Lucintel anticipates that Asia Pacific will be the fastest growing region in the biometric system market
According to a new market report published by Lucintel, the future of the global biometric system market looks promising with opportunities in the government, commercial, healthcare, and banking sector. The global biometric system market is expected to reach an estimated $32.4 billion by 2022 and it is forecast to grow at a CAGR of 15% from 2017 to 2022.
The major growth drivers for this market are increasing focus of safety and security in private and business sectors related to unauthorized access, growth in the e-passport program for personal identification, and the growing adaption of voice recognition systems in the banking and financial services sector.
Within the biometric system market, government & law enforcement is expected to remain the largest segment due to the growing demand for biometric systems in defense sectors and homeland security.
North America is expected to remain the largest region during the forecast period due to the stringent government regulations for security in the US and Canada.
Asia Pacific is expected to witness good growth over the forecast period because of growing adoption of biometric technologies in national ID and e-passport programs.
Emerging trends, which have a direct impact on the dynamics of the industry, include development of advanced biometric modalities, such as body odor, ear pattern, and lip biometrics and increasing use of advanced biometric sensors. Safran SA, NEC Corporation, 3M Cogent, Precise Biometrics, and Fujitsu Ltd are among the major biometric system manufacturers.
Lucintel, a leading global strategic consulting and market research firm, has analyzed growth opportunities in the global biometric system market by type, technology, end use industry, and region and has come up with a comprehensive research report entitled “Growth Opportunities in the Global Biometric System Market 2017-2022: Trends, Forecast, and Opportunity Analysis.” The Lucintel report serves as a spring board for growth strategy as it provides a comprehensive data and analysis on trends, key drivers, and directions. The study includes a forecast for the global biometric system market by type, technology, end use industry, and region as follows:
By Technology [$M shipment analysis from 2011 to 2022]:
- Iris Recognition
- Facial Recognition
- Hand Geometry
- Vein Recognition
- Signature recognition
- Voice Recognition
By End Use Industry [$M shipment analysis from 2011 to 2022]:
- Government and Law Enforcement
- Commercial and Retail
- Health Care
- Travel and Immigration
- Financial and Banking
By Type [$M shipment analysis from 2011 to 2022]:
- Physiological Type
- Behavioral Type
By Region [$M shipment analysis for 2011 – 2022]:
- North America
- Asia Pacific
- The Rest of the World
This 176-page research report will enable you to make confident business decisions in this globally competitive marketplace.
For more information:Make an Inquiry about this report HERE!