This Fingerprint Biometrics market study offers a comprehensive analysis of the business models, key strategies, and respective market shares of some of the most prominent players in this landscape. Along with an in-depth commentary on the key influencing factors, market statistics in terms of revenues, segment-wise data, region-wise data, and country-wise data are offered in the full study. This study is one of the most comprehensive documentation that captures all the facets of the evolving Fingerprint Biometrics market.
Fingerprint Biometrics Market: - An Overview
Biometrics systems are automated methods of recognizing an individual based on their physiological or behavioral characteristic. Fingerprint biometrics is a major segment of biometrics systems. Fingerprint biometric technology is used to match the fingerprint patterns of an individual with the internal database to verify individual’s identity.
The technology is used in numerous applications including physical access control, time and attendance, smart devices, law enforcement, and among other. The rise in document and identity theft, along with increasing threats such as terrorism or cybercrime, and the changes in international regulations are some of the major factors that would propel the growth of fingerprint biometric market.
Impact of COVID-19 Pandemic Outbreak on Biometric Technology Market
The spread of COVID-19 pandemic gripped the globe in the start of 2020. Governments all over the world have ramped up their measures to quickly respond to the COVID-19 pandemic.
Among various biometric technologies facial recognition, geolocation recording and facial biometric technologies is gaining traction to detect and identify infected peoples. However, fingerprint verification systems are growing fears that fingerprint or hand scanners used to control facility access are potential vectors for the spread of coronavirus.
The global biometric systems has shown tremendous growth in the past few years, the widespread of fingerprint biometric recognition systems was the main reason behind the huge growth.
Historically, the market for fingerprint biometric systems has grown around 15% to 18% globally in the past 5 years. But due to the COVID-19 outbreak, the production of fingerprint biometric systems has slowed down, with the projected decline of nearly 7%-8% in Q1-Q2 2020. Governments have issued various protocols to possibly replace fingerprint employee-tracking systems with a card-based system or facial recognition, hence opening doors for facial recognition systems.
Advancements in Mobile Biometric Technologies to Propel the Growth of Fingerprint Biometrics Market
Mobile biometric systems refers to mobile applications used for the purpose of biometrics. This technology includes embedded readers and fingerprint sensors, as well as mobile apps which exploit biometrics. Handheld systems, as well as systems based on a smartphone or tablet are also considered under this technology.
Both government and private organizations are turning to mobile biometrics to speed up processing of human identification through fingerprint scanning. The biometric functionality can be achieved on a mobile device either through its in-built fingerprint sensors or by attaching portable biometric devices to mobile via USB cable or through a Wi-Fi connection.
For example, India’s Aadhaar project is emblematic of biometric registration, which is the world’s largest biometric identification system. The surging demand of mobile biometrics in government and financial institutes for individual identification is expected to fuel the growth of fingerprint biometric market.
Emergence of Cloud Based Biometric Solutions
The cloud based biometric solutions are mainly driven by mobile biometric technology. The paring of mobile biometrics like fingerprint scanning and facial recognition systems with a cloud based biometric solution helps to speed up the identification process. It is always to better to safely store data on cloud instead of saving it locally.
All the enrolled user records in the biometrics systems is maintained by a service provider or the cloud platform. During the enrollment process, individuals must submit multiple biometric fingerprints. These are then stored on the cloud provider’s side as templates. The user is prompted to provide a scan of his fingerprint whenever they want to access a cloud service.
Users are authenticated and gain access once there is a positive match between the fingerprint scan and the stored template. Thus the increasing adoption of cloud based biometric solutions would also drive the fingerprint biometric market.
Fingerprint Biometrics Market: - Key Players
Key players in the fingerprint biometrics market are focusing on product innovation and strategic partnerships with other biometric technology vendors to develop advanced fingerprint biometric systems for numerous of applications.
The prominent players offering fingerprint biometrics solutions include -
- NEC Corporation
- Apple Inc.
- HID Global
- 3M Cogent, Inc.
- BIO-key International, Inc.
- M2SYS Technology
- Mantra Softech (India) Pvt. Ltd., among others.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain of the global fingerprint biometrics market. The report provides an in-depth analysis of parent market trends, macroeconomic indicators and governing factors along with fingerprint biometrics market attractiveness as per segments. The report on fingerprint biometrics market also maps the qualitative impact of various factors on fingerprint biometrics market segments and geographies.
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Fingerprint Biometrics Market: - Segmentation
By Component, Fingerprint Biometrics Market is segmented into-
- Fingerprint Sensors
- Biometric Software
- Integration & Deployment
- Support & Maintenance
By Technology, Fingerprint Biometrics Market is segmented into-
- AFIS technology
- Non-AFIS technology
By Vertical, Fingerprint Biometrics Market is segmented into-
- Banking, Financial Services and Insurance (BFSI)
- Military & Defense
- Consumer Electronics
- A detailed overview of parent market of fingerprint biometrics market
- Changing fingerprint biometrics market dynamics in the industry
- In-depth segmentation of the fingerprint biometrics market
- Historical, current, and projected fingerprint biometrics market size by value
- Recent industry trends and developments in fingerprint biometrics market
- Competitive landscape of the fingerprint biometrics market
- Strategies for key players in fingerprint biometrics and solutions and services offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on fingerprint biometrics market performance
- Must-have information for fingerprint biometrics market players to sustain and enhance their market footprint
Frequently Asked Questions
What research methodology is used to develop the Fingerprint Biometrics Market report?
- FMI utilizes three branched methods to derive market measurements used to compile any report study (data derivation, triangulation and validation).
- These approaches include accumulating data from both primary and secondary sources
- Primary research involves interviews with industry operators and FMI's network of contacts spanning the world's value chain of the Fingerprint Biometrics Market. This is supported by a comprehensive literature analysis of information gathered through secondary sources
- Analysis of several middle market stakeholders for country-wise data
What else does FMI offer apart from Fingerprint Biometrics Market report?
In addition to up-to-date market figures and customized of the Fingerprint Biometrics Market, FMI offer consulting services to help businesses within industry navigate challenges and take well-informed decisions amidst the breakneck competition.
How do you define competitors based on market structure? What aspects about a competitor are included in the company profile section?
- Most of the competitors are segregated according to their market share in 'Tier' wise statures.
- Global market participants are scrutinized and global competition metrics are included with numerous competitor profiles referring to their business background and go-to market strategies.