The global Biometric
System Market is foreseen to grow at 13.8%, from USD 34.4 Billion in 2021 to
USD 96.8 Billion in 2029. Increasing use of biometric technology in consumer
electronics for authentication and identification applications, growing focus
of governments worldwide on improving governance and delivering welfare
benefits to needy, and preventing fake entries of beneficiaries using
biometrics, rising need for biometric technology-based surveillance and
security solutions owing to heightened threat of terrorist attacks are the
factors driving the growth of the global Biometric System Market. However, Substantial
costs associated with biometric systems is anticipated to restraint the market
growth for the estimated period.
Market Definition
What is Biometric System?
A biometric
system is a system that allows the recognition of a certain characteristic of
an individual using mathematical algorithms and biometric data. There are
several uses of biometric systems. There are systems that require enrollment
upstream of users. Other identification systems do not require this phase.
Research Scope
The report
provides market value for base year 2021 and a yearly forecast from 2022 to
2029 in terms of revenue (USD Million). Market for each segment is present on
North America, Europe, Asia Pacific, Latin America and Middle East & Africa
as well as regional basis for the above-mentioned forecast period.
Key industry
dynamics, regulatory scenario, major material dynamics and Biometric System future
markets are analyzed to understand their impact on demand for the forecast
period. Growth rates have been estimated using correlation, regression and
time-series analysis.
Market Overview
Biometric
System Market report also provide a thorough understanding of the cutting-edge
competitive analysis of the emerging market trends along with the drivers,
restraints, challenges, and opportunities in the Biometric System Market to
offer worthwhile insights and current scenario for making right decision. The
report covers the prominent players in the market with detailed SWOT analysis,
financial overview, and key developments of the products/services from the past
three years. Moreover, the report also offers a 360º outlook of the market
through the competitive landscape of the global industry player and helps the
companies to garner Biometric System Market revenue by understanding the
strategic growth approaches.
Biometric System
Market study by “Zettabyte Analytics” provides details about the market
dynamics affecting the market, Market scope, Market segmentation and overlays
shadow upon the leading market players highlighting the favorable competitive
landscape and trends prevailing over the years.
Market Segmentation
For the purpose
of this report, the global Biometric System Market is segmented on the basis of
Authentication Type, Offering, Type, Mobility, Vertical and region:
By Authentication Type
|
Single-Factor
Authentication
|
Multi-Factor
Authentication
|
|
|
By Offering
|
Hardware
|
Software
|
|
|
By Type
|
Contact-Based
|
Contact-less
|
Hybrid
|
|
|
By Mobility
|
Fixed
|
Portable
|
|
|
By Verticals
|
Government
|
Consumer Electronics
|
Military & Defense
|
Healthcare
|
Banking & Finance
|
Travel & Immigration
|
Automotive
|
Security
|
Others
|
Authentication Type Outlook:
On the basis of
Authentication Type, the market is segmented into Single-Factor Authentication,
Multi-Factor Authentication.
Figure 1 - Biometric System Market, By Authentication
Type (Market Size And Forecast By Value - USD Million, 2021 & 2029)