Global Biometric Market Overview:
A technological system which utilizes information about an individual to specifically identify that person is called biometric systems. Biometric systems depend on specific data about unique biological traits in order to work effectively. These devices include fingerprint scanners, facial recognition, hand/palm recognition, iris scanner, voice recognizer, vein scanner and others. These biometric devices are very useful where higher level of security is needed such as banks, law enforcement organizations, and others.
In the year 2018, Global biometric Market was valued at USD 17 Billion and by the year 2024, it is estimated to reach USD 42 Billion at growing CAGR of 20%.
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Drivers and Restraints:
Global biometric Market is estimated to grow in forecasted period owing to supporting factors such as increasing acceptance of biometric devices in defense, finance and banking sectors, travel, government, consumer electronics, healthcare and other fields.in addition, increasing government initiatives like e-passports and introduction of other e-government procedures, growing demand for advanced security systems to counter act on frauds, crimes, terrorist activities, hackings, and other risks are some of the other important factors estimated to support biometrics market on a global market during forecasted period. Increasing implementation of biometric technology with growth in the IT industry is predicted to boost the global biometrics market during following period.
Based on geography, North America region is accounted for the major chunk of the market due to supporting factors such as technological advancements and adoption of several application segments. In addition, Europe and North America regions are also predicted to claim significant part of global market. Especially, the Asia Pacific region is estimated to be growing at higher CAGR owing to presence of major economies in the region, increasing disposable and per capita incomes and growing adoption of these devices.
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Key Players in Global biometric Market:
The important companies in the global market include VASCO Data Security International (US), Fulcrum Biometrics (US), Qualcomm (US), Suprema (South Korea), M2SYS Technology (US), Securiport (US), BIO-key International (US), Facebanx (UK), Daon (US), Cognitec Systems (Germany), Stanley Black & Decker (France), Cross Match Technologies (US), Secunet Security Networks (Germany), Aware (US), Precise Biometrics (Sweden), ASSA ABLOY (Sweden), Fujitsu (Japan), NEC (Japan), Thales (France), and Safran (France).
Scope of the report:
The report offers a comprehensive analysis of the industry by providing the estimations of market potential and forecasts with utmost granularity. Along this, the factors influential in effecting the market dynamics and trends are discussed in detail at the product level. Further, the performance of the market at the regional and country-level is assessed and the prospects with high growth potential are identified and debated.
The key players in the industry are profiled providing insights on their financial performance, market position and growth strategies. Comparative analysis on prime strategical activities of the market players delineating the key developments like mergers & acquisitions, collaborations and an evaluation of the competitive environment within the industry are provided. The report also offers a broad outlook of the market along with recommendations from industry experts on the opportunities for investment activity.
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