Sprint Stat Research has published a new report titled “Biometric Technology Market - Global Trends and Forecast Analysis, 2018-2025”. According to Analysts at Sprint Stat Research, the global biometric technology market was valued at USD 14 Billion in 2018 and is projected to reach USD 49 Billion by 2025, at a growth rate of 20% in 2019-2025.
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Biometric technology has undergone changes ad gave rise to the advent of multimodal biometrics (combination of multiple biometric modalities) which is largely used in sectors where high security needed. The usage of biometric technology has reduced frauds as compared to usage of PINs. Many organizations and colleges use biometric technology for employee/student identification and attendance, which is increasing usage in in day to day life and thus stimulating the growth of the biometric technology market. Higher adoption rate is seen in BFSI sector where security is prime concern and organizations need to incur huge loss if any frauds occur. The high cost that incurs in setting up the biometric is restraining the market growth. However, prices are likely to reduce due to the competitiveness and economy of scale.
Biometric Technology market is segmented on the basis of technology, industry vertical, and region. On the basis of technology, the biometric technology market is divided into face, signature, hand geometry, voice, and others. Based on industry vertical, the global biometric technology market report is categorised into government, defence & security, banking and finance, consumer electronics, healthcare and others. The biometric technology market has analyzed across the five regions including North America, Europe, Asia Pacific, Latin America, and Middle East & Africa with its major countries.
Major players profiled in the report are Fujitsu Limited, 3M (Cogent), Hitachi, NEC Corporation, Suprema, Inc., FaceFirst, Nuance Communications, Precise Biometrics, BIO-key International, Inc., and Thales S.A.
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This research report provides in-depth assessment of biometric technology market driving factors and features. The report highlights detailed analysis of biometric technology market across various countries in the region. It provides a market outlook for 2018-2025 and sets the forecast within the context of biometric technology market, including latest technological developments as well as offerings in the market. The report also presents a detailed overview on market segmentation. Overall, this research report shows historic, on-going, and estimated market analysis in terms of value and volume, analysis of niche industry developments and market share analysis. Detailed profiles of industry players are also included in the scope of the report to evaluate their business strategies, key offerings, and recent developments in the biometric technology market space.
The report segments the global biometric technology market as follows:
Biometric Technology Market, Technology Segment Analysis
Biometric Technology Market, Industry Vertical Segment Analysis
Biometric Technology Market, Region Segment Analysis
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