Global Biometric Market is Anticipated to Grow at a CAGR of 18.0% During the Forecast Period (2016-2024)

New York, USA, 2018-Dec-05 — /EPR Network/ —  According to Goldstein Research, wide acceptance of mobile payments based on the biometric solution, bank access, implementation of biometrics for access control and smart payments are driving the growth of Biometric Market. Further increasing spending by market players into connected Biometric enabled equipments are expected to propel the demand for Biometric in the near future. Government is also taking initiatives to promote the implementation of biometric to prevent unauthorized access and terrorist incidents. Global biometric Market Outlook also includes product development, technological advancements and investment strategies adopted by major market players in order to expand their business across the globe.

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Market Segmentation

On the basis of our in-depth analysis, global biometric market can be segmented as follows:

Based on Biometric Technology

• Fingerprint Recognition Technology
• Iris Recognition
• Facial Recognition
• Hand Geometry Recognition
• Vein Recognition
• Signature recognition
• Voice Recognition

Based on Biometric for End-User

• Consumer Electronics
• Law Enforcement & Government
• Aerospace & Defense
• Banking & Financial Services
• Commercial & Retail Sectors
• Travel & Immigration
• Healthcare

Based on Geography

• North America (U.S. & Canada) biometric Market {Market Share (%), Market Size(USD Billion)}
• Latin America (Brazil, Mexico, Argentina & Rest of Latin America) biometric Market {Market Share (%), Market Size(USD Billion)}
• Europe (The U.K., Germany, France, Italy, Spain, Poland, Sweden &RoE) biometric Market {Market Share (%), Market Size(USD Billion)}
• Asia-Pacific (China, India, Japan, Singapore, South Korea, Australia, New Zealand, Rest of Asia) biometric Market {Market Share (%), Market Size(USD Billion)}
• Middle East & Africa (GCC, South Africa, North Africa, RoMEA) biometric Market {Market Share (%), Market Size(USD Billion)}

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“Global Biometric Market Outlook 2024” embodies a comprehensive overview of the global biometric market. On the basis of our painstaking study, the market can be segmented in terms of market segmentation by biometric technology and by end users.

Further, for the detailed analysis, Global Biometric Market Report encompasses the industry growth drivers, market challenges, risk analysis, market attractiveness, BPS (Base Point Scale) analysis, Porter’s five force model and SWOT analysis. This market report also includes competitive outlook of some of the major players profiling of companies such 3M Company, Precise Biometrics AB, Hitachi, Morpho, Fujitsu Limited, Smartmatic, Suprema, Apple Inc., BIO-Key International, Inc., Thales SA, Daon, Inc etc.

The major company profiles contain business strategy, major information, regional revenue distribution of the companies which encompasses business outlook, products, services and industries catered, financial analysis of the company and recent developments.

Overall, the report represents the global biometric market size along with the market forecast that will help industry consultants, technology providers, existing companies probing for enlargement opportunities, new players searching potentials and other investors to align their market-centric strategies according to the ongoing and expected trends in the future.

Biometric Market is driving on the basis of advancement in the given below industries:

Maritime Security System Market

The Maritime Safety System Market is set to reach a market size of USD 33.25 billion by 2025, growing at a CAGR of 7.74% over the forecast period (2017-2025). The factors such as technology advancement, growing number of ships & vessels, rising global trade through waterways are primarily driving the growth in deployment of maritime safety systems.

Automotive Fleet Management Market

The major driver in Automotive Fleet Management Market is growing demand for logistics and transport services owing to rising trade activities between countries and rising ecommerce business across the globe. Fleet management solutions provide various benefits such as improved maintenance planning, vehicle performance and schedule of fleet routing which enhances the fleet safety and also customer satisfaction.

Artificial Intelligence Market

With the digitization, enterprises are witnessed to shift towards smart & innovative technologies. Increasing adoption of advanced technologies by the organizations to read the algorithms and interpret the data is majorly driving the growth of global artificial intelligence market. The Artificial Intelligence Market size is expected to reach USD 14.2 billion by 2024 from an estimated market size of USD 525 million in 2015, growing at a CAGR of 17.2% over the forecast period 2016-2024.

Facial Recognition Market

Facial Recognition Market is expected to reach USD 9.75 billion by 2024, growing at a CAGR of 14.0% over the forecast period 2016-2024. The growing demand of surveillance and security system majorly from the civil government sectors on the back of rising criminal cases is driving the growth of global facial recognition market.

AIS Market

AIS Market is expected to reach USD 233 billion by 2025, growing at a CAGR of 4.46% over the forecast period 2017-2025. The growth in the number of ships & vessels is increasing the implementation of AIS. Moreover, the globalization has led to increased waterways trade & commerce which has positively influenced the rising number of ships/vessels across the globe.

Fingerprint Sensors Market

The  Fingerprint Sensors Market is expected to reach USD 13.80 billion by the end of 2024, registering a CAGR of 19.0% over the forecast period. North America is the dominating region for global fingerprint sensors market in 2015, owing to high sales of smartphones and tablets and large adoption of advance technologies and applications of biometrics in the region.