According to the recent study the biometrics system market is projected to reach an estimated $48.1 billion by 2025 from $21.3 billion in 2019, at a CAGR of 14.5% from 2020 to 2025. Growth in this market is primarily driven by 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 87 figures / charts and 64 tables in this 176 -page report to understand trends, opportunities and forecast in biometrics system market type (physiological and behavioral), by technology (fingerprint, AFIS, iris recognition, facial recognition, hand geometry, vein recognition, signature recognition, voice recognition, and others), by end use industry (government and law enforcement, commercial and retail, health care, travel and immigration, financial and banking, and others), and by region (North America, Europe, Asia Pacific, and the Rest of the World).
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“AFIS market is expected to remain the largest segment during the forecast period.”
Based on technology, the biometrics system market is segmented into fingerprint, AFIS, iris recognition, facial recognition, hand geometry, vein recognition, signature recognition, voice recognition, and others. Lucintel forecasts that the AFIS market is expected to remain the largest segment due to the increasing demand in various law enforcement and civil applications. The voice recognition technology segment is expected to experience the highest growth during the forecast period, supported by the by increasing demand from the banking and finance sector in addition to the healthcare sector.
“Within the biometrics system market, the government and law enforcement segment is expected to remain the largest end use industry.”
Based on end use industry, the government and law enforcement segment is expected to witness the largest growth over the forecast period due to the growing demand for biometric systems in defense sectors and homeland security and 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.
“North America will dominate the biometrics system market in near future.”
North America is expected to be the largest region with the largest region during the forecast period due stringent government regulations for security in the US and Canada.
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Major players of biometrics system market are adopting various growth strategies like new product launches, expansions, merger and acquisitions, partnerships, agreements, and collaborations to expand their presence in this market. Safran SA, NEC Corporation, 3M Cogent, Precise Biometrics, and Fujitsu Ltd are among the major biometric system manufacturers are among the major biometrics system providers.
This unique 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 https://www.lucintel.com/biometric-system-market-2020-2025.aspx or [email protected]
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