The next generation biometrics market size is anticipated to expand at significant CAGR during forecast period 2021–2028. Growth of the market is attributed to rapid urbanization, rising theft activity in crucial data, increasing threat to national security, and rising usages of next generation biometrics in criminal identification.
Human characteristics related to calculations & measurements of body in biometrics. As an access control & identification in computer science the biometric authentication is used. For identifications of individuals in groups & keeping people under surveillance the biometric system is used. It is also applied for criminal investigation by Interpol, FBI, and other law enforcement agencies. Voice recognition, fingerprints, gait, and iris & facial recognition are the most common biometric technologies used by law enforcement agencies.
The Covid-19 pandemic affected the demand and supply of next generation biometrics market. Lockdown across the globe, supply chain disorders, and oscillating supply of raw materials forced manufacturers to shut down production leading to unfortunate decline in market growth. Launch of vaccines to combat the Covid-19 pandemic is expected to contribute to the market growth over the forecast period.
Key Players covered in the Report
Safran SA; Thales Group; Siemens AG; Fingerprint Cards AB; RCG Holdings Ltd.; Fujitsu Ltd.; Cross Match Technologies; and Suprema Inc.
Market Segment Insights
Based on type of solutions, the next generation biometrics market is categorized into signature recognition, face recognition, iris recognition, fingerprint recognition, palm print recognition, and others. The fingerprint recognition segment accounts for a key share of the market. Growth of the market is attributed to rising industrialization and increasing technological advancement in next generation biometric. However, the face recognition segment is anticipated to expand at a rapid pace during the forecast period due to rapid expansion in development & research, wide range of applications in healthcare industry, and increasing per capita income.
On the basis of end-user verticals, the market is divided into healthcare, government, defense, consumer electronics, travel & immigration, banking & finance, home security, and others. The banking & finance segment accounts for a significant share of the market. Growth of the market is attributed to increasing applications of biometric in airport security and commercialization of various scan based electronic devices such as notebooks & smartphones. The healthcare segment is anticipated to expand at a rapid pace during the forecast period due to factors such as rising demand for biometrics from banking sector, increasing investment by government & private sectors, and increasing population.
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On the basis of region, the next generation biometrics market is categorized as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market of Asia Pacific is estimated to expand at a high CAGR during the forecast period due to factors such as rapid growth in e-commerce passport programs and increasing number of terrorist activities. The market of North America is estimated to hold a major market share due to presence of key market players, rapid industrialization, and increasing per capita income.
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