Global Biometric Systems Market Precise Forecast Study Covering Growth Prospects and Opportunities Highlighted till 2023

Published on : Jun 26, 2018

Albany, New York, June 26, 2018: Biometrics has emerged as a result of advancement in the information technology. It is a method of studying fingerprints, facial patterns, and voice recognition to ensure the safety measures. Presently, the global biometric system market looks encouraging with opportunities in the government, commercial, healthcare, and banking sector. To elaborate further, Market Research Hub (MRH) has publicized a new study titled “Global (North America, Europe, Asia-Pacific, South America, Middle East and Africa) Biometric Systems Market 2018, Forecast to 2023” to its wide repository, which offers wide analysis of the current market trends and future estimations in the market. With an extensive forecast period of 2017-2023, the study analyzes market size based on volume (in tons) and revenue (US$ Mn), considering 2016 as the base year.

The major growth drivers for this market are increasing the focus on safety and security in private and business sectors related to unauthorized access. Biometrics has a clear advantage over manual control systems as its working is always accurate and impartial, unlike the latter which is prone to discrepancies. In information technology, biometrics usually refers to technologies for measuring and analyzing human body characteristics such as fingerprints, eye retinas and irises, voice patterns, facial patterns, and hand measurements, especially for authentication purposes.

Forecast Assumptions

Considering various benefits of the biometric systems, analysts of the report projects that the worldwide market for Biometric Systems is expected to grow at an impressive CAGR over the next five years, and will extend at a remarkable value in million US$ in 2023. In the future, the biometric system modules will have a good future; and the technology will more mature and import and export will increase steadily.

Furthermore, the geographical segmentation is also encompassed in the report which analyzes the scope of the market in different regions including North America, Europe, the Asia Pacific, Latin America and the Middle East and Africa. As per the research, the main consumption regions are concentrated in the USA domestic. Currently, the west has the largest market share in the overall global biometric systems market.

As the research moves ahead, the market segmentation on the basis of type and applications have been presented. By type, the study covers fingerprint identification, vein recognition, facial recognition, iris recognition, voice identification and other. By application, the study includes consumer electronics, biometric equipment and other. The market data has been presented by regions, type and application, with its sales and revenue, from the years 2018 to 2023.

For its readers, the report also examines competition landscape in the global market of biometric systems and profiles some of the key players, such as M2SYS, Apple (AuthenTec), IrisGuard, Secugen, Synaptics and HID Global Corporation.

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