The next generation biometrics market size is anticipated to expand at significant CAGR during forecast period 2021–2028. Growth of the market is attributed to rapid urbanization, rising theft activity in crucial data, increasing threat to national security, and rising usages of next generation biometrics in criminal identification.
Human characteristics related to calculations & measurements of body in biometrics. As an access control & identification in computer science the biometric authentication is used. For identifications of individuals in groups & keeping people under surveillance the biometric system is used. It is also applied for criminal investigation by Interpol, FBI, and other law enforcement agencies. Voice recognition, fingerprints, gait, and iris & facial recognition are the most common biometric technologies used by law enforcement agencies.
The Covid-19 pandemic affected the demand and supply of next generation biometrics market. Lockdown across the globe, supply chain disorders, and oscillating supply of raw materials forced manufacturers to shut down production leading to unfortunate decline in market growth. Launch of vaccines to combat the Covid-19 pandemic is expected to contribute to the market growth over the forecast period.
Market Trends, Drivers, Restraints, and Opportunities
- Increasing use of next generation biometric devices in healthcare is projected to boost the market.
- Rising usages of biometrics in smartphones is the major factor fueling the market.
- Lack of awareness about the next generation biometrics is projected to restrict the market expansion during the forecast period.
- High price of biometrics is anticipated to hamper the market growth in the coming years.
- R&D investment and technological advancement in next generation biometrics market is projected to offer lucrative opportunities for the market players
Scope of the Report
The report on the next generation biometrics market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Next Generation Biometrics Market–Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
Type of Solutions (Signature Recognition, Face Recognition, Iris Recognition, Fingerprint Recognition, Palm Print Recognition, and Others), End-user Verticals (Healthcare, Government, Defense, Consumer Electronics, Travel & Immigration, Banking & Finance, Home Security, and Others)
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
Key Players covered in the Report
Safran SA; Thales Group; Siemens AG; Fingerprint Cards AB; RCG Holdings Ltd.; Fujitsu Ltd.; Cross Match Technologies; and Suprema Inc.
Market Segment Insights
The fingerprint recognition segment accounts for key share of the market
Based on type of solutions, the next generation biometrics market is categorized into signature recognition, face recognition, iris recognition, fingerprint recognition, palm print recognition, and others. The fingerprint recognition segment accounts for a key share of the market. Growth of the market is attributed to rising industrialization and increasing technological advancement in next generation biometric. However, the face recognition segment is anticipated to expand at a rapid pace during the forecast period due to rapid expansion in development & research, wide range of applications in healthcare industry, and increasing per capita income.
The banking & finance segment is anticipated to hold significant market share
On the basis of end-user verticals, the market is divided into healthcare, government, defense, consumer electronics, travel & immigration, banking & finance, home security, and others. The banking & finance segment accounts for a significant share of the market. Growth of the market is attributed to increasing applications of biometric in airport security and commercialization of various scan based electronic devices such as notebooks & smartphones. The healthcare segment is anticipated to expand at a rapid pace during the forecast period due to factors such as rising demand for biometrics from banking sector, increasing investment by government & private sectors, and increasing population.
North America is estimated to hold major market share
On the basis of region, the next generation biometrics market is categorized as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market of Asia Pacific is estimated to expand at a high CAGR during the forecast period due to factors such as rapid growth in e-commerce passport programs and increasing number of terrorist activities. The market of North America is estimated to hold a major market share due to presence of key market players, rapid industrialization, and increasing per capita income.
Segments Covered in the Report
The next generation biometrics market has been segmented on the basis of
Types Of Solutions
- Signature Recognition
- Face Recognition
- Iris Recognition
- Fingerprint Recognition
- Palm Print Recognition
- Consumer Electronics
- Travel & Immigration
- Banking & Finance
- Home Security
- Asia Pacific
- North America
- Latin America
- Middle East & Africa
- Safran SA
- Thales Group
- Siemens AG
- Fingerprint Cards AB
- RCG Holdings Ltd.
- Fujitsu Ltd.
- Cross Match Technologies
- Suprema Inc.
Key players competing in the next generation biometrics market include Safran SA; Thales Group; Siemens AG; Fingerprint Cards AB; RCG Holdings Ltd.; Fujitsu Ltd.; Cross Match Technologies; and Suprema Inc.
Some of these players are using several market strategies such as collaborations, acquisitions, partnerships, merger, product launches, and capacity expansion to enhance their market shares and to generate revenue and raise their production line of the business in the coming years.