$32.4B Growth Opportunities in the Global Biometric System Market
April 4, 2017 | Business WireEstimated reading time: 1 minute
Research and Markets has announced the addition of the "Growth Opportunities in the Global Biometric System Market" report to their offering.
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 global biometric system market looks promising with opportunities in the government, commercial, healthcare, and banking sector. 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.
Emerging trends, which have a direct impact on the dynamics of the biometric system industry, include development of advanced biometric modalities, such as body odor, ear pattern, and lip biometrics and increasing use of advanced biometric sensors.
The report 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. The report 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.
Biometric system companies profiled in this market report include Safran SA, NEC Corporation, 3M Cogent, Precise Biometrics, and Fujitsu Ltd are among the major biometric system manufacturers.
Suggested Items
IDTechEx Report Unveils 3D Electronics Status and Opportunities
04/22/2024 | PRNewswire3D electronics is an emerging manufacturing approach that enables electronics to be integrated within or onto the surface of objects. 3D electronic manufacturing techniques empower new features, including mass customizability, greater integration, and improved sustainability in the electronics industry.
IDTechEx Examines the Opportunities for Wearables in Digital Health
04/19/2024 | IDTechExIDTechEx’s report, “Digital Health and Artificial Intelligence 2024-2034: Trends, Opportunities, and Outlook”, covers this ongoing trend in the consumer health wearables market and includes analysis of the opportunities and roadmap for biometric monitoring.
Real Time with... IPC APEX EXPO 2024: Pluritec's Expansion and Growth in the North American Market
04/19/2024 | Real Time with...IPC APEX EXPONicola Doria, president of Pluritec, discusses the company's strategic focus on the North American market, their investment in a new sales organization, service expansion, and a new process integration line. The conversation also covers market response and future installations, as well as Pluritec's new partnership with IEC.
Mycronic Releases Interim Report January–March 2024
04/18/2024 | MycronicNet sales increased 39 percent to SEK 1,692 (1,219) million. Based on constant exchange rates, net sales increased 42 percent.
Real Time with... IPC APEX EXPO 2024: Exploring Silicone Solutions with R&D Director of CHT
04/17/2024 | Real Time with...IPC APEX EXPOIn this interview, Gerry Ellis, the R&D director for CHT, discusses the product range offered by his company. He explains the challenges in creating base formulations, the drive to make products more user-friendly, and the various application techniques involved. Ellis also highlights the key market segments and the significance of providing efficient solutions to customers.