According to the new market research report by IndustryARC titled “Next Generation Biometrics Market: By Type of Authentication (Single Factor, Multi-Factor, Others); By Application (Banking, Government, Consumer Electronics, Retail, Others); By Geography – Forecast(2018-2023)”, the market is projected to experience a hike in its growth rate due to the technological advancements related to security in smart-phones.
The market revenue for Mobility Aid and Transportation Equipment is forecast to increase from $10.778 billion in 2017 to $36.291 billion in 2023 growing at a CAGR of 5.6%. Among all the application segments, the Consumer Electronics segment is dominating and held major share of $4.090 billion in 2017, and is projected to reach $13.362 billion by 2023 at highest CAGR of 22%.
Americas continues to lead the market share and growth during 2018-2023.
Americas held the major market share of $5.063 billion in the year 2017, and is estimated to hold $17.430 billion during the entire forecast duration 2018-2023 at highest CAGR of 22.5%, followed by Europe. However, APAC and RoW regions are estimated to be the growth regions and expected to register 22.4% CAGR and 22.3% CAGR respectively, during 2018 to 2023. The major growth factors in these regions are consumer electronics, enterprises and healthcare. With greater disposable income and high demand from the consumer’s end, these regions are projected to witness quick growth in the market. Apart from these, government initiatives in law enforcement and defense also immensely increase the market value.
Selected / Sample Analysis done in the full Report:
The value chain begins with the sensors and components manufactured by companies such as UEPK, IDEX ASA, Integrated Biometrics, Precise Biometrics, and so on. The technology and product planning, designing, patent filing are the primary activities done by the device manufacturers, after which the components are procured to proceed for production.
The chain then moves on to firmware, the algorithm or software integration companies. In this stage, the sensors are integrated with the unique algorithm programs related to the solution the device offers. After that, the chain continues to middle ware and then device manufacturing or assembly. Here, the system integrators and contract manufacturers also play key roles as the manufacturing is either done at the company’s own production facilities, or is outsourced to other contract manufacturers in countries where it is economically more beneficial.
The next stage is the certification of the equipment to meet the necessary country and regional standards. Once, the products are approved by the respective authorities, these are sent to the global distributors which are then supplied to the local or regional distributors. The distribution channels in the market are of four types: local distributors, regional distributors, online vendors, and off line vendors. The local and regional distributors can be part of the company’s own distribution channels and the partner companies. Furthermore, there are a significant number of online vendors such as Fulcrum Biometrics and Biometric Supply which serve as the point of contact for all biometric device purchases. In recent times, the off line vendors (apart from the dedicated distributors) such as private retailers have been witnessing significant increase in sales owing to the dispersion of biometric devices into residential homes. Finally, the value chain ends with end-users such as government agencies, banks, enterprises, residencies and so on.
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Excerpts on Market Growth Factors Mentioned in the Full Report:
- The high demand for advanced security in smart-phones coupled with product innovations is driving the fingerprint sensors market in consumer electronics industry.
- The need for security, convenience, and unique credentials to authenticate an individual which are less prone to theft or loss is facilitating the shift from traditional techniques to biometrics. This factor is propelling the market growth.
- The government initiatives in many countries are immensely aiding the market growth by not only hiking market value, but also creating lot of opportunities for biometric device manufacturers.
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Key Players of the Next Generation Biometrics Market:
The key players of the Next Generation Biometrics market are Morpho (France), NEC Corporation (Japan), 3M Cogent Inc. (U.S), Synaptics Inc. (U.S), and Fingerprint Cards AB (U.S). These companies are the key suppliers of biometrics for government agencies for border control, law enforcement and defense applications. In the government sector, the brand reputation and trust plays crucial role in securing multi-year contracts. Thus, these companies with sufficient R&D funds, large capital and wide marketing and distribution capabilities are able to gain profitable deals from government agencies.
Next Generation Biometrics Market Report is segmented as below.
