Airport Biometrics Market Size Valued at USD 155.3 Billion, market Grow at a CAGR Of 18.30% by 2020-2030
Airport Biometrics Market Size Anticipeted to Reach at USD 155.3 Billion, Grow at a CAGR Of 18.30% by 2020-2030. Airport Biometrics Market Biometrics systems are rapidly gaining appeal on a global scale because they are simple to use and install and offer a practical way to guarantee top-notch security and assurance.airport biometrics market size is expected to reach approximately USD 155.3 Billion by 2030. The primary factor making adopting biometric access systems essential in identifying is the rising threat of terrorism and criminality. Several instances of hacking into airplanes have made the usage of biometrics in airports necessary. This has a big impact on the market for airport biometrics worldwide. In addition, many businesses are forming alliances to extend their operations internationally. Additionally, installing and calibrating biometric devices doesn't require highly skilled staff. This additional element is anticipated to encourage the use and assist future market revenue growth. During the expected period, it is predicted that factors such as high implementation costs, concerns about data security and safety, and fears about false positives and inaccuracy would limit the growth of the worldwide market's revenue to some extent.
COVID-19 Impact Analysis
In terms of their product offerings' sales and distribution capacities, COVID-19 has caused businesses to quickly mobilize and make short-term and long-term adaptations to their business models. supply systems were shattered as the virus moved over the world, bringing uncertainty on the length of the quarantine, which impacted product sales. Additionally, the epidemic hastened the adoption of digital services in all sectors of the economy. However, because the end users did not want to take a chance with the security vulnerabilities, they were replaced with contactless systems like voice, IRIS, and face biometrics. The manufacturing sector is anticipated to pick up gradually in the upcoming months, and the market is anticipated to recover by mid-2022 due to eased lockdown.
Airport Biometrics Market Dynamics
The market's products and applications are the main factors boosting interest in the market. Products from the airport biometrics industry are essential for both environmental regulations and fuel-efficient automobiles. Governments are encouraged to promote cleaner and more fuel-efficient engine technologies due to public awareness of global warming, thus increasing the value of airport biometrics. The market for gasoline and diesel engines is expanding along with the demand for airport biometrics. With the government's and the market's joint efforts, the market's enormous opportunities will grow daily.
Regarding passenger safety, accurate identification and verification are crucial. Airport biometric technologies make this procedure more effective, convenient, and adaptable. Additionally, automated passenger authentication lowers personnel costs and makes patient data maintenance simpler. Concerns about management and security have undoubtedly increased with the increase in passenger volume. Passengers can receive a fully automated self-service experience with airport biometrics. Airport biometric systems also reduce the time needed for identification and verification. Consequently, the aforementioned elements propel the market at a notable rate.
As per the airport biometrics market report, high capital expenditure is required for the advanced biometric system's R&D, production, installation, maintenance, and shipping. High-performance biometric systems have expensive software and hardware (fingerprint readers, electronic locking systems, scanners, sensors, cameras) that require installation and maintenance. Modernized raw materials and parts are needed for more advanced biometric technology, raising costs. Users are responsible for paying for delivery, installation, and routine maintenance. Thus, the demand for substantial capital expenditure restrains the expansion of the biometric system industry.
Recent years have seen major technological advancements in biometric solutions. With the development of sensing technologies and the ubiquitous use of gadgets like computers and smartphones, there are more options to record human physiological and behavioral characteristics and analyze the resulting data for biometric authentication. Biometric technologies powered by machine learning and artificial intelligence are opening up new opportunities to accurately detect any abnormal activity and, if necessary, offer an extra layer of authentication. Biometric system manufacturers are encouraged to consistently spend in R&D operations to increase their range of advanced biometric systems by the growing demand for contactless systems and expanding the applications areas.
Airport Biometrics Market Segmention
The airport biometrics market segmentation, based on components, is hardware and software. The airport biometrics market growth was prominently high under the hardware category in 2021 and will continue to dominate the worldwide market in terms of revenue contribution due to the increasing need for running security systems in various businesses. The demand for hardware in biometric systems is anticipated to increase as other cutting-edge software for various security objectives becomes more and more necessary. Additionally, the growing demand for software for processing and enabling user access to human biological data after translation into digital form is anticipated to drive revenue growth of the software segment throughout the projected year.
The airport biometrics market segmentation, based on connectivity is physical characteristics and behavioral characteristics. The physical characteristics segment is anticipated to account for the biggest revenue share in 2021 due to the growing demand for simpler, more reliable, and quicker methods of user identity verification. Demand for physical characteristics systems is also anticipated to increase due to the growing requirement for foolproof human identification solutions.
