The Next Generation Biometrics Market is estimated to hit $36.291 billion by 2023
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 Next Generation Biometrics Market (2018 - 2023)”
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 $17.281 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 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 consumer end, these regions are projected to witness quick growth in the market. Apart from these, government initiatives in law enforcement and defense also immensely hike 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.
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.
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.
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