Report Id: SNS/SEMI/1599 | June 2022 | Region: Global | 125 Pages
Report Scope & Overview:
Biometric System Market Size was valued at USD 42.99 billion in 2022, and is expected to reach USD 127.01 billion by 2030, and grow at a CAGR of 14.5% over the forecast period 2023-2030.
Biometric systems are a type of technology that uses biological data to determine a person's identity. These technologies are frequently employed in businesses for statistical analysis of people's behavioural and physical characteristics. Biometric authentication is created by the biometric sector to demonstrate that each individual's physical and behavioural characteristics are distinct and unique. The majority of businesses employ these systems, which helps to drive the worldwide biometric system market forward. One of the key reasons for the growth of the biometric system market is the simple and unique biometric operation.
Rise in use of biometric technology.
Significant associated cost.
Halt on industrial applications.
Advancement in Biometric System.
Use of Computers and mobile Phones.
Concern about Data security.
Lack of technical knowledge.
IMPACT OF COVID-19:
COVID-19 has had a severe impact on the global economy as well as all industries. To stop the plague from spreading, governments in several countries have established borders. The initial phase of the epidemic's global shutdown in many countries has had a significant influence on people's lives and quality of life. As a result, the global supply chain has been shattered. The global economy has shrunk as commodity demand has decreased considerably. Due to the outbreak, which has caused a lack of immature materials, production in all industries has been slowed. Productivity declines are caused by variables such as depreciation and supply chain disruption.
The global economy's growth pace has been slowed by the coronavirus outbreak. The COVID19 epidemic not only caused a worldwide health disaster, but it also wreaked havoc on the financial markets. Companies were obliged to shut down their operations as a result of the lockdown limitations, which severely impacted the whole supply chain. People's reliance on electronic devices and gadgets grew dramatically as they stayed largely at home. The emergence of biometric systems was aided by the increased use of electronics systems, which increased demand for biometric systems.
Several sectors changed to automation systems and heavily deployed biometric technologies in their companies during the pandemic. Even in these challenging times, increased demand for biometric systems in a variety of industries aided in maintaining consistent growth.
By Industry, Government, Consumer Electronics, Military & Defense, Healthcare, Banking & Finance, Travel & Immigration, Automotive, Security, Others are all segments of the biometrics market. Over the projection period, consumer electronics and banking and finance are expected to develop significantly. Device authentication, point-of-sale transactions, mobile banking, government IT systems, ATMs (cash machines), wearable device authentication, and pharmacy dispensing are all part of the end-use segmentation.
The key players in the Global Biometric System Market are NEC Corporation, Secunet Security Networks, Fujitsu Ltd., Thales SA, Aware, Gemalto Cogent, Inc, Fulcrum Biometrics, Facebanx, BIO-Key International, Cross Match Technologies, Cognitec Systems GmbH, Precise Biometrics, Safran, Crossmatch, Daon and Other.
BY AUTHENTICATION TYPE
BY INDUSTRY VERTICAL
Military & Defense
Banking & Finance
Travel & Immigration
The biometric system market research is conducted across many geographies, including North America, Europe, Asia-Pacific, and the rest of the globe. Because of the increased adoption of biometrics technology by security and government organisations, the North American region is expected to account for the biggest biometric system market share. The expansion of fingerprint recognition applications in the United States has accelerated the growth of the biometric system market in that country. Due to increased adoption in security objectives for protecting national treasures and for e-passport verification, the Asia-Pacific region will also grow at a high CAGR throughout the projection period.
Rest of Europe
Rest of Asia-Pacific
The Middle East & Africa
Rest of Middle East & Africa
Rest of Latin America
|Market Size in 2022||US$ 42.99 Billion|
|Market Size by 2030||US$ 127.01 Billion|
|CAGR||CAGR of 14.5% From 2023 to 2030|
|Report Scope & Coverage||Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook|
|Key Segments||• By Type (Contact-Based, Contact-Less, Hybrid)
• By Authentication Type (Single-Factor Authentication, Multi-Factor Authentication)
• By Technology (Hardware, Software)
• By Mobility (Fixed, Portable)
• By Industry Vertical (Government, Consumer Electronics, Military & Defense, Healthcare, Banking & Finance, Travel & Immigration, Automotive, Security, Others)
|Regional Analysis/Coverage||North America (USA, Canada, Mexico), Europe
(Germany, UK, France, Italy, Spain, Netherlands,
Rest of Europe), Asia-Pacific (Japan, South Korea,
China, India, Australia, Rest of Asia-Pacific), The
Middle East & Africa (Israel, UAE, South Africa,
Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America)
|Company Profiles||NEC Corporation, Secunet Security Networks, Fujitsu Ltd., Thales SA, Aware, Gemalto Cogent, Inc, Fulcrum Biometrics, Facebanx, BIO-Key International, Cross Match Technologies, Cognitec Systems GmbH, Precise Biometrics, Safran, Crossmatch, Daon and Other.|
|Key Drivers||• Rise in use of biometric technology.
• Identification application.
|Restraints||• Significant associated cost.
• Halt on industrial applications.
Frequently Asked Questions (FAQ) :
The Biometric System Market size was valued at 37.5 billion in 2021 at a CAGR of 14.5%.
The key players in the Biometric System Market are NEC Corporation, Secunet Security Networks, Fujitsu Ltd., Thales SA, Aware, Gemalto Cogent, Inc, Fulcrum Biometrics, Facebanx, BIO-Key International, Cross Match Technologies, Cognitec Systems GmbH, Precise Biometrics, Safran, Crossmatch, Daon and Other.
