The biometric system market projected to grow at a rate of 16.79%
The biometric system market is in the growth stage and is expected to grow further in the near future. The biometric system market is expected to be valued at USD 32.73 billion in 2022, at a CAGR of 16.79% between 2016 and 2022. Government initiative in adoption of biometrics system, integration of biometric technology in smartphones, rising use of biometric technology in financial institutes and healthcare sectors, and increasing use of biometric systems in criminal identification are some of the major factors driving the growth of the biometric systems market, worldwide. Cost involved in deploying biometric system is the restraining factor for the biometric system market.
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Voice recognition technology expected to grow at the highest rate in the single factor authentication segment of the biometric system market
Voice recognition technology is expected to grow at the highest rate because this technology is the only solution that could provide remote authentication without the need of the physical presence of a user. This technology is ideal for situations where distant verification is required, such as telephone-based transactions.
North America and Asia-Pacific are the major markets for biometric systems
North America is among the most favorable end-user market for biometric systems manufacturers. The adoption of the biometric system in private and publics sectors, and the overall increased concern for the security are major driving factors for the growth of biometric system market in North America. In Asia-Pacific (APAC), technological advancing nations such as China and India hold the strongest potential for the future growth of the biometric system market. The major factors driving the growth of the biometric system market in APAC are the rising demand for biometric solutions from public sectors, increasing concerns for border security, and the untapped market in this region.
The overall biometric system market is segmented on the basis of authentication type which includes single factor and multi-factor authentication. Furthermore, the biometric system market is also segmented on the basis of—function which includes contact type and non-contact type biometric system; component which includes hardware and software required to develop the biometric system; and various applications areas.
Key Benefits of Buying the Market Report:
The report would help market leaders/new entrants in the biometric system market in the following ways:
1. This report segments the biometric system market comprehensively and provides the closest approximations of the overall market size and those of the subsegments across different applications and regions.
2. The report helps stakeholders to understand the pulse of the market and provides them information on key market drivers, restraints, challenges, and opportunities.
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