Global Biometric system Market In Worldwide See Major Growth For The Next Few Years
According to a new report published by Reports Monitor titled, “Global Biometric system Market, Growth Opportunities, Innovations and Forecast, 2017-2025,” the global biometric system market was valued at XX million in 2016, and is projected to reach at XX million by 2025, growing at a CAGR of XX% from 2017 to 2025.
Biometric system is a technological system that uses biological organism information to identify the particular person. Biometric system rely on biological traits to give effective results. Person is uniquely identified by one or more distinguishing traits such as fingerprints, earlobe geometry, retina & iris patterns, voice waves, DNA, signature, hand geometry. With time people are preferring their own body parts to work as passwords rather than textual passwords. The recent trends ongoing are: mobile biometric technology, multimodal biometric authentication system, cloud based biometric solutions, vertical specialized biometric system, biometric single sign on.
The scope of global biometric system Market have been adopted across various fields such as health care, government & banking sector. Bio metrics are dominating various markets & devices such as : Apple came up with fingerprint bio-metrics for the first time on its device iPhone 5s. the scope of global biometric system increasing rapidly in high security military area, nuclear reactors. It is also used in border control, where identity of people is recognized against what is on record. But the biometric system is somewhat expensive as not only the biometric machine is needed to be purchased but the software also.
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Many countries have started using biometric technology in their vehicles, big brands such as: Mercedes-Benz, Volkswagen, BMW & Ford to strengthen security & enhancing luxury customer’s experience. Furthermore increasing need for reliable user authentication methods due to privacy concerns and rapid advancements in networking, communication and mobility systems have lead to growth of global biometric system. However, the biometric system’s high costs & time consumption in finger print bio metrics , its flaws in confirmation tasks is restraining the growth of biometric system. Even though the hand geometry bio-metrics in e-commerce industry will increase the growth opportunities in near future as it will serve the purpose of hand identification on a larger scale & helping companies to to create customer database.
The segment of global biometric system is based on application & consumer electronic devices. On the basis of application market is sub-segmented By Government, Defence, Finance & Banking, Immigration & Travel, Commercial Security, Home Security, Health care, Consumer Electronics. On the basis of consumer electronic devices market is sub-segmented by Smart-phones, Laptops, Tablets.
Region-wise,segmentation of the global bio-metrics market includes several key regions such as North America, Asia Pacific, Europe, Latin America, Middle East & Africa, among others. Developed economies in North America and Europe are reinforcing the market, while adoption is growing in end-use industries.
the top players covered in the report include the following:
Suprema, Inc., Fujitsu Limited, IDTECK, IrisGuard, Inc. , Lumidigm, Inc., Morpho SA (Safran), NEC Corporation, RCG Holdings, Ltd., BIO-Key International, Inc., Cognitec Systems, GmbH, Daon, Inc., Accu-Time Systems, Inc., DigitalPersona, Inc., Siemens AG and 3M Cogent, Inc.
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