Next Generation Biometrics Market is expected to staggering market value by 2023

Posted November 22, 2018 by rahulwgr123

Next Generation Biometrics Market, By Component (hardware, Software, Services), Function (Contact, Non-Contact), Technology (Fingerprint, Face, Iris, Palm), Verticals, Authentication Type (Single-Factor, Multi-Factor) - Forecast till 2023
Next Generation Biometrics Market Highlights:

The global market for next-generation biometrics is expected to reach 32 billion, growing with a CAGR of 18% in the forecast period

According to Market Research Future, the global Next-Generation Biometrics Market is segmented into component, function, technology, verticals, authentication type, and region.

Due to strict surveillance pertaining to authorization and authentication of national ID Cards, border crossings, Government benefits and access controls, predominant methods for human identification are unable to meet the security demands. Hence, next-generation biometric systems have become an unavoidable constraint regarding identification and authorization of an individual. Biometrics is based on physiological characteristics of an individual which are mapped into applications to identify that individual. Biometric features are considered inimitable and unique and hence cannot be forged.

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Researchers at the University of Buffalo, U.S. have developed a biometric tool that allows heart dimensions to act as an identification tool. A group of computer scientists has proposed a system called Cardiac Scan, which uses a Doppler radar to map out the dimensions of your beating heart wirelessly. The scientists believe that the shape and pulsations of every heart are unique and hence can be used to identify an individual, authenticating access to systems as well as unlocking devices.

Next Generation Biometrics Market Key Players

The prominent players in the market of Next Generation Biometrics are - Safran S.A. (France), NEC Corporation (Japan), 3M Cogent Inc. (U.S.), Fujitsu Ltd. (Japan), Suprema Inc. (South Korea), Cross Match Technologies Inc. (U.S.), Fulcrum Biometrics LLC (U.S.), Thales Group (France), Bio-Key International Inc. (U.S.), Precise Biometrics AB (Sweden), Secunet Security Networks AG (Germany).

Other players in the market include ValidSoft (U.K), Fingerprint Cards AB (Sweden), Facebanx (U.K), RCG Holdings Limited (Hong Kong), and Siemens AG (Germany).

Next Generation Biometrics Market Segmentation:

By component, the market is segmented into hardware, solutions, and services. Hardware components are further classified into scanners, cameras, fingerprint readers, and others. Services are further classified into installation services and support & maintenance services. Demand for hardware components is expected to grow during the forecast period.

By function, the market is segmented into contact, non-contact, and others. As possibilities of forging fingerprints and other physical identities are one of the restraint, share for non-contact identification devices is expected to grow during the forecast period.

By technology, the market is segmented into fingerprint, face, iris, palm, voice, signature, DNA and others. Recognition using iris technology is expected to show its dominance during the forecast period.

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By vertical, the market is segmented into BFSI, military & defense, Government, healthcare, consumer electronics, IT, travel & immigration, and others. Government vertical is expected to grow during the forecast period.

By authentication type, the market is segmented into single factor authentication and multi-factor authentication. Single factor authentication includes fingerprint recognition, iris recognition, palm print recognition, face recognition, vein recognition, signature recognition, voice recognition and other biometric technologies (DNA recognition, keystroke recognition, gait recognition). Multi-factor authentication includes biometrics combined with smart card technology, biometrics combined with pin technology, two factor authentication, and three factor authentications.

Next Generation Biometrics Market Regional Analysis

The global market for next-generation biometrics is estimated to grow at a significant rate during the forecast period from 2017 to 2023. The geographical analysis of next-generation biometrics market is covered for the regions such as North America, Europe, Asia Pacific and rest of the world. However, due to extreme usage of biometric tools for identification and authorization in North America, it is expected to emerge as the leading region during the forecast period.

Technological advancements in next-generation biometrics such as combining passwords with lip movements, remote scanning of individual’s heart dimensions and pulse rate to grant authorization, facial recognition, and fingerprint vein identification are majorly developing in the Asia Pacific region. Thus, Asia Pacific region is expected to show staggering growth during the forecasting period.

Intended Audience:

Biometric Component Manufacturers
Biometric Equipment Manufacturers and Suppliers
System Designers
Product Manufacturers
Software Service Providers
Technology Providers
Installation, Monitoring and Controlling Companies
Technology Standards Organizations
Forums, Alliances, and Associations
End Users
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Last Updated November 22, 2018