Northbrook, IL -- (SBWIRE) -- 08/06/2018 -- The biometrics system market for software is expected to grow at the highest CAGR during the forecast period. Software platform in a biometrics system compliments the function of hardware by storing and recalling spatial data; it also allows live data streaming rather than static data. Further, in the coming years, the growing deployment of multimodal and multifactor biometrics systems would lead to increase in the complexity of database, which will generate the need for advanced software platforms.

According to the new market research report "Biometric System Market by Authentication Type (Single-Factor and Multifactor), Functionality Type (Contact, Non-Contact, and Combined), Component (Hardware and Software), Application, and Geography - Global Forecast to 2023", the biometrics system market is estimated to grow from USD 16.80 billion by 2018 to USD 41.80 billion by 2023, at a CAGR of 19.99% between 2018 and 2023.

Browse 93 market data Tables and 49 Figures spread through 186 Pages and in-depth TOC on "Biometric System Market - Global Forecast to 2023"

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The biometrics system market is expected to reach USD 41.80 billion by 2023 from USD 16.80 billion by 2018, at a CAGR of 19.99% between 2018 and 2023. Biometrics has successfully replaced traditional identification methods in most of the applications across various industries. It has become a preferred option for authentication and identification. Initially, the use of biometrics was limited to government projects for identification and authentication purposes. However, these systems are now gaining high traction worldwide owing to the growing need for surveillance and security in the private and business sectors. Further growing need for surveillance and security owing to the threats of terrorist attacks is also fueling the growth of the biometrics system market.

Government authorities, especially in North America and Europe, among others, have set stringent rules and regulations for the verification of tourist passports. For instance, in April 2016, the Department of Homeland Security (US) made an e-passport mandatory for visitors. Moreover, the government authorities in other regions have also made biometrics authentication mandatory in the passport and other applications. The Japan Sport Council has collaborated with the Japanese government to deploy facial recognition systems at the National Olympic Stadium in Tokyo. Among the single-factor authentication biometrics type, fingerprint recognition held the largest share of the market in 2017. The growth of the market for fingerprint recognition is attributed to the increasing demand for the fingerprint recognition solutions in travel and immigration applications for e-passports and e-visas as well as in the government sector for the issuance of a driving license.

The market for multifactor authentication is expected to grow at a higher CAGR from 2018 to 2023. The growth of the market for this type is attributed to the increasing deployment and the need for security to avoid hacking attacks on sensitive information, especially in government and defense applications.

The biometrics system market for combined functionality type is expected to grow at a higher CAGR during the forecast period. This functionality includes multifunctional and vein recognition authentication types. The highest CAGR of the market for the combined functionality is attributed to the increasing need for efficient and reliable biometrics.

The biometrics system market for automotive will grow at the highest CAGR during the forecast period among the other biometrics system applications. The growth of the market for this application is attributed to the increasing number of theft cases of the vehicles, which is encouraging the vehicle manufacturers to equip their products with biometrics systems, thereby enhancing the security levels for their customers. These manufacturers are incorporating biometrics systems for providing vehicle access control functions, such as driver identification and automatic engine starter.

The biometrics system market in RoW is expected to grow at the highest CAGR during the forecast period. The market in RoW is further segmented into South America, and the Middle East and Africa, which hold a significant growth potential for the biometrics system market. The region is currently contributing less to the overall market; however, the market in this region is expected to grow at a significant rate in the coming years. The increasing need for advanced identity management solutions from various governments in this region to maintain security at border-crossing points is the main factor fueling the growth of the biometrics system market in the region.

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