Market Analysis
The next generation biometrics market size is predicted to touch USD 32 billion at an 18% CAGR between 2017- 2023, states the recent Market Research Future (MRFR) analysis. Next generation biometric technology is an automated method that is used to verify and authenticate a person’s identity resting on physical or behavioral characteristics like iris, eye retina, hand measurements, facial patterns, vein and signature patterns, voice patterns, and fingerprints.
Various factors are propelling the global Next Generation Biometrics Market Report. According to the recent MRFR report, such factors include an increase in terrorist activities, a rise in theft activities of crucial information and data, extensive usage in criminal identification, government support, and growth in the e-passport program. Additional factors fueling market growth include an increase in airport security initiatives, attempts to cut down crime rates, and different government initiatives like national IDs, border management, e-driving licenses, e-passports, and others using advanced biometrics.
On the contrary, fear of privacy intrusion, high deployment costs, and the on-going COVID-19 impact may limit the global next generation biometrics market growth over the forecast period.
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Market Segmentation
The MRFR report highlights an inclusive segmental analysis of the global next generation biometrics market based on component, function, technology, vertical, and authentication.
By component, the next generation biometrics market is bifurcated into services, solutions, and hardware. The hardware segment is again segmented into fingerprint readers, cameras, scanners, and others. The services segment is again segmented into support & maintenance services, and installation services.
By function, the global next generation biometrics market is segmented into non-contact, contact, and others.
By technology, the global next generation biometrics market is segmented into DNA, signature, voice, palm, iris, face, fingerprint, and others. Of these, the fingerprint segment will lead the market over the forecast period.
By vertical, the global next generation biometrics market is segmented into travel and immigration, IT, consumer electronics, healthcare, government, military and defense, BFSI, and others. Of these, travel and immigration will dominate the market over the forecast period.
By authentication, the global next generation biometrics market is segmented into multi-factor authentication and single factor authentication. The single factor authentication is again segmented into voice recognition, signature recognition, vein recognition, face recognition, palm print recognition, iris recognition, fingerprint recognition, and others. The others segment include gait recognition, keystroke recognition, and DNA recognition. The multi-factor authentication segment is again segmented into three-factor authentication, two-factor authentication, biometrics combined with pin technology, and smart card technology. Of these, the IRIS biometrics next generation authentication segment will have a major share in the market over the forecast period.
Regional Analysis
By region, the global next generation biometrics market covers the growth opportunities and recent trends across Europe, North America, the Asia Pacific (APAC), & the Rest of the World (RoW). Among these, North America will have the lions share in the market over the forecast period. Effective prices of biometric devices, technological advances, and increasing adoption by the commercial sectors and the government for identification of individuals are adding to the global next generation biometrics market growth in the region.
The global next generation biometrics market in Europe is predicted to have the second-largest share over the forecast period. Increasing government funds for e-passport programs coupled with growing regional awareness regarding data security is adding to the global next generation biometrics market growth in the region.
The global next generation biometrics market in the APAC region is predicted to have notable growth over the forecast period. Dynamic growth of the internet of things, data centers, telecom, and web, growing need for security of data, and increasing use by enterprises to reduce operational risks, track loopholes in application code, and monitor application performance are adding to the global next generation biometrics market growth in the region.
The global next generation biometrics market in the RoW is predicted to have sound growth over the forecast period.
Key Players
Prominent players profiled in the global next generation biometrics technology market report include Siemens AG (Germany), RCG Holdings Limited (Hong Kong), Facebanx (U.K), Fingerprint Cards AB (Sweden), ValidSoft (U.K), Secunet Security Networks AG (Germany), Precise Biometrics AB (Sweden), Bio-Key International Inc. (U.S.), Thales Group (France), Fulcrum Biometrics LLC (U.S.), Cross Match Technologies Inc. (U.S.), Suprema Inc. (South Korea), Fujitsu Ltd. (Japan), 3M Cogent Inc. (U.S.), NEC Corporation (Japan), and Safran S.A. (France).
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