Global Biometrics in Workforce Management Market: Introduction
Biometrics in workforce management is a technology that enables identification of a person to grant access to systems, devices, or data through physical or behavioral human characteristics. Fingerprints, facial patterns, voice, or typing cadence are some major examples of biometric identifiers. Biometric types include fingerprints, photo and video, physiological recognition, voice, signature, and DNA.
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Global Biometrics in Workforce Management Market – Dynamics
Rising Mass Migration across the Globe
Over the last 8-10 years, the number of people migrating from one city to another or from one country to another has increased exponentially. The industrial revolution has played a major role in the rising mass migration. The industrial revolution in 1760 was the origin which encouraged companies to go global. This has resulted in rising number of people migrating from one country to another for work. Biometrics helps in eliminating buddy punching and a number of other issues caused by loopholes and inaccuracies in the older attendance and time keeping systems.
Rising Concerns About Data Theft and Data Privacy
Concerns about data theft and data privacy across the globe is high because the number of data thefts and data breach cases have increased in the past few years. Government agencies and governments need to pay large amounts running into over millions of US$ for data recovery.
For instance, U.S. data breach incidents tracked in 2017 hit a new record high of 1,579 breaches. According to IBM, the average total cost of a data breach in the U.S. reached a record-breaking US$ 7.35 million in year 2017. The cost related to resolving any data breach attack is very high. For example, a malware attack costs a financial business around US$ 825,000 on average to resolve.
North America to Dominate the Global Biometrics in Workforce Management Market
In terms of region, the global biometrics in workforce management market can be divided into North America, Europe, Asia Pacific, South America, and Middle East & Africa. North America is expected to dominate the global biometrics in workforce management market during the forecast period, as adoption of multiple and advanced digital display technologies by SMEs and large enterprises is higher in this region compared to other regions.
COVID-19 Impact on the Global Biometrics in Workforce Management Market
The COVID-19 pandemic is expected to adversely impact the global biometrics in workforce management market for a short-term period. This is attributed to lockdown in countries of Europe, North America, and Asia Pacific regions, which hold 75%–85% share of the global biometrics in workforce management market. Expansion of the work from home concept has impacted the deployment of biometric systems across enterprises.
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Global Biometrics in Workforce Management Market – Competition Landscape
- In January 2019, in CES 2019, Pindrop launched a voice identity platform for IoT, voice assistants, smart homes and offices, and connected cars. The company also extended enterprise-grade identity technology to voice-enabled consumers and enterprise devices as the trusted form of authentication.
Established in 2007, IDEMIA is headquartered in Paris, France and is a leading supplier of software used for identification management. IDEMIA is majorly focused on designing and developing augmented reality-based security products across the globe. The company caters to finance, telecommunication, and government sectors. It has deployed nearly 5 million biometric terminals worldwide, catering to nearly 180 countries.
Global Biometrics in Workforce Management Market: Segmentation
The global biometrics in workforce management market can be segmented based on:
Global Biometrics in Workforce Management Market, by Product
Based on product, the global biometrics in workforce management market can be divided into:
- Hand geometry
Global Biometrics in Workforce Management Market, by Industry
In terms of industry, the global biometrics in workforce management market can be segregated into:
- Banking, Financial Services & Insurance
- Telecom & Information Technology (IT)
- Wholesale Distribution
- Non-profit Organizations
- Food & Beverages
- Others (Hospitality, Government, Public Sector, etc.)
Regional analysis of the global biometrics in workforce management market includes:
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
- South America
- Rest of South America
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.