Global Next Generation Biometrics Market: Overview

The identification and security systems deployed across organizations have evolved a great deal in the past few years. Many recent advances introduced in these systems have considerably benefited businesses worldwide in fortifying their security. Next generation biometrics is one such technology that has been witnessing rising demand around the world.

Biometrics technologies are automated methods used for verifying and authenticating the identity of a person based on behavioral or physical characteristics such as fingerprints, voice patterns, vein and signature patterns, facial patterns, hand measurements, and eye retina and iris. Biometrics has emerged as a popular method of verifying the identity of a person under surveillance. The basic premise of the technology is based on the fact that every person is unique and it is possible to identify him/her by the intrinsic physical or behavioral traits.

Next generation biometrics has gained incredible popularity in the last few years, mainly because of the favorable government initiatives adopted globally to restrict illegal entry. The technology has also gained impetus from the introduction of e-passports and its increasing use in criminal identification. Furthermore, the growing use of biometrics in cloud computing and e-commerce solutions is expected to provide lucrative opportunities for the global next generation biometrics market.

This multi-billion dollar market is anticipated to further gain from the rising applications in the travel and immigration industries. Over the report’s forecast period, the market is poised to exhibit an impressive CAGR. The report a comprehensive overview of the next generation biometrics market, presenting insights into the key drivers and restraints impacting the market’s growth.

Next Generation Biometrics Market: Key Opportunities and Threats

The next generation biometrics technology offers a high degree of privacy, accuracy, ease of use, interoperability, and uniformity across the system. The growing awareness about the benefits offered by biometrics has been crucial in driving the market for the technology behind it. Furthermore, biometric technology enables storage of information in the digital format, which is nearly impossible to decipher and reconstruct.

Owing to its exceptional features, the next generation biometrics technology finds use across varied applications ranging from health care, government, defense, and border security to commercial security, travel and immigration, and banking and finance. The increasing government funding for deploying biometric technology across various economic sectors has been a major factor boosting the global next generation biometrics market.

Despite witnessing widespread application across various sectors, the high cost incurred in deploying the system and the risk of privacy intrusion are a few factors inhibiting the growth of the market. Nevertheless, the increasing use of the technology in ecommerce and cloud computing is estimated to provide considerable growth opportunities for the market.

The global next generation biometrics market has been classified on the basis of type into fingerprint recognition, face recognition, iris recognition, voice recognition, palm print recognition, vein recognition, and signature recognition. Based on application, the market has been segmented into banking and finance, government, travel and immigration, defense, government, health care, electronics, commercial security, home security, and other applications. Regionally, the market has been segmented into Asia Pacific, North America, Europe, and Rest of the World.

Next Generation Biometrics Market: Vendor Landscape

In order to study the prevailing vendor landscape of the market, the report profiles players operating therein such as Fujitsu Ltd., 3M, Fulcrum Biometrics, and Cross Match Technologies, Inc. Strengths and weaknesses of companies profiled are determined using the SWOT analysis. The analysis also includes the opportunities and threats that these companies may face during the forecast period.

This research report analyzes this market on the basis of its market segments, major geographies, and current market trends. Geographies analyzed under this research report include

  • North America
  • Asia Pacific
  • Europe
  • Middle East and Africa
  • Latin America

This report provides comprehensive analysis of

  • Market growth drivers
  • Factors limiting market growth
  • Current market trends
  • Market structure
  • Market projections for upcoming years

This report is a complete study of current trends in the market, industry growth drivers, and restraints. It provides market projections for the coming years. It includes analysis of recent developments in technology, Porter’s five force model analysis and detailed profiles of top industry players. The report also includes a review of micro and macro factors essential for the existing market players and new entrants along with detailed value chain analysis.

Reasons for Buying this Report

  • This report provides pin-point analysis for changing competitive dynamics
  • It provides a forward looking perspective on different factors driving or restraining market growth
  • It provides a six-year forecast assessed on the basis of how the market is predicted to grow
  • It helps in understanding the key product segments and their future
  • It provides pin point analysis of changing competition dynamics and keeps you ahead of competitors
  • It helps in making informed business decisions by having complete insights of market and by making in-depth analysis of market segments
  • It provides distinctive graphics and exemplified SWOT analysis of major market segments
     

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.

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
  • Europe
  • 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.

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