Global Biometric System Market Size and Forecast to 2025

Boonton, NJ -- (SBWire) -- 10/19/2018 --Market Analysis:

According to Verified Market Intelligence, The Global Biometric System Market was valued at USD 13.60 Billion in 2017 and is projected to reach USD 58.07 Billion by 2025, growing at a CAGR of 19.9% from 2018 to 2025.

Biometrics is a security system, used for the identification of the employees by examination of an individual's behavioral or physical characteristics. Biometrics is used as a replacement of the traditional security and identification methods such as ID card or pin systems. A biometric system uses biological data and transfers it into digital data which is then used for identification. The advantages of biometric systems include the requirement of the presence of the individual for access, rather than other forms of identification which can be misused by being stolen or forged, quick integration and deployment, good security, and easy implementation. Thus, these factors have contributed to the growth of biometric system market.

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As there is an emergence of mobile cloud-based biometrics there is a growing need for cost-effective advanced biometric solutions. These high adoption of multimodal biometrics are driving factors for biometrics as a service market size to grow. The security and storage issues with biometrics over cloud lead to high vulnerability of the biometrics system. This leads to security concerns which overall restrain the market growth of global biometrics system market.

The "Global Biometric System Market" study report will provide a valuable insight with an emphasis on the global market including some of the major players such as Safran, NEC Thales, Fujitsu, ASSA ABLOY, Precise Biometrics, Aware, Secunet Security Networks, Cross Match Technologies, and Stanley Black & Decker. Our market analysis also entails a section solely dedicated to such major players wherein our analysts provide an insight into the financial statements of all the major players, along with its product benchmarking and SWOT analysis.