The Biometric System Market is expected to grow at a CAGR of XX.XX% to reach US$XX billion by 2024, from US$XX billion in 2019. The biometric system market is expected to grow at a modest rate due to cohesive support by the governments worldwide and favorable 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 in consideration security, this market is growing. Simultaneously a growth in cyber-attacks and crimes are pushing the demand of biometric security during the forecasted period.
By verticals the biometric system market is segmented as BFSi, consumer electroinics, automitive, 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 automitives is increasing at ideal demographic trend, thus the growing automotive production is anticipated to push the demand for biometric systems.. In BSFI sector the biometric market is boosting toward growth for justified reasons of uiqueness and security due to increase thefts and cyber crimes. The consumer electronic market will dominate this market as the manufacturers are investing heavily to make the devices more secure.
By geography, biometric system market is segmented as Americas, Europe, Middle East & Africa and Asia Pacific. In Americas this market is expected to grow at a tremendous rate and due to securtiy 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 shows a growth of 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
The Biometric System Market has been analyzed through the following segments:
Single Factor Authentication
Multi Factor Authentication
United States of America
Europe, Middle East and Africa
Key insights offered
What will be the Biometric System Market size from 2018 to 2024?
How are the major drivers and restraints affecting the Biometric System Market growth and the opportunities which exist for key vendors?
Which segment and region will lead the market growth and why?
A comprehensive analysis of competitive landscape and key market participants’ behaviour.
Key strategies being adopted by vendors, with in-depth analysis along with their impact on competition and market growth.