DUBLIN--(BUSINESS WIRE)--The "Global Biometric Authentication and Identification Market: Focus on Modality (Face, Eye, Fingerprint, Palm, and Vein), Motility, Application, and Technology Trends Analysis and Forecast: 2018-2023" report has been added to ResearchAndMarkets.com's offering.
Global Biometric Authentication and Identification Market Projected to Grow Over $51.98 Billion by 2023
The global biometric authentication and identification market is expected to witness significant growth during the forecast period (2018-2023) registering a CAGR of 22.54%. This growth in the biometric authentication and identification market is due to an increasing demand for enhanced safety and security of the personnel.
Among the changing paradigm of the consumer as well as enterprise market, significantly higher demand of biometrics from the consumer goods segment such as from smartphones, laptops, and tablets is majorly impacting the growth of the biometric industry. However, latent fingerprinting spoofing, coupled with the risk of data breaches and privacy concern, are some of the pressing matters to be looked upon in the current scenario which is restraining the overall growth of the global biometric authentication and identification market.
The biometric authentication and identification market has been tracked along the lines of modality (facial, fingerprint, eye, vein, palmprint, voice, and handwritten), motility, application, and regions. Revenue generated from various application segments, namely, banking and financial institutions, government, enterprise, healthcare, commercial, and others, have been analyzed.
The report also covers the biometric authentication and identification technology market on a global scale and consequently provides revenue data of the key regions. A separate segment specifically has been dedicated to the key global regions: North America, Europe, Asia-Pacific (APAC), and Rest-of-the-World (RoW).
The use of biometric systems widely finds its application in areas such as high-security forensic laboratories, banking and financial institutions, and other similar areas. Based on the end-user requirements, different modalities are preferred for user identification, such as recognition based on facial, fingerprint, eye, and palmprint, among others. The fingerprint authentication and identification modality are widely used due to its high flexibility and reliability.
Moreover, government institutions (law enforcement, border security, ID issuance, and homeland security), healthcare, enterprises, banking and financial institutions, commercial, and other sectors have adopted this user authentication technique to ensure overall protection to the population from any impeding global crisis. The current drive towards cashless economy has compelled people to switch to digital banking or electronic transfers. Also, a gradual rise in cashless transactions has led to an increase in digital threats and fraud in the last few years.
The global biometric authentication and identification market has been further classified into mobile and fixed biometrics devices. The fixed devices constitute the larger share in the biometric authentication and identification market due to the large-scale biometric infrastructure used for the purpose of time management and attendance system, such as in the enterprise sector.
On the basis of application, the global biometric authentication and identification technology market are segmented into banking and financial institutions, government, enterprise, commercial, healthcare, and others. Government segment is the highest revenue generating segment among all the applications of biometric authentication and identification; whereas enterprise is expected to grow at the highest rate during the forecast period. In the government application segment, biometrics are primarily used in law enforcement agencies, governmental organizations, and defense establishments. Integrating biometrics in the existing access control and authentication systems holds the potential to largely increase the reliability of existing solutions.
The market study has identified North America as the leading region in the global biometric authentication and identification market accounting for almost 31.02% of the net revenue generated by the biometric authentication and identification. APAC is also anticipated to be a promising market with a multi-fold rise in demand expected from China, South Korea, Japan, and other Asian nations in the coming future.
Key Topics Covered
1 Market Dynamics
1.1 Market Drivers
1.1.1 Increased Adoption of Biometrics in Consumer Goods
1.1.2 Probing Anti-Money Laundering Through Biometrics
1.1.3 Influence of Biometrics in the Era of Blockchain
1.2 Market Restraints
1.2.1 Risk of Data Breaches and Privacy Concern
1.2.2 Latent Fingerprinting and Spoofing
1.3 Market Opportunities
1.3.1 Growing Scope of Contactless Biometric Smart Cards
1.3.2 Increased Usage of Deep Learning Techniques for Big Data in Biometrics
2 Competitive Insights
2.1 Competitive Scenario of Key Players
3 Industry Analysis
3.1 Supply Chain Analysis
3.2 Technological Trends
3.2.1 Multimodal Biometric Systems
126.96.36.199 Fusion in Multimodal Biometric Systems
3.2.2 Development in Authentication and Trust Frameworks
3.2.4 Gait Recognition
3.2.5 Biometric Video Surveillance
4 Global Biometric Authentication and Identification Market (by Modality)
4.1 Assumptions and Limitations
4.2 Market Overview
4.3 Facial-Based Biometric Recognition Systems
4.4 Eye-Based Biometric Recognition Systems
4.4.1 Iris Recognition
4.4.2 Retina Recognition
4.5 Hand-Based Biometric Recognition Systems
4.5.1 Fingerprint Recognition
4.5.2 Vein Pattern
4.6 Voice-Based Biometric Recognition Systems
4.7 Handwritten-Based Biometric Recognition Systems
4.8 Other Biometric Recognition Systems
5 Global Biometric Authentication and Identification Market (by Motility)
5.2 Fixed Biometric Systems
5.3 Mobile Biometric Systems
6 Global Biometric Authentication and Identification Market (by Application)
6.4 Banking and Financial Institutions
6.7 Other Applications
7 Global Biometric Authentication and Identification Market (by Region)
7.1 Market Overview
7.2 North America
7.2.1 The U.S.
7.4.4 South Korea
7.4.5 Rest of APAC
7.5 Rest of the World
7.5.1 Middle East and Africa
7.5.2 South America
8 Report Scope and Methodology
8.1 Scope of the Report
8.2 Biometric Authentication and Identification Market Research Methodology
For more information about this report visit https://www.researchandmarkets.com/r/7a0uh0