Biometric System Market Size, Share, Opportunities, COVID-19 Impact, And Trends By Type (Single Factor Authentication, Multi Factor Authentication), By Vertical (BFSI, Consumer Electronics, Automotive, Government, Others), By Component (Hardware, Software), And By Geography - Forecasts From 2019 To 2024

The biometric systems market is expected to reach $60.425 billion by 2024 from $27.465 billion in 2018 growing at a CAGR of 14.04%.

The biometric system market is expected to grow at a modest rate due to cohesive support by the governments worldwide and favourable regulations are being carried out for triggering the promotion of the biometrics market. The main reason for the adoption of this technology is security. As in today’s era theft and breach of security is easily possible, so taking into consideration security, this market is growing. Simultaneously a growth in cyber-attacks and crimes is pushing the demand for biometric security during the forecasted period.

By verticals, the biometric system market is segmented as BFSI, consumer electronics, automotive, government and others. This market is growing in the automotive sector due to increasing vehicle thefts. Due to economic growth across the globe, demands for automotive are increasing at the ideal demographic trend, thus the growing automotive production is anticipated to push the demand for biometric systems. In the BSFI sector, the biometric market is boosting toward growth for justified reasons of uniqueness and security due to increased thefts and cybercrimes. The consumer electronic market will dominate this market as the manufacturers are investing heavily to make the devices more secure.

By geography, the biometric system market is segmented as Americas, Europe, Middle East & Africa and the Asia Pacific. In the Americas, this market is expected to grow at a tremendous rate due to the security and scrutiny of employees. Asia Pacific region is adopting the new technologies of biometrics for more security and efficiency. Now the various governments are implementing various security policies which show growth in this market in the forecasted period.

Major industry players profiled as a part of this report are NEC Corporation, Iris ID Systems Inc, Comfis S.R.O, Princeton Identity, BioRugged, Telepower Communication Co Ltd, Jagstar, Crossmatch, Infinity Optics Solutions Pte Ltd, Cognitec Systems GmbH

Biometric System Market Scope:

Segmentation

The biometric systems market has been segmented by type, verticals, components, and geography.

• By Type

  • Single Factor Authentication

  • Multi Factor Authentication

• By Verticals

  • BFSI

  • Consumer Electronics

  • Automotive

  • Government

  • Others

• By Component

  • Hardware

  • Software

• By Geography

  • North America

    • USA

    • Canada

    • Mexico

  • South America

    • Brazil

    • Argentina

    • Others

  • Europe

    • Germany

    • France

    • United Kingdom

    • Italy

    • Others

  • Middle East and Africa

    • Saudi Arabia

    • Israel

    • Others

  • Asia Pacific

    • China

    • Japan

    • South Korea

    • India

    • Others

Frequently Asked Questions (FAQs)

Q1. What will be the biometric system market size by 2024?
A1. The biometric system market is expected to reach a market size of US$60.425 billion by 2024. 

Q2. What is the size of the biometric system market?
A2. The biometric system market was valued at US$27.465 billion in the year 2018. 

Q3. What are the growth prospects for the biometric system market?
A3. The biometric system market is expected to grow at a CAGR of 14.04% over the six years. 

Q4. Who are the major players in the biometric system market?
A4. Some of the major players in the biometric system market are NEC Corporation, Iris ID Systems Inc, Comfis S.R.O, Princeton Identity, BioRugged, Telepower Communication Co Ltd, Jagstar, Crossmatch, Infinity Optics Solutions Pte Ltd, Cognitec Systems GmbH. 

Q5. What factors are anticipated to drive the biometric system market growth?
A5. The biometric system market is expected to grow at a modest rate due to cohesive support by the governments worldwide and favourable regulations are being carried out for triggering the promotion of the biometrics market.