According to a new market report published by Lucintel, the future of the global biometric system market looks promising with opportunities in the government, commercial, healthcare, and banking sector. The global biometric system market is expected to decline in 2020 due to global economic recession led by COVID-19. However, market will witness recovery in the year 2021 and it is expected to reach an estimated $48.1 billion by 2025 with a CAGR of 14% to 16% from 2020 to 2025. The major growth drivers for this market are increasing focus of safety and security in private and business sectors related to unauthorized access, growth in the e-passport program for personal identification, and the growing adaption of voice recognition systems in the banking and financial services sector.
Browse 64 market data tables and 87 figures spread through 176 pages and in-depth TOC on “Global Biometric System Market" http://www.lucintel.com/biometric_system_market_2020.aspx
In this market, fingerprint, automated fingerprint identification system (AFIS), iris recognition, facial recognition, hand geometry, vein recognition, signature recognition, and voice recognition are the major biometric technologies used for identification and access control. Lucintel forecasts that AFIS is expected to remain the largest technology due to the increasing demand in various law enforcement and civil applications. The voice recognition technology segment is expected to experience the highest growth rate in the forecast period supported by increasing demand from the banking and finance sector in addition to the healthcare sector.
Within the biometric system market, government & law enforcement is expected to remain the largest segment due to the growing demand for biometric systems in defense sectors and homeland security. Lucintel predicts that the financial & banking sector is likely to experience the highest growth in the forecast period supported by increasing use of biometrics to enhance security and protect the financial information and identity of customers.
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North America is expected to remain the largest region during the forecast period due to the stringent government regulations for security in the US and Canada.
Asia Pacific is expected to witness good growth over the forecast period because of growing adoption of biometric technologies in national ID and e-passport programs.
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Emerging trends, which have a direct impact on the dynamics of the industry, include development of advanced biometric modalities, such as body odor, ear pattern, and lip biometrics and increasing use of advanced biometric sensors. Safran SA, NEC Corporation, 3M Cogent, Precise Biometrics, and Fujitsu Ltd are among the major biometric system manufacturers.
Lucintel, a leading global strategic consulting and market research firm, has analyzed growth opportunities in the global biometric system market by type, technology, end use industry, and region and has come up with a comprehensive research report entitled “Growth Opportunities in the Global Biometric System Market 2020-2025: Trends, Forecast, and Opportunity Analysis.” The Lucintel report serves as a spring board for growth strategy as it provides a comprehensive data and analysis on trends, key drivers, and directions.
The study includes a forecast for the global biometric system market by type, technology, end use industry, and region as follows:
Biometric system market by technology [$M shipment analysis from 2014 to 2025]:
Fingerprint
AFIS
Iris Recognition
Facial Recognition
Hand Geometry
Vein Recognition
Signature recognition
Voice Recognition
Others
Biometric system market by end use industry [$M shipment analysis from 2014 to 2025]:
Government and Law Enforcement
Commercial and Retail
Health Care
Travel and Immigration
Financial and Banking
Others
Biometric system market by type [$M shipment analysis from 2014 to 2025]:
Physiological Type
Behavioral Type
Biometric system market by region [$M shipment analysis for 2014 – 2025]:
North America
Europe
Asia Pacific
The Rest of the World
Download Free Sample Page @ http://www.lucintel.com/ds/biometric_system_market_2020.aspx this 176-page research report will enable you to make confident business decisions in this globally competitive marketplace. For a detailed table of contents, contact Lucintel at +1-972-636-5056 or click on this link http://www.lucintel.com/toc/biometric_system_market_2020.aspx or helpdesk@lucintel.com About Lucintel
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