MARKET OVERVIEW
Biometrics are methods for verifying, recognizing, and identifying people based on their physical or behavioural features. They compare a person's identifiers to a biometric template that has previously been stored in the database. Physiological and behavioural traits are the two types of biometric identification available. Physiological characteristics include fingerprints, palm veins, palm prints, face, DNA, iris, retina and hand geometry, whereas behavioral characteristics comprise typing patterns and voice and signature recognition.
MARKET SCOPE
The "Global Biometrics Market Analysis to 2028" is a specialized and in-depth study of the electronics and semiconductor industry with a special focus on the global market trend analysis. The report aims to provide an overview of the biometrics market with detailed market segmentation component, application, end-user industry, and geography. The report provides key statistics on the market status of the leading biometrics market players and offers key trends and opportunities in the market.
MARKET SEGMENTATION
- Based on component, the global biometrics market is segmented into hardware, and software.
- On the basis of application, the market is segmented into authentication, and access control.
- On the basis of end-user industry, the market is segmented into government, military and defense, healthcare, BFSI, consumer electronics, travel and immigration, and others.
MARKET DYNAMICS
Drivers:
- Increasing use of biometric technology in enterprises to ensure improved convenience, secure identity management, and superior human resource management.
- Increasing adoption of smartphones and growing government initiatives directed towards the security of citizens
Restraints
- High deployment cost.
- Lack of multi-party authentication system may hinder the growth of the biometrics market.
REGIONAL FRAMEWORK
The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides an overview and forecast of the global market based on various segments. It also provides market size and forecast estimates from the year 2019 to 2028 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), the Middle East and Africa (MEA), and South America. The biometrics market by each region is later sub-segmented by respective countries and segments. The report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.
The report analyzes factors affecting the market from both demand and supply side and further evaluates market dynamics affecting the marketduring the forecast period i.e., drivers, restraints, opportunities, and future trend. The report also provides exhaustive PEST analysis for all five regions namely; North America, Europe, APAC, MEA, and South America after evaluating political, economic, social and technological factors affecting the biometrics market in these regions.
IMPACT OF COVID-19 ON BIOMETRICS MARKET
COVID-19 first began in Wuhan (China) during December 2019 and since then it has spread at a fast pace across the globe. The US, India, Brazil, Russia, France, the UK, Turkey, Italy, and Spain are some of the worst affected countries in terms confirmed cases and reported deaths. The COVID-19 has been affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. Shutdown of various plants and factories has affected the global supply chains and negatively impacted the manufacturing, delivery schedules, and sales of products in global market. Few companies have already announced possible delays in product deliveries and slump in future sales of their products. In addition to this, the global travel bans imposed by countries in Europe, Asia-Pacific, and North America are affecting the business collaborations and partnerships opportunities.
MARKET PLAYERS
The report covers key developments in the biometrics market as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals and others such as patents and events. Inorganic growth strategies activities witnessed in the marketwere acquisitions, and partnership & collaborations. These activities have paved way for the expansion of business and customer base of market players. The market payers from biometrics market are anticipated to lucrative growth opportunities in the future with the rising demand for biometrics in the global market.
The report also includes the profiles of key companies along with their SWOT analysis and market strategies in the biometrics market. In addition, the report focuses on leading industry players with information such as company profiles, components, and services offered, financial information of the last 3 years, the key development in the past five years.
- BIO-key International
- FaceFirst, Inc.
- Fulcrum Biometrics, LLC
- Gemalto (Thales SA)
- IDEMIA
- Iris ID, Inc.
- NEC Corporation
- Nuance Communications, Inc.
- Precise Biometrics
- ZOLOZ CO., LTD.
The Insight Partner's dedicated research and analysis team consist of experienced professionals with advanced statistical expertise and offer various customization options in the existing study.
