Key Opportunities and Challenges in the Biometric System Market

Northbrook, USA, 2019-Dec-03 — /EPR Network/ —

The global biometric system market size is expected to grow from USD 33.0 billion in 2019 to USD 65.3 billion by 2024, at a CAGR of 14.6% during the forecast period. Major factors driving the market growth include the increasing use of biometrics in consumer electronics devices to provide seamless access over different applications, rising number of government initiatives to adopt biometrics, growing need for surveillance and security due to the threats of terrorist attacks, and increasing penetration of biometric technology in automotive and enterprise applications.

Technological development is the key growth opportunity for the biometric system market. High deployment costs inhibit the growth of the biometric system market. Data security concerns act as a challenging factor for the growth of the market.

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The biometric system market for multi-factor authentication segment is expected to witness the highest CAGR during the forecast period. The growth of this segment is attributed to the increasing deployment and the need for security to avoid hacking attacks on sensitive information, especially in government and defense applications. The combination of multiple identifiers adds an extra level of security, making the system more effective, accurate, and reliable. In addition, a multimodal biometric system can reduce the failure to enroll (FTE) and failure to capture (FTC) rates. The rapid development of biometric smart cards for payment and identification purposes is expected to drive the growth of the multi-factor authentication segment.

The market for other end-users, including industrial, utility, sports, and entertainment, is expected to have the highest CAGR during the forecast period. The growth of this segment is attributed to the rising trend of automation for increased accuracy and increasing security concerns. Stadiums have started implementing biometric recognition systems, especially for big sports events. The Taipei Municipal Stadium in Taipei has deployed NEC facial recognition technology to secure the stadium from unauthorized entrants. In August 2018, the organizers of the 2020 Summer Olympics, Tokyo announced that the facial recognition technology will be deployed to identify athletes, officials, and media during the event. Furthermore, various MLB clubs in the US have started using biometric ticketing systems.

The RoW is expected to be the fastest-growing market during the forecast period. The region is currently contributing less to the overall market. The increasing demand for advanced identity management solutions from various governments in this region to maintain security at border crossing points is the main factor fueling the growth of the biometric system market in the region. Furthermore, the countries in this region have started adopting fingerprint-based biometrics for banking and finance applications.

Biometrics has replaced traditional identification methods in most of the application across various industries. It has become a preferred option for authentication and identification. Initially, the use of biometrics was limited to government projects for identification and authentication purposes. However, with the advent of technologies such as face recognition, fingerprint recognition, iris recognition, etc., and secure features of biometric systems, their deployment has increased rapidly in commercial applications. Sectors such as retail, healthcare, industrial, IT & telecom, gaming, hospitality, education, financial services, and manufacturing are increasingly using biometric systems based on various authentication types.

Technological development is the key growth opportunity for the biometric system market. Facial and iris recognition technologies have gained high traction among end users. Biometrics technologies based on heart rate (electrocardiogram) and brain signals (electroencephalogram) have also been developed.

Please explore relevant report

Access Control Market by Component (Hardware Card-Based Readers, Biometric Readers, Electronic Locks, Controllers, and Software), Service (Installation, Maintenance, & ACaaS), Vertical, and Geography – Global Forecast to 2024

Fingerprint Sensor Market by Technology (Capacitive, Optical, Thermal, Ultrasonic), Type (Touch, Swipe), Application (Consumer Electronics, Banking & Finance, Government & Law Enforcement, Commercial, Smart Homes), and Region-Global Forecast to 2024

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