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Biometric System Market “Estimated to Reach US$ 65.3 Billion by 2024” –ReportsnReports

The research reports on “Biometric System Market” report gives detailed overview of factors that affect global business scope. Biometric System Market report shows the latest market insights with upcoming trends and breakdowns of products and services. This report provides statistics on the market situation, size, regions and growth factors.

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The Global Biometric System Market size is expected to grow from US$ 33.0 Billion in 2019 to US$ 65.3 Billion by 2024; it is projected to grow at a CAGR of 14.6% during the forecast period. This report spread across 191 Pages, Profiling 10 Companies and Supported with 124 Tables and 51 figures is now available in this research.

Top Key Players profiled in the Biometric System Market:

  • Thales Group (Thales) (France)
  • Safran (France)
  • NEC Corporation (NEC) (Japan)
  • ASSA ABLOY AB (ASSA ABLOY) (Sweden)
  • Fujitsu Ltd. (Fujitsu) (Japan)

“Single-factor authentication segment to hold largest market share during forecast period”

The larger market for single-factor authentication is owing to its convenience, cost-effectiveness, and fast responsiveness. Single-factor authentication technologies, such as fingerprint, face, and iris, are among the most prominent technologies, especially in government, travel & immigration, and banking applications. Significant adoption of facial recognition and fingerprint recognition solutions in consumer electronics devices has spurred the demand for single-factor authentication-based biometric systems.

“Combined functionality type segment to grow at highest CAGR during forecast period”

The highest CAGR of the combined segment is attributed to the increasing need for efficient and reliable biometrics. Multimodal biometrics guard against spoofing or forgery through multi-level authentication.

Many countries, such as the US, India, and the UK, have adopted multimodal authentication systems (a combination of two or three biometrics modalities, using the contact or non-contact functionalities) for security checkpoints on the country borders owing to increasing threats of terrorist activities.

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“Consumer electronics to hold largest size of biometric system market during forecast period”

The consumer electronics industry is one of the continuously evolving industries. This industry has been witnessing new developments in recent years at a rapid pace. Alexa, a voice assistance speaker, or smartphones equipped with facial and fingerprint recognition are the well-known examples of such developments.

Competitive Landscape of Biometric System Market:

1 Overview

2 Ranking Analysis

3 Competitive Scenario

3.1 Product Developments and Launches

3.2 Partnerships, Agreements, and Collaborations

3.3 Acquisitions

3.4 Investments and Expansions

4 Competitive Leadership Mapping

4.1 Visionary Leaders

4.2 Dynamic Differentiators

4.3 Innovators

4.4 Emerging Companies

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