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 reach an estimated $32.4 billion by 2022 and it is forecast to grow at a
CAGR of 15% from 2017 to 2022. 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.
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.
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.
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 2017-2022: 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:
By Technology [$M shipment analysis from 2011 to 2022]:
- Fingerprint
- AFIS
- Iris Recognition
- Facial Recognition
- Hand Geometry
- Vein Recognition
- Signature recognition
- Voice Recognition
- Others
By End Use Industry [$M shipment analysis from 2011 to 2022]:
- Government and Law Enforcement
- Commercial and Retail
- Health Care
- Travel and Immigration
- Financial and Banking
- Others
By Type [$M shipment analysis from 2011 to
2022]:
- Physiological Type
- Behavioral Type
By Region [$M
shipment analysis for 2011 – 2022]:
- North America
- Europe
- Asia Pacific
- The Rest of the World
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
helpdesk@lucintel.com. Lucintel offerings
include Medical
Market Analysis, Medical
Market Research, Opportunity Screening and Analysis, Capital Investment Feasibility and SWOT
Matrix.
About
Lucintel
Lucintel,
the premier global management consulting and market research firm, creates
winning strategies for growth. It offers market assessments, competitive
analysis, opportunity analysis, growth consulting, M&A, and due diligence
services to executives and key decision-makers in a variety of industries. For
further information, visit www.lucintel.com.
This
report answers following 11 key questions:
Q.1 What are some of the most
promising, high-growth opportunities for the global biometric system market by
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)?
Q.
2 Which segments will grow at a faster
pace and why?
Q.3
Which regions will grow at a faster pace and why?
Q.4
What are the key factors affecting market dynamics? What are the drivers and
challenges of the market?
Q.5
What are the business risks and threats to the market?
Q.6
What are the emerging trends in this market and reasons behind them?
Q.7
What are some changing demands of customers in the market?
Q.8
What are the new developments in the market? Which companies are leading these
developments?
Q.9
Who are the major players in this market? What strategic initiatives are being
implemented by key players for business growth?
Q.10
What are some of the competitive products and processes in this area and how
big of a threat do they pose for loss of market share via product substitution?
Q.11
What M&A activity has occurred in the
last 5 years?
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