- Next Generation Biometrics Market By Product Type:
- Single Factor Authentication
- IRIS Recognition
- Fingerprint Recognition
- Face Recognition
- Palm Vein Recognition
- Multi-Factor Authentication
- Fingerprint and Pin/Card
- Face and Pin
- Palm Vein and Card
- Face and Fingerprints
- Iris and Fingerprint
- Face and Palm
- Iris, Fingerprint and Face
- Face and Iris
- Next Generation Biometrics Market By Application:
- Consumer Electronics
- High Growth of Biometric Enabled Smartphones to Drive The Market
- Enterprises and Corporations
- The Use Of Mobile Units For Accessing Company’s Emails, Systems and Documents Will Hike the Demand for Biometrics
- Government Applications
- Increase in Crime Rates at Railway Stations Needs Adoption of Security Strategies
- Next Generation Biometrics Market By Geography ( Covers 16+ Countries )
- Next Generation Biometrics Market Entropy
Companies Citied / Interviewed
- BIO-KEY, INTERNATIONAL INC.
- CROSS MATCH TECHNOLOGIES
- CMI TECH COMPANY, LTD.
- FUJITSU LIMITED
- FUTRONIC TECHNOLOGY CO. LTD.
- HID GLOBAL
- HITACHI, LTD.
- IDEX GROUP
- INTEGRATED BIOMETRICS INC.
- IRIS ID SYSTEMS, INC.
- PRECISE BIOMETRICS AB
- RCG HOLDINGS LIMITED.
- SECUGEN CORPORATION
- SMART SENSORS LTD
- SUPREMA, INCORPORATED
- VIRDI TECH CO. LTD
- ZK TECHNOLOGY LLC
- Company 20+
Biometrics Banking Market
Gesture Recognition in Consumer Electronics Market
What can you expect from the report?
The Next Generation Biometrics Market Report is Prepared with the Main Agenda to Cover the following 20 points:
- Market Size by Product Categories
- Market trends
- Manufacturer Landscape
- Distributor Landscape
- Pricing Analysis
- Top 10 End user Analysis
- Product Benchmarking
- Product Developments
- Mergers & Acquisition Analysis
- Patent Analysis
- Demand Analysis ( By Revenue & Volume )
- Country level Analysis (10+)
- Competitor Analysis
- Market Shares Analysis
- Value Chain Analysis
- Supply Chain Analysis
- Strategic Analysis
- Current & Future Market Landscape Analysis
- Opportunity Analysis
- Revenue and Volume Analysis
Frequently Asked Questions:
Q. Does IndustryARC publish country, or application based reports in Next Generation Biometrics Market?
Response: Yes, we do have separate reports and database as mentioned below:
- North America Market for Next Generation Biometrics (2018-2023)
- Europe Market for Next Generation Biometrics (2018-2023)
- Asia-Pacific Market for Next Generation Biometrics (2018-2023)
- Banking & Finance Market for Next Generation Biometrics (2018-2023)
- Consumer Electronics Market for Next Generation Biometrics (2018-2023)
- Enterprises and Corporations Market for Next Generation Biometrics (2018-2023)
- Government Applications Market for Next Generation Biometrics (2018-2023)
- Health-care Market for Next Generation Biometrics (2018-2023)
- Hospitality Market for Next Generation Biometrics (2018-2023)
- Gaming Market for Next Generation Biometrics (2018-2023)
- Retail Market for Next Generation Biometrics (2018-2023)
- Residences Market for Next Generation Biometrics (2018-2023)
Q. Does IndustryARC provide customized reports and charge additionally for limited customization?
Response: Yes, we can customize the report by extracting data from our database of reports and annual subscription databases. We can provide the following free customization
- Increase the level of data in application or end user industry.
- Increase the number of countries in geography or product chapter.
- Find out market shares for other smaller companies or companies which are of interest to you.
- Company profiles can be requested based on your interest.
- Patent analysis, pricing, product analysis, product benchmarking, value and supply chain analysis can be requested for a country or end use segment.
Any other major customizations can be discussed with our team, we can provide a separate quote based on your requirements. You can drop in an e-mail to email@example.com to discuss more about our consulting services.
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