Significant associated cost and Halt on industrial applications are the factors limiting the Biometric System Market's expansion.
Top-down research, bottom-up research, qualitative research, quantitative research, and Fundamental research.
Manufacturers, Consultants, Association, Research Institutes, private and university libraries, suppliers, and distributors of the product.
Table of Contents
1.1 Market Definition
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of Ukraine- Russia war
4.3 Impact of ongoing Recession
4.3.2 Impact on major economies
188.8.131.52 United Kingdom
184.108.40.206 South Korea
220.127.116.11 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Global Biometric System Market Segmentation, By Type
9. Global Biometric System Market Segmentation, By Authentication Type
9.2 Single-Factor Authentication
9.3 Multi-Factor Authentication
10. Global Biometric System Market Segmentation, By Technology
11. Global Biometric System Market Segmentation, By Mobility
11.2 Lifting and material handling
11.3 Earth moving
12. Global Biometric System Market Segmentation, By Industry Vertical
12.3 Consumer Electronics
12.4 Military & Defense
12.6 Banking & Finance
12.7 Travel & Immigration
13. Regional Analysis
13.2 North America
13.3.6 The Netherlands
13.3.7 Rest of Europe
13.4.2 South Korea
13.4.6 Rest of Asia-Pacific
13.5 The Middle East & Africa
13.5.3 South Africa
13.6 Latin America
13.6.3 Rest of Latin America
14 Company Profiles
14.1.2 Products/ Services Offered
14.1.3 SWOT Analysis
14.1.4 The SNS view
14.2 NEC Corporation
14.3 Secunet Security Networks
14.4 Fujitsu Ltd.
14.5 Thales SA
14.7 Gemalto Cogent, Inc
14.8 Fulcrum Biometrics
14.10 BIO-Key International
14.11 Cross Match Technologies
14.12 Cognitec Systems GmbH
14.13 Precise Biometrics
15 Competitive Landscape
15.1 Competitive Benchmark
15.2 Market Share analysis
15.3 Recent Developments
An accurate research report requires proper strategizing as well as implementation. There are multiple factors involved in the completion of good and accurate research report and selecting the best methodology to compete the research is the toughest part. Since the research reports we provide play a crucial role in any company’s decision-making process, therefore we at SNS Insider always believe that we should choose the best method which gives us results closer to reality. This allows us to reach at a stage wherein we can provide our clients best and accurate investment to output ratio.
Each report that we prepare takes a timeframe of 350-400 business hours for production. Starting from the selection of titles through a couple of in-depth brain storming session to the final QC process before uploading our titles on our website we dedicate around 350 working hours. The titles are selected based on their current market cap and the foreseen CAGR and growth.
The 5 steps process:
Step 1: Secondary Research:
Secondary Research or Desk Research is as the name suggests is a research process wherein, we collect data through the readily available information. In this process we use various paid and unpaid databases which our team has access to and gather data through the same. This includes examining of listed companies’ annual reports, Journals, SEC filling etc. Apart from this our team has access to various associations across the globe across different industries. Lastly, we have exchange relationships with various university as well as individual libraries.
Step 2: Primary Research
When we talk about primary research, it is a type of study in which the researchers collect relevant data samples directly, rather than relying on previously collected data. This type of research is focused on gaining content specific facts that can be sued to solve specific problems. Since the collected data is fresh and first hand therefore it makes the study more accurate and genuine.
We at SNS Insider have divided Primary Research into 2 parts.
Part 1 wherein we interview the KOLs of major players as well as the upcoming ones across various geographic regions. This allows us to have their view over the market scenario and acts as an important tool to come closer to the accurate market numbers. As many as 45 paid and unpaid primary interviews are taken from both the demand and supply side of the industry to make sure we land at an accurate judgement and analysis of the market.
This step involves the triangulation of data wherein our team analyses the interview transcripts, online survey responses and observation of on filed participants. The below mentioned chart should give a better understanding of the part 1 of the primary interview.
Part 2: In this part of primary research the data collected via secondary research and the part 1 of the primary research is validated with the interviews from individual consultants and subject matter experts.
Consultants are those set of people who have at least 12 years of experience and expertise within the industry whereas Subject Matter Experts are those with at least 15 years of experience behind their back within the same space. The data with the help of two main processes i.e., FGDs (Focused Group Discussions) and IDs (Individual Discussions). This gives us a 3rd party nonbiased primary view of the market scenario making it a more dependable one while collation of the data pointers.
Step 3: Data Bank Validation
Once all the information is collected via primary and secondary sources, we run that information for data validation. At our intelligence centre our research heads track a lot of information related to the market which includes the quarterly reports, the daily stock prices, and other relevant information. Our data bank server gets updated every fortnight and that is how the information which we collected using our primary and secondary information is revalidated in real time.
Step 4: QA/QC Process
After all the data collection and validation our team does a final level of quality check and quality assurance to get rid of any unwanted or undesired mistakes. This might include but not limited to getting rid of the any typos, duplication of numbers or missing of any important information. The people involved in this process include technical content writers, research heads and graphics people. Once this process is completed the title gets uploader on our platform for our clients to read it.
Step 5: Final QC/QA Process:
This is the last process and comes when the client has ordered the study. In this process a final QA/QC is done before the study is emailed to the client. Since we believe in giving our clients a good experience of our research studies, therefore, to make sure that we do not lack at our end in any way humanly possible we do a final round of quality check and then dispatch the study to the client.