Pune, India -- (ReleaseWire) -- 09/12/2018 --According to new market research report the "Global Next Generation Biometrics Market by application (Government, Miltary & Defence, Law Enforcement, Enterprises, Banking & Finance, Healthcare, Residential Homes, Airports, Consumer Electronics, Travel & Immigration, Automotive, Security, Other Applications) by Components (Software, Hardware Services) - Global Market Outlook (2017-2026)" is accounted for $13.89 billion in 2017 and is expected to reach $63.26 billion by 2026 growing at a CAGR of 18.3% during the forecast period. Increasing number of government initiatives to adopt biometrics, growing need for surveillance and security owing to the threats of terrorist attack, proliferation of biometric technology in applications such as financial institutes, retail & automotive and increased convenience, secure identity management & superior human resource management are the key driving factors for the market growth. However, high deployment costs are hindering the market growth.
The identity of a person's based on certain physical or behavioral characteristics is recognized and authenticated by the biometric process. A person can be exceptionally identified by evaluating one or more distinguishing biological traits through biometric verification. The uniqueness of a person can be identified from different types of biometric technologies such as fingerprints, signature, palm recognition, face detection and record of their voice. This data is then compared to the biometric data of several other persons kept in a database to authenticate a person's identity. With the help of this biometric technology, the government agencies are able to solve crimes, prevent fraud in voting or public benefit applications, secure national borders, or protect identities for a variety of other applications, such as access control, banking and employee background checks.
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Based on Application, Banking & Finance segment held considerable market share during the forecast period. These Authuntication systems can also lift satisfaction of their customers, as it can eliminate passwords and increase the demand to adopt for biometrics in banking sector, which makes this market grow bullishly. For instance, Major Banks are also rolling out biometric authentication. JP Morgan, Chase, Bank of America and Wells Fargo allow their customers to log in to mobile banking via fingerprint authentication. By geography, Asia Pacific is expected to grow at a faster rate due to technological advancements and effective pricing of biometric devices across the region.
Some of the key players profiled in the Next Generation Biometrics Market include:
Assa Abloy
Aware
Bio-Key International
Cognitec Systems
Cross Match Technologies
Daon
Facebanx
Fujitsu
NEC
Precise Biometrics
Safran,
Secunet Security Networks
Securiport
Stanley Black
Decker and Thales
Types Covered: - Noncontact Functionality - Combined Functionality - Contact Functionality
Components Covered: - Software - Hardware - Services
Authentication Types Covered: - Single-Factor Authentication - Multifactor Authentication
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Applications Covered:
- Government
- Miltary & Defence
- Law Enforcement
- Enterprises
- Banking & Finance
- Healthcare
- Residential Homes
- Airports
- Consumer Electronics
- Travel & Immigration
- Automotive
- Security
- Other Applications
Regions Covered:
- North America
- Europe
- Asia Pacific
- South America
- Middle East & Africa
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What our report offers:
- Market share assessments for the regional and country level segments
- Market share analysis of the top industry players
- Strategic recommendations for the new entrants
- Market forecasts for a minimum of 9 years of all the mentioned segments, sub segments and the regional markets
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
