ID: MRFR/SEM/4499-HCR | February 2021 | Region: Global | 100 pages
Requirements for authentication and identification of every individual is increasing at a rapid pace. Although many industries are using biometrics as a security tool, some of them are still following the conventional methods of using tokens or access cards for authorization. Unlike access cards, biometric characters such as the face, fingerprint, hand and so on cannot be lost, stolen or forged. Next generation biometric solutions bring secure and frictionless authentication to organizations.
Next generation biometrics can be relevantly seen in border security control, crime and fraud prevention and detection attendance recording, payment systems, and access control. Some of the loopholes observed in the next generation biometrics system are spoofing, substitution and replay attacks, tampering, masquerade attack, Trojan horse attack, overriding of Yes/No response, and instances of inaccuracy, i.e., false acceptance rate (FAR) and false recognition rate (FRR).
Due to the growing technological proliferation and incorporation of next-generation biometric products, government and travel & immigration industry verticals are driving the growth of next- generation market. Also, use of biometrics in a criminal investigation is one of the factors that is driving the adoption of next-generation biometrics. Although the next-generation biometric solutions are observing applications among many industry verticals, the high cost of deployment and risk involved in privacy intrusion are restraining the market.
By Component, the market is segmented into Hardware, Solutions, and Services. Hardware is classified into scanners, cameras, fingerprint readers, and others. Services are further classified into installation services and support and maintenance services.
By Function, the market is segmented into Contact, Non-Contact and Others.
By Technology, the market is segmented into Fingerprint, Face, Iris, Palm, Voice, Signature, DNA, and Others.
By Vertical, the market is segmented into BFSI, Military & Defense, Government, Healthcare, Consumer Electronics, IT, Travel & Immigration and Others.
By Authentication Type, the market is segmented into Single Factor Authentication and Multi-Factor Authentication. Single factor authentication includes Fingerprint Recognition, Iris Recognition, Palm Print Recognition, Face Recognition, Vein Recognition, Signature Recognition, Voice Recognition and Other Biometric Technologies (DNA Recognition, Keystroke Recognition, Gait Recognition). Multi-factor authentication includes Biometrics combined with Smart Card Technology, Biometrics combined with Pin Technology, Two-factor authentication, and Three-factor authentication.
The global market for next-generation biometrics is estimated to grow at a significant rate during the forecast period from 2017 to 2023. The geographical analysis of next-generation biometrics market is studied for North America, Europe (including Russia), Asia Pacific (including Australia and New Zealand), and the rest of the world (including the Middle East, Africa, and Southern America).
North America is expected to dominate the next generation biometrics market during the forecast period due to early adoption of biometrics for authorization. Asia Pacific is expected to grow at a faster rate due to technological advancements and effective pricing of biometric devices across the region. Also, Government and commercial sectors are adopting biometric systems for identification of individuals, thus, providing growth in next-generation biometric market.
Asia Pacific region is expected to exhibit a high growth in Next Generation Biometrics market due to the dynamic growth of the web, telecom, data centers, and the internet of things. Since the security of data is a major criterion in Next Generation Biometrics, enterprises are seeking Next Generation Biometrics solutions to monitor application performance, track loopholes in application code as well as reduce the operational risks.
Global Next Generation Biometrics Market, USD Billions
Source: MRFR Analysis
Global market for next-generation biometrics is expected to reach ~32 billion, growing with a CAGR of ~18% in the forecast period
The prominent players in the market of Next Generation Biometrics are – Safran S.A. (France), NEC Corporation (Japan), 3M Cogent Inc. (U.S.), Fujitsu Ltd. (Japan), Suprema Inc. (South Korea), Cross Match Technologies Inc. (U.S.), Fulcrum Biometrics LLC (U.S.), Thales Group (France), Bio-Key International Inc. (U.S.), Precise Biometrics AB (Sweden), Secunet Security Networks AG (Germany).
Other players in the market include ValidSoft (U.K), Fingerprint Cards AB (Sweden), Facebanx (U.K), RCG Holdings Limited (Hong Kong), and Siemens AG (Germany).
The prominent players keep innovating and investing in research and development to present a cost-effective portfolio. There has been recent mergers and acquisitions among the key players, a strategy the business entities leverage to strengthen their reach to the customers.
Frequently Asked Questions (FAQ) :
North America is predicted to lead the next generation biometrics market.
Fingerprint, Face, Iris, Palm, Voice, Signature, DNA, and others are the different technologies used in next generation biometrics.
Increasing technological proliferation & increasing use in the immigration industry are the key factors driving the next generation biometrics market growth.
Instances of inaccuracy may limit the next generation biometrics market growth.
Key players profiled in the next generation biometrics market growth include Safran S.A. (France), NEC Corporation (Japan), 3M Cogent Inc. (U.S.), Fujitsu Ltd. (Japan), Suprema Inc. (South Korea), Cross Match Technologies Inc. (U.S.), Fulcrum Biometrics LLC (U.S.), Thales Group (France), Bio-Key International Inc. (U.S.), Precise Biometrics AB (Sweden), Secunet Security Networks AG (Germany), ValidSoft (U.K), Fingerprint Cards AB (Sweden), Facebanx (U.K), RCG Holdings Limited (Hong Kong), and Siemens AG (Germany).