Biometric system market accounted for over US$ 34.25 billion in 2019. The market is anticipated to grow at a CAGR of 14.09% from 2019 to 2030.

New York, NY -- (SBWire) -- 05/13/2020 --Biometric system is a device that identifies individuals through their physical and behavioral characteristics. They authenticate and authorize the entry of an individual. This system completely depends on the specific data of unique biological qualities for performing effectively. The device runs the details obtained by the user by algorithms for providing the result. The technological device is majorly used for identifying different individuals under surveillance and allows them access in a particular place. Biometric systems are essentially installed at various places to avoid the entry of unauthorized individuals in secured places. The places where biometric systems are required include medication, science, banking, offices, and institutions.

Biometric systems depend on human characteristics, such as faces, finger veins, palm veins, fingerprints, irises, and voice patterns, to identify human beings. Biometric systems have a wide range of applications in various end-use industries such as banking & finance, consumer electronics, healthcare, automotive, government, and military & defense. The key players have been investing heavily in the development of better solutions. For instance, Panasonic is going to launch the facial recognition technology in the Indian market by 2020

Major Key Players of the Biometric System Market are:
NEC Corporation, Integrated Biometrics, HID Global Corporation/ASSA ABLOY AB, SUPREMA, SecuGen Corporation, and FUJITSU, among others

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The increasing use of biometric systems in mobile phones, the growing adoption of biometric systems in small-scale organizations, and rising technological advancements in the market are few of the major factors driving market growth. Additionally, increasing adoption of biometric systems by several governments, and the growing use of biometric systems in airport security are factors that will further boost market growth. Moreover, the automotive industry plays a vital role in fueling growth of the market. For instance, in 2018, Hyundai developed a biometric system that can unlock and start the car.

However, the high deployment cost of biometric systems, data security concerns, and the lack of skilled workforce are the major factors that will restrain market growth. Moreover, biometric systems have some disadvantages, such as physical traits cannot be changed, high error rates, high complexity, difficulties in scanning, and others may hamper market growth.

Major Types of Biometric System Market covered are:
Single-Factor Authentication
Multi-Factor Authentication

Major Applications of Biometric System Market covered are:
Banking & Finance
Consumer Electronics
Healthcare
Automotive
Government, and Military & Defense

Research objectives:-

– To study and analyze the global Biometric System consumption (value & volume) by key regions/countries, product type and application, history data.
– To understand the structure of the Biometric System market by identifying its various sub-segments.
– Focuses on the key global Biometric System manufacturers, to define, describe and analyze the sales volume, value, market share, market competitive landscape, SWOT analysis, and development plans in the next few years.
– To analyze the Biometric System with respect to individual growth trends, future prospects, and their contribution to the total market.
– To share detailed information about the key factors influencing the growth of the market (growth potential, opportunities, drivers, industry-specific challenges and risks).

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Table of Content

1 Report Overview
1.1 Study Scope
1.2 Key Market Segments
1.3 Players Covered
1.4 Market Analysis by Type
1.5 Market by Application
1.6 Study Objectives
1.7 Years Considered

2 Global Growth Trends
2.1 Biometric System Market Size
2.2 Biometric System Growth Trends by Regions
2.3 Industry Trends

3 Market Share by Key Players
3.1 Biometric System Market Size by Manufacturers
3.2 Biometric System Key Players Head office and Area Served
3.3 Key Players Biometric System Product/Solution/Service
3.4 Date of Enter into Biometric System Market
3.5 Mergers & Acquisitions, Expansion Plans

4 Breakdown Data by Product
4.1 Global Biometric System Sales by Product
4.2 Global Biometric System Revenue by Product
4.3 Biometric System Price by Product

5 Breakdown Data by End User
5.1 Overview
5.2 Global Biometric System Breakdown Data by End User

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In the end, Biometric System industry report specifics the major regions, market scenarios with the product price, volume, supply, revenue, production, and market growth rate, demand, forecast and so on. This report also presents SWOT analysis, investment feasibility analysis, and investment return analysis.

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