Biometric System Market Worth $32.73 Billion by 2022

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According to the new market research report "Biometric System Market by Authentication Type (Single-Factor: (Fingerprint, IRIS, Palm Print, Face, Vein, Signature, Voice), Multi-Factor), Component (Hardware and Software), Function (Contact and Non-contact), Application, and Region - Global Forecast to 2022", published by MarketsandMarkets, the market is expected to grow from USD 10.74 Billion in 2015 to reach USD 32.73 Billion by 2022, at a CAGR of 16.79% between 2016 and 2022.

The future growth of the biometric system market is expected to be driven by rising use of biometric technology in financial institutes and healthcare sectors, government initiatives in adoption of biometric system, and increasing use of biometric systems in criminal identification.

Fingerprint recognition is one of the oldest, simple to install, and low-cost technology; therefore, it is more commonly used. In travel and immigration, fingerprint recognition technology is used in e-passports, e-visas, and driving licenses to authenticate an individual. In the consumer electronics industry, fingerprint recognition technology is used in laptops, computers, and smartphones, among others. Hence, fingerprint authentication finds numerous applications and is widely adopted by many industries.

Many governments have set some stringent rules and regulations in the travel and immigration sector to improve the overall security. Countries such as the U.S. and the U.K have passed some stringent laws. In the U.S., according to Enhanced Border Security and Visa Entry Reform Act of 2002, it is mandatory to use biometrics in visas. This factor would drive the growth of the biometric system market in the travel and immigration sector. Moreover, countries such as Japan, Singapore, and the U.S. have deployed biometric systems in airports to improve the overall security.

North America held the largest share of the Biometric System Market in 2015, followed by Europe and Asia-Pacific. The U.S. held the largest share of the biometric system market in North America owing to strong demand in government and security sector. The U.S. has made considerable investments in setting up biometrics-based security solutions at its borders and airports through its customs and border protection (CBP), a government agency to monitor the influx of immigrants and tourists. The United States citizenship and immigration services have made e-visa and e-passport mandatory for new applicants. All these developments have led to the growth of the biometric system market in North America.

Major players in this market include Safran SA (France), NEC Corporation (Japan), 3M Cogent, Inc.(U.S.), Fujitsu Ltd. (Japan), BIO-Key International, Inc. (U.S.), Precise Biometrics AB (Sweden), Secunet Security Networks AG (Germany), Thales SA (France), Aware, Inc. (U.S.), Cognitec Systems GmbH (Germany), Cross Match Technologies (U.S.), Fulcrum Biometrics, LLC (U.S.), Daon, Inc. (U.S.), and Facebanx (U.K.).

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