Global Biometric System Market Experiences Swift Growth, According to M&M Report Published at MarketPublishers.com01 Dec 2016 • by Natalie Aster
LONDON – The global market for biometric systems is currently at its growth stage. Its CAGR is projected to be around 17% in the coming years. It will bring the marketplace to the mark of above USD 32 billion in 2022.
This growth will be encouraged by government support, increasing usage of the biometrics technology in healthcare sectors and financial institutions, and more.
But costs associated with biometric systems’ deployment restrain this market space. Fears over inconvenience and privacy intrusions challenge the marketplace.
The use of this technology cloud computing and e-commerce creates new opportunities of the world’s market.
The voice recognition technology is predicted to demonstrate the most rapid growth if compared to other segments of the worldwide marketplace. This growth can be attributed to the ability of the technology to provide remote authentication with no need of user’s physical presence.
North America forms one of the most prominent end-use markets globally given a large number of manufacturers of biometric systems located in this region. This marketplace is driven by a rise in security concerns and the adoption of biometric systems in public as well as private sectors.
APAC also has good growth potential, and the highest growth is set to occur in India and in China. When it comes to companies, Safran, Fujitsu and Cognitec Systems are some of the leading ones.
Cutting-edge research report “Biometric System Market - Global Forecast to 2022” elaborated by M&M offers a comprehensive discussion of the worldwide market for biometric systems. This great study starts with an all-round overview of this growing marketplace.
It sheds light on both demand and supply side of the market. The report estimates sizing of the overall space. The research study scrutinizes dynamics of the marketplace. It explores trends of this lucrative industry.
It sheds light on performance of the overall market from different aspects: types of authentication, components, applications, and more. The research report investigates major geographical marketplaces and analyzes the competitive environment.
The study thoroughly profiles major companies (some of them are mentioned above). Future projections for this space are on hand in the report, too.
More insightful studies by our partner are available at M&M page.