ID: MRFR/SEM/4499-HCR | 100 Pages | Author: Aarti Dhapte | June 2023
The next generation biometrics market is expected to grow at USD 32 Billion by 2023, at 22% of CAGR between 2017 and 2023.
It has been found that the next generation biometrics market occupies a market value of about USD 32 billion where it projects at an s CAGR value of about 22% during the market forecast period. Here proof is required for authentication and identification which plays a major role in the development of the market. It is in high demand in certain industries where biometrics plays a major role as a security tool. Besides it, some of the key players are carrying out major aspects of using tokens or accessing the cards which are for authorization. Besides accessing the cards, some of the major other biometric characters are detecting face, fingerprint, the hand can either be lost, stolen, or even can be forged. Moreover, next-generation biometrics urges security and frictionless authentication to several other enterprises. Besides all this, the next generation biometrics can be marked for border security control, preventing crime and fraud, detecting and attending the records, some of the payment systems, and accessing control over the next generation biometrics market. Some of the loopholes of the next generation system include spoofing, substitution along replay attacks. It also includes pampering, trojan attack, masquerade attack, responding towards overriding and some instances of inaccuracy and urges some responses of inaccuracy. Globally, the next generation biometrics market experiences major growth during the market forecast period. Here the market owes to the rise in usage of smartphones devices and the increase in the need for using easy and swift biometric security solutions throughout the globe. Technology-led to an increase in revenue by the end of the market forecast period.
The impact of COVID majorly affected the market growth of the next generation biometrics industry. Globally COVID led to the decrease in an area covering next generation biometrics share and leads to the reduction in next generation biometrics market size which brought large transformation and disruptions within the biometric business. Here is a rise and growth in touchless integrated solutions of biometrics during the COVID period. Besides this, some of the technologies of multimodal and multifactor dealing becoming relevant nowadays. Moreover, pandemics led to the rising of social distance among the public.
Due to the growth and advancement of technological upliftment and incorporation towards the use of biometric products, rules, and regulations of the government, push up the next generation biometrics market size. Using biometrics for investigation the crime branches push up where it has adopted certain next-generation biometrics. Moreover, these integrated solutions, which have several other applications on the industrial scale, have helped in driving up the next generation biometrics market size.
The rise in launches of the biometric mode helped the smartphones and the industrial segment this helped in rising the intelligence towards the use of mobile devices. The use of biometrics helped in identifying the criminals which helped in the development of the next generation biometrics Here the growth expansion takes place by the usage of biometric systems like scanning up of retina, mapping of the fingerprint which has made the biometric system more appropriate, accurate, and more secure.
The market players playing a major role which will help in a competitive edge and holding a strong position in the global next generation biometrics another challenging factor is the groundbreaking features that emerge up new and innovative risks which prevents up the security risks and prevention risks.
High expenses of the deployment rate along with risk so associated with privacy of the next generation biometrics market are pushing back the next generation biometrics market growth. Instances towards inaccuracy lead to restraining market size and market development.
As per the component, the next generation biometrics market is being classified into hardware components, software components, solutions, and services. Moreover, the hardware segment is divided into scanners, cameras, fingerprint readers, and many more. It has also been found that the service segment is further being divided into installation services, support services, and maintenance systems. Based on the function, the next generation biometrics market is being divided into contact segments, noncontact segments, and many more. Based on technology, the next generation biometrics industry is classified into fingerprint, face, iris, palm, voice, DNA, signature, and many more. Based on the vertical segment, the next generation biometrics market is classified into BFSI, military, government, defense, IT, healthcare units, immigration, consumer electronics, and many more. Based on authentication type, the next generation biometrics market is being segmented into single-factor authentication and authentication of multi-factor. Moreover, the single factor authentication includes recognition of fingerprint, recognition of iris, recognition of palm, face recognition, recognition of vein, recognition of voice, recognition of signs, and using various other biometric technologies for detecting DNA, keystroke, and gait recognition. Moreover, the recognition of multifactor authentication includes biometric following the smart card technology, along with pin technology including two factors three-factor authentication.
Some of the technology so used are the fingerprint recognition techniques, iris recognition techniques, palm and face recognition, voice and signature recognition, DNA recognition, and many more. The rise in technological growth and advancement led to the creation of certain privacy options which protected the data and led to the rise in the growth of the next generation biometrics industry. The use up of fingerprint sensors among the user electronics helps in the authentication of biometrics. Technology led to the protection of certain threats which adopted certain authentication leading to the driving up of sub-segments. Moreover, it also helped the users to conduct the transaction through online mode.
Globally, the next-generation biometrics market pushes up to a great height during the market forecast period from 2017-2023. It has been marked that the next generation biometrics market expands its size expansion empire to the regions of North America, some of the European region, Asia Pacific region and rest regions of the world which includes Middle East, African and some of the South American regions. It has also been marked that the North American region is expected to play a major and dominant role during the market forecast period. This was because of its early adoption of the biometric system of authentication. The Asia Pacific region grows at an exponential rate. It was due to the enhancement of technology and its effective pricing of using biometric devices throughout the region. Moreover, the government and some of the commercial sectors are adopting this technology for identifying the individual thus improving the next generation biometrics market growth. Moreover, the Asia Pacific region exhibits high and steady growth. It was because of the dynamic and exponential growth in the sectors of web, telecom, internet of things, and data center units. Here adoption of the next-generation solution for adopting integrated solutions for the biometric market is a major and more impoverished concern. It seeks the monitor application performance where it helps in tracking loopholes in the application code and lessens up the risk associated with the operational improvement.
Some of the key players in the next generation biometrics industry are Safran SA of France, secure Security Networks AG of Germany, NEC Corporation of Japan, Precise Biometrics AB of Sweden, 3M Vognent Inc. of the United States, Bio key International Inc. of the United States, Fujitsu Ltd of Japan, Thales Group of France, Suprema Inc. of South Korea, Fulcrum Biometrics LLC if the United States, Cross Match technology Inc. of the United States, and many more. Other key players operating in the market are Validsoft of the United Kingdom, Siemens AG of Germany, RCG Holdings Limited of Hong Kong, Fingerprint Cards AB of Sweden, Facebanx of the United States, and many more. These key players use innovative techniques and invest much sum and some other resources in research activities. They try several developmental techniques to produce a cost-effective portfolio. These key players merge and develop partnership by applying certain strategies which strengthens up the biometric business which makes them reach out to the customers.
Here the report provides a piece of comprehensive information about the market scenario. The market report provides a key aspect about the rise in next generation biometrics market growth its market opportunities and the restraining factor occurring in the industry. The report also provides information about the market trends, the impact of COVID on the nation, and the new market estimations so made has made the trending market growth a little easier helpful and has created new ways for the participants to promote growth. From here you will know that the industry plays its role in offering strategic moves and tactics which helped in the development of the business performance along with the service range. The report gives a good analysis of the SWOT factor, five Porter forces analyses that led to the increase in next generation biometrics market size.
|Market Size||USD 32 Billion|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Component, By Technology|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||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).|
|Key Market Opportunities||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.|
|Key Market Drivers||Increasing technological proliferation & increasing use in the immigration industry are the key factors driving the next generation biometrics market growth.|
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).
The market occupies a CAGR value of about 22% during the market forecast period.
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