Global Airport Biometrics Market Share, by Region, 2021 (%)Airport Biometrics Market Overview, by Region
By region, the airport biometrics Industry has been divided into North America, Europe, Asia-Pacific, and the Rest of the World. Asia-Pacific accounted for the most extensive market share. The greatest CAGR is anticipated for North America during the review period.
Asia Pacific is anticipated to have a significantly higher revenue share. The region's biometrics market is anticipated to be driven primarily by rising mobile payment transactions and rising government and private sector attempts to use biometric authentication technologies. The market's strong revenue growth may also be ascribed to technological developments, greater public awareness of the benefits of biometric security systems and falling costs of the devices using such technologies. Additionally, the region's market is anticipated to continue expanding in terms of revenue due to rising demand for and adoption of these systems across various businesses and end-use industries, including retail, gaming, banking and financial services, hospitals, and others.
North America is anticipated to post a very strong growth during the airport biometrics market forecast period. This is due to the deployment of biometric technologies and systems and the growth in financial institutions, companies, government buildings, and retail points of sale. Additionally, expanding commercial space and using biometric technologies to remotely supervise employee and staff attendance is anticipated to enhance the airport biometrics market growth. Moreover, it is anticipated that more Internet of Things (IoT)-based biometric systems will be adopted by fintech firms, telecom operators, merchants, banks, and other industries for customer identification purposes, creating more profitable growth prospects for market participants
Airport biometrics Market Competitive Landscape
The market includes tier-1, tier-2, and local players. The tier-1 and tier-2 players have reach with diverse product portfolios. Companies such as Safran (France), NEC Corporation (Japan), 3M Cogent Inc. (US), Fujitsu (Japan), Precise Biometrics AB (Sweden) dominate the market due to product differentiation, financial stability, strategic developments, and diversified regional presence. The players are concentrating on supporting airport biometrics market research and development.
Prominent players in the market include Safran (France), NEC Corporation (Japan), 3M Cogent Inc. (US), Fujitsu (Japan), Precise Biometrics AB (Sweden), Bio-Key International Inc. (US), Aware Inc. (US), Crossmatch (US), Thales Group (France), Cognitec Systems GmbH (Germany), Secunet Security Networks AG (Germany), Fulcrum Biometrics LLC (US), and Daon (US).
Scope of the Global Airport Biometrics Market Report
Objectives of the Study
The objectives of the study are summarized in 5 stages. They are as mentioned below:
Airport Biometrics Market Forecast & Size:
To identify and estimate the airport biometrics market size for the airport biometrics segmented by component and technology n by value (in US dollars). Also, to understand the consumption/ demand created by consumers of airport biometrics between 2022 and 2030
Market Landscape and Trends:
To identify and infer the drivers, restraints, opportunities, and challenges.
Market Influencing Factors:
To find out the factors which are affecting the sales of airport biometrics among consumers
Impact of COVID-19:
To identify and understand the various factors involved in the market affected by the pandemic
To provide a detailed insight into the major companies operating in the market. The profiling will include the financial health of the company in the past 2-3 years with segmental and regional revenue breakup, product offering, recent developments, SWOT analysis, and key strategies.
|Market Size||2030: USD 155.3 Billion|
|CAGR||18.3% CAGR (2020-2030)|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Component and Technology|
|Geographies Covered||North America, Europe, Asia-Pacific, and the Rest of the World (RoW)|
|Key Vendors||Safran (France), NEC Corporation (Japan), 3M Cogent Inc. (US), Fujitsu (Japan), Precise Biometrics AB (Sweden), Bio-Key International Inc. (US), Aware Inc. (US), Crossmatch (US), Thales Group (France)|
|Key Market Opportunities||Significant improvements in biometric technologies for applications such as identification and authentication|
|Key Market Drivers||Global market to be driven by increasing automation and digitization of authentication process|
The airport biometrics market forecast period is 2020 - 2030
The airport biometrics Industry is expected to register a CAGR of ~18.30% over the next 10 years, according to the airport biometrics market research.
North America is expected to register the highest CAGR during 2020- 2030
Asia Pacific held the largest share in 2021
The market size is expected to be USD 155.3 Billion by 2030.
Safran (France), NEC Corporation (Japan), 3M Cogent Inc. (US), Fujitsu (Japan), Precise Biometrics AB (Sweden), Bio-Key International Inc. (US), Aware Inc. (US), Crossmatch (US), Thales Group (France) are the major companies operating in the airport biometrics Industry.