The global biometrics market size is poised to grow by USD 18.10 billion during 2020-2024, progressing at a CAGR of almost 10% throughout the forecast period, according to the latest report by Technavio. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. Download a Free Sample of REPORT with COVID-19 Crisis and Recovery Analysis.
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Technavio has announced its latest market research report titled Global Biometrics Market 2020-2024 (Graphic: Business Wire)
The increasing government initiatives for implementing biometrics is one of the key factors expected to drive the market's growth. The rising focus of governments on offering cost-effective, efficient, and safe services to their citizens is encouraging the adoption of biometrics, particularly, in emerging economies. Nationwide identification systems, including the e-passport and identity card programs are being planned to be implemented in several countries including Germany, Colombia, Spain, Italy, Belgium, and Argentina. The deployment of biometrics is being made mandatory in several advanced economies as well. For instance, the Singapore government announced plans for conducting trials of a National Digital Identity Facial Biometric System in November 2018. The use of such biometric solutions would enable banks and healthcare facilities for the identification of users.
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Report Highlights:
- The major biometrics market growth will come from Government sector
- 33% of the market's growth will originate from APAC during the forecast period. The high adoption of biometrics such as IRIS by the government and transportation sectors and modernizing infrastructure will significantly drive biometrics market growth in this region over the forecast period.
- The global biometrics market is fragmented. ASSA ABLOY AB, Aware Inc., Cognitec Systems GmbH, Fujitsu Ltd., IDEMIA France SAS, M2SYS Technology, NEC Corp., Qualcomm Inc., secunet Security Networks AG, and Thales Group. are some of the major market participants. To help clients improve their market position, this biometrics market forecast report provides a detailed analysis of the market leaders.
- As the business impact of COVID-19 spreads, the Global Biometrics Market 2020-2024 is expected to have Positive and Superior growth. As the pandemic spreads in some regions and plateaus in other regions, we revaluate the impact on businesses and update our report forecasts.
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Increased Instances of Fraud through Credit Card Payments will be a Key Market Trend
The rise in number of credit card payments at retail stores has also increased the instances of fraud, which has compelled credit card companies and the BFSI sector to adopt biometrics to secure the confidential details of users. Theft of such critical data could endanger national security. Likewise, the transportation sector deals with border safety, which requires a high level of security to avoid unauthorized intrusions. In the healthcare sector, which deals with bio-chemicals and lab research, data also needs to be protected against theft and cyber-attacks. Such activities are set to increase the implementation of biometric surveillance and security systems to enhance security.
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Biometrics Market 2020-2024: Key Highlights
- CAGR of the market during the forecast period 2020-2024
- Detailed information on factors that will assist biometrics market growth during the next five years
- Estimation of the biometrics market size and its contribution to the parent market
- Predictions on upcoming trends and changes in consumer behavior
- The growth of the biometrics market
- Analysis of the market's competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of biometrics market vendors
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Mobile Biometrics Market by Technology, Application, and Geography Forecast and Analysis 2020-2024: The mobile biometrics market size has the potential to grow by USD 15.63 billion during 2020-2024, and the market's growth momentum will decelerate during the forecast period because of the decline in year-over-year growth. To get extensive research insights: Click and Get FREE Sample Report in Minutes!
Executive Summary
Market Landscape
- Market ecosystem
- Value chain analysis
Market Sizing
- Market definition
- Market segment analysis
- Market size 2019
- Market outlook: Forecast for 2019-2024
Five Forces Analysis
- Five forces summary
- Bargaining power of buyers
- Bargaining power of suppliers
- Threat of new entrants
- Threat of substitutes
- Threat of rivalry
- Market condition
Market Segmentation by End-user
- Market segments
- Comparison by End-user
- Government Market size and forecast 2019-2024
- Healthcare Market size and forecast 2019-2024
- BFSI Market size and forecast 2019-2024
- Others Market size and forecast 2019-2024
- Market opportunity by End-user
Market Segmentation by Authentication
- Market segments
- Single-factor authentication
- Multi-factor authentication
Customer landscape
Geographic Landscape
- Geographic segmentation
- Geographic comparison
- North America Market size and forecast 2019-2024
- APAC Market size and forecast 2019-2024
- Europe Market size and forecast 2019-2024
- MEA Market size and forecast 2019-2024
- South America Market size and forecast 2019-2024
- Key leading countries
- Market opportunity by geography
- Market drivers
- Market challenges
- Market trends
Vendor Landscape
- Overview
- Vendor landscape
- Landscape disruption
Vendor Analysis
- Vendors covered
- Market positioning of vendors
- ASSA ABLOY AB
- Aware Inc.
- Cognitec Systems GmbH
- Fujitsu Ltd.
- IDEMIA France SAS
- M2SYS Technology
- NEC Corp.
- Qualcomm Inc.
- secunet Security Networks AG
- Thales Group
Appendix
- Scope of the report
- Currency conversion rates for US$
- Research methodology
- List of abbreviations
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