.
Rabbits: Small companies but growing rapidly, constantly improving their offerings in the market
Tortoise: Companies which are slow in growth, having a long legacy and stable or negative in performance

Why Read this report?

• The report offers a comprehensive evaluation of the Global Biometric System Market. The report includes in-depth qualitative analysis, verifiable data from authentic sources and projections about market size. The projections are calculated using proven research methodologies.
• The report has been compiled through extensive primary and secondary research. The primary research is done through interviews, surveys and observation of renowned personnel in the industry.
• The report includes in-depth market analysis using Porter's 5 force model and the Ansoff Matrix. The impact of COVID-19 on the market is also featured in the report.
• The report also contains the competitive analysis using IGR Positioning Quadrants and a Proprietary competitive positioning tool.

Report Highlights

• A complete analysis of the market including parent industry
• Important market dynamics and trends
• Market segmentation
• Historical, current, and projected size of the market based on value and volume
• Market shares and strategies of key players
• Recommendations to companies for strengthening their foothold in the market

Key Topics Covered

1. Report Description
1.1 Study Objectives
1.2 Market Definition
1.3 Currency
1.4 Years Considered
1.5 Language
1.6 Key Shareholders

2. Research Methodology
2.1 Research Process
2.2 Data Collection and Validation
2.2.1 Secondary Research
2.2.2 Primary Research
2.3 Market Size Estimation
2.4 Assumptions of the Study
2.5 Limitations of the Study

3. Executive Summary

4. Market Overview
4.1 Introduction
4.2 Market Dynamics
4.2.1 Drivers
4.2.2 Restraints
4.2.3 Opportunities
4.3 Trends

5. Market Analysis
5.1 Porter's Five Forces Analysis
5.2 Impact of COVID-19
5.3 Ansoff Matrix Analysis

6. Biometric System Market, By Technology
6.1 Face Recognition
6.2 Hand Geometry
6.3 Voice Recognition
6.4 Signature Recognition
6.5 IRIS Recognition
6.6 AFIS
6.7 Non-AFIS
6.8 Others

7. Biometric System Market, By Functionality
7.1 Contact
7.2 Non-Contact
7.3 Combined

8. Biometric System Market, By Component
8.1 Hardware
8.2 Software

9. Biometric System Market, By Authentication
9.1 Single-Factor Authentication
9.2 Multifactor Authentication

10. Biometric System Market, By End Users
10.1 Government
10.2 Defence Services
10.3 Banking & Finance
10.4 Consumer Electronics
10.5 Healthcare
10.6 Commercial Safety & Security
10.7 Transport/Visa/Logistics
10.8 Others

11. Biometric System Market, By Geography
11.1 Introduction
11.2 North America
11.2.1 US
11.2.2 Canada
11.2.3 Mexico
11.3 South America
11.3.1 Brazil
11.3.2 Argentina
11.4 Europe
11.4.1 UK
11.4.2 France
11.4.3 Germany
11.4.4 Italy
11.4.5 Rest of Europe
11.5 Asia-Pacific
11.5.1 China
11.5.2 Japan
11.5.3 India
11.5.4 Australia
11.5.5 Rest of APAC
11.6 Middle East and Africa

12. Competitive Landscape
12.1 IGR Competitive Quadrants
12.2 Market Share Analysis
12.3 Competitive Scenario
12.3.1 Merger & Acquisition
12.3.2 Agreement, Collaboration, & Partnership
12.3.3 New Product Launch & Enhancement
12.3.4 Investment & Funding

13. Company Profiles
13.1 Accu-Time Systems, Inc.
13.2 BIO-Key International, Inc.
13.3 Cognitec Systems, GmbH
13.4 Fujitsu Limited
13.5 3M Cogent, Inc.
13.6 IDTECK,
13.7 NEC Corporation
13.8 Siemens AG
13.9 RCG Holdings, Ltd.
13.10 Suprema, Inc.
13.11 Lumidigm, Inc.
13.12 IrisGuard, Inc.
13.13 Daon, Inc.
13.14 DigitalPersona, Inc.
13.15 Morpho SA (Safran)
13.16 Thales Group
13.17 Fingerprint Cards AG
13.18 Cross Match Technologies

For more information about this report visit https://www.researchandmarkets.com/r/nnvvb1

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