The new market research report on the Biometric System Market to 2023 by analsysts Marketsandmarkets shows an estimated growth from USD 16.80 billion by 2018 to USD 41.80 billion by 2023, at a CAGR of 19.99% between 2018 and 2023.

It is predicted that the single-factor authentication sector will hold the larger share of the biometrics market by 2018, as single-factor authentication systems are fast, easy to install, and cost-effective compared to multifactor authentication systems. Modalities such as fingerprint, face, and iris are among the most prominent technologies, especially in the government, travel and immigration, and banking applications.

The researchers expect that the pin with biometrics sector will hold the largest share of the market in terms of multi factor authentication by 2018. These systems based on both biometrics and pin are cost-effective and use a secure method for authentication compared to other multifactor authentication systems. Thus, banks and financial institutions are extensively using biometrics combined with pin to authenticate and verify the transactions of an account holder.

Demand form the travel and immigration market are forecast to hold the largest share of the biometrics system market from 2018 to 2023. The increasing demand for biometrics systems in travel and immigration applications is attributed to the growing need for security across border-crossing points as well as to the elevating implementation of biometrics systems owing to increasing travel and tourism activities across these points.

North America is the largest market for biometrics technologies mainly due to the presence of key biometrics system manufacturers such as Aware and Cross Match Technologies. The growth of the North American market can be attributed to the increasing government initiatives in North American countries such as the US, Canada, and Mexico for large-scale funded programmes such as e-passports and e-visas.

Companies profiled in the report are Safran, NEC,Thales, Fujitsu, Assa Abloy, Precise Biometrics, Aware, Secunet Security Networks, Cross Match Technologies, and Stanley Black & Decker. This report also covers the following prominent players: Cognitec Systems, Daon, Facebanx, Bio-key International, Securiport, M2sys Technology, Suprema, Qualcomm, Fulcrum Biometrics, and Vasco Data Security International.