Global biometric authentication & identification market 2020 boasted array of opportunities and profited when the Coronavirus ripped through the world economy and financial markets. Now the market is approaching towards the positive side and expects to rise at a considerable CAGR during the forecast period (2016-2027). Market Research Future has accumulated the information in its latest reports observing COVID 19 situation. Organizations such as DHS (Homeland Security), mounting adoption of biometric authentication in banking and healthcare sector (e-banking and mobile payments) and surged security & convenience for consumers have ensured the fast growth of the Biometric industry.
Top Boosters and Key Barriers
The biometric technology offers a host of advantages including high degree of security in the public, commercial and private sectors. The technology helps record all the unique human characteristics, such as fingerprints, retina, voice patterns and DNA for authorization. As a result, with the increasing demand, the biometric authentication and identification market share is set to expand in the next couple of years.
The market has gained massive traction in recent years on account of the augmented use of biometric authentication and identification technology for better security across different verticals in a variety of industries. With the biometric technology, the chances of frauds as well as security breaches compared to traditional techniques like tokens and passwords has come down significantly, which boosts the market growth across the globe.
Furthermore, the rising adoption of the technology within the e-commerce industry to facilitate secure payments also speeds up the market growth. Mounting concerns with regard to internal as well as external securities can leave a positive impact on the global market in the following years. The surging use of the technology in private and government sectors for employee attendance and identification can drive the market growth in the approaching years.
While COVID-19 pandemic continues to cripple, the study of the Global biometric authentication & identification market is conducted through segments— modality, motility, application.
The modality segment includes classification of biometric systems, market statistics, and multimodal biometric systems.
The segment of motility includes fixed and mobile.
The segment of application includes banking and financial institutions, enterprise, consumer electronics, government, healthcare, retail and commerce.
3M Cogent, Inc. (U.S.), Daon, Inc. (U.S.), BIO-Key International, Inc. (U.S.), Secunet Security Networks AG (Germany), Fujitsu Ltd. (Japan), Safran SA (France), Precise Biometrics AB (Sweden), Fulcrum Biometrics, LLC (U.S.), Thales SA (France), Aware, Inc. (U.S.), Cognitec Systems GmbH (Germany), Cross Match Technologies (U.S.), Facebanx (U.K.), NEC Corporation (Japan), are some of the top players in the market for biometric authentication and identification.
The regions across which the biometric authentication and identification market size is anticipated to grow include North America, Asia Pacific (APAC), Europe, and Rest of the World (RoW).
In 2016, North America was identified as the leading market for biometric authentication & identification, trailed by Europe and APAC.
The dominance of the North American market has been the result of the surging number of government initiatives, especially in the United States (US) along with Mexico and Canada. These initiatives include massively funded programs like e-visas, e-passports to name a few. The US Department of Defence and Department of Homeland Security makes extensive use of the fingerprint biometrics technology to facilitate digital as well as physical access and combat security. In addition, given the high concentration of renowned companies like Cross Match Technologies (US) and Aware (US), the regional market can reach greater heights in the following years.
Europe, with the second largest market for biometric authentication and identification, benefits from the increasing use of related devices at border crossings. The market for automatic identification and data capturing (AIDC) is thriving in the region. The market demand is backed by the soaring need to prevent data capture and entry errors, surge in government legislation that supports and encourages the use of the technology, expanding e-commerce sector and technological advancements.