North America's biometrics market is expected to grow progressively with a CAGR of 17.54% in terms of revenue for the forecasting period of 2019 to 2027.
The Federal Trade Commission states that identity thefts with respect to the payment & banking sector are highly prevalent in the US, which in turn, will lead to the enhanced adoption of advanced authentication services like biometrics.
One of the major objectives for Mastercard was to provide biometric authentication services to every customer by April 2019. This move obligates banks accepting payments via Mastercard to support this identification method. Therefore, if other BFSI industry players incorporate this mechanism, the demand for biometric systems would rise further.
The large number of R&D activities in the US is one of the key reasons why the US has been one of the early adopters of technology. Biometric solutions for authentication purposes and identity verification protocols & systems have long been adopted by the country. Due to their diverse range of applications, biometrics have found a huge market, be it governmental organizations or even multinational banks.
The leading companies in the biometrics market are Bio-key International, Fingerprint Cards, Fulcrum Biometrics, HID Global Corporation, Iris ID Systems, NEC Corporation, Idemia France, and Siemens.
Key Topics Covered
1. North America Biometrics Market - Summary
2. Industry Outlook
2.1. Market Definition
2.2. Components of a Biometric Access Control System
2.2.1. Input Extraction
2.2.2. Transmission & Signal Processing
2.2.3. Quality Assessment
2.2.4. Data Storage
2.3. Key Insights
2.3.1. Favorable Government Initiatives
2.3.2. Introduction of Multimodal Biometric Technology
2.3.3. Rapid Adoption By Banking & Financial Service Industries
2.4. Porter's Five Force Analysis
2.4.1. Bargaining Power of Buyers
2.4.2. Bargaining Power of Suppliers
2.4.3. Threat of New Entrants
2.4.4. Threat of Substitute
2.4.5. Threat of Competitive Rivalry
2.5. Market Attractiveness Index
2.6. Vendor Scorecard
2.7. Industry Components
2.7.1. Core Technology
2.7.2. Physical Components Manufacturer
2.7.3. Integrated Biometric Devices
2.7.4. Marketing and Distribution
2.8. Market Drivers
2.8.1. Increased Safety & Security Concerns
2.8.2. Rise in Identity Threats & Related Costs
2.8.3. Immense Proliferation of Smartphones & Tablets With Biometric Capabilities
2.9. Market Restraints
2.9.1. High Cost of Technology
2.9.2. Difficulties in Integrating Biometrics into Existing Software
2.10. Market Opportunities
2.10.1. Thriving E-Commerce Industry
2.10.2. Emergence of E-Passport
2.11. Market Challenges
2.11.1. Technical Limitations Associated With Biometric Technology
2.11.2. Data Security & Privacy Issues
3. North America Biometrics Market Outlook - By Type
4. North America Biometrics Market Outlook - By End-Users
4.5. IT & Telecommunication
4.7. Other End-Users
5. North America Biometrics Market Outlook - By Technology
5.1. Fingerprint Recognition
5.2. Iris Recognition
5.3. Facial Recognition
5.4. Hand Geometry
5.5. Vein Analysis
5.6. Voice Recognition
5.7. Dna Analysis
5.10. Other Technologies
6. North America Biometrics Market - Regional Outlook
6.1. United States
7. Competitive Landscape
7.1. Aware Inc.
7.2. Bio-Key International Inc.
7.3. Crossmatch Technologies Inc. (Acquired by HID North America)
7.4. Fingerprint Cards AB
7.5. Fujitsu Limited
7.6. Fulcrum Biometrics LLC
7.7. Gemalto N.V.
7.8. HID Global Corporation
7.9. Imageware Systems
7.10. Iris ID Systems Inc.
7.11. M2Sys Technologies Inc.
7.12. NEC Corporation
7.13. Nuance Communications Inc.
7.14. Idemia France S.A.S. (Safran Identity & Security S.A.S.)
7.15. Precise Biometrics AB
7.16. Siemens AG
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