Next Generation Biometrics Market 2020: Sales Revenue, Key Players Analysis, Opportunity Assessment and Regional Forecast to 2023
Overview:
Identification documents and PIN are traditional methods used to verify the identity of every individual. However, due to increasing security breaches, illegal financial transactions, and unauthorized immigration across borders, the need for next-generation biometrics has increased. Next generation biometrics recognizes individuals with their biological characteristics such as face, voice, palm, fingerprints, signature, iris, vein and DNA. Next-Generation Biometric authentication can be carried out by using a combination of hardware and software-based solutions that automatically identify and authenticate an individual.
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Many industry giants are also innovating their products and incorporating new features in their respective portfolios. Samsung is expected to feature a 3D camera and in-display fingerprint reader in its upcoming mobile Samsung Galaxy S10/X. The 3D camera is expected to come with a 360-degree image and video capture, which will be more than biometric identification. Also, in-display fingerprint reader is leveling-up the competition among manufacturers to provide better next-generation biometric tools.
Segmentation:
The global market for next-generation biometrics has been segmented based on component, function, technology, vertical, authentication type, and region. The next generation biometrics market has been segmented by component, into hardware, solutions, and services. The hardware segment is further segmented into scanners, cameras, fingerprint readers, and others. Services are also segmented into maintenance services and installation services & support.
The market has been segmented by function into contact, non-contact and others.
By technology, the market has been segmented into fingerprint, face, iris, palm, voice, signature, DNA, and others. The market has been segmented based on vertical into BFSI, military & defense, government, healthcare, consumer electronics, IT, travel & immigration and others.
The market has been segmented by authentication type, into single-factor authentication, and multi-factor authentication. Based on single-factor authentication the market has been segmented into face recognition, fingerprint recognition, iris recognition, palm print recognition, signature recognition, vein recognition, voice recognition and other biometric technologies (DNA recognition, keystroke recognition, gait recognition). Multi-factor authentication has been segmented into biometrics combined with PIN technology, biometrics combined with smart card technology, two-factor authentication, and three-factor authentication.
Next generation biometrics market has been segmented into North America, Europe, Asia Pacific, and the rest the world.
Regional Analysis:
The global market for next-generation biometrics is estimated to grow at a significant rate during the forecast period from 2017 to 2023. The geographical analysis of next-generation biometrics market is covered for the regions such as North America, Europe, Asia Pacific and rest of the world. However, due to extreme usage of biometric tools for identification and authorization in North America, it is expected to emerge as the leading region during the forecast period.
Technological advancements in next-generation biometrics such as combining passwords with lip movements, remote scanning of individual’s heart dimensions and pulse rate to grant authorization, facial recognition, and fingerprint vein identification are majorly developing in the Asia Pacific region. Thus, Asia Pacific region is expected to show staggering growth during the forecasting period.
Key Players:
The prominent players in the market of Next Generation Biometrics are - Safran S.A. (France), NEC Corporation (Japan), 3M Cogent Inc. (U.S.), Fujitsu Ltd. (Japan), Suprema Inc. (South Korea), Cross Match Technologies Inc. (U.S.), Fulcrum Biometrics LLC (U.S.), Thales Group (France), Bio-Key International Inc. (U.S.), Precise Biometrics AB (Sweden), Secunet Security Networks AG (Germany).
The prominent players keep innovating and investing in research and development to present a cost-effective portfolio. There has been recent mergers and acquisitions among the key players, a strategy the business entities leverage to strengthen their reach to the customers.
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