Biometric System Market Scope and Size by 2031
The biometric system market was valued at US$ 43 billion in 2021; it is estimated to grow at a compound annual growth rate (CAGR) of 14.5% between 2022 and 2031
The biometrics system is used for authentication and identification of individuals by analyzing and measuring their fingerprints, iris, voice, face, hand geometry, palm print, signature, typing pattern, and others. A biometrics system is used to secure sensitive data and avoid fraudulent use of ATMs, mobile phones, smart cards, access to desktops, laptops, and networks. Thus, the growing demand for authentication and identification in commercial and industrial sector is boosting the growth of biometric systems.
MARKET DYNAMICS
Key factors attributing toward the growth of biometric systems include rising adoption of advanced technology over traditional PIN-based methods and increasing applications of biometric solutions in the commercial and e-commerce. Deployment of fingerprint and iris recognition is gaining high momentum in office buildings and government buildings to secure high amount of confidential information. As biometric solutions help in enhancing security and restricting entry of unauthorized individuals in airports, office premises, shopping complexes, and other confidential spaces, its market will continue to propel during the forecast period.
MARKET SCOPE
The “Global Biometric System Market Analysis to 2031” report aims to provide an overview of the biometric systems with detailed market segmentation based on offering, functionality, authentication type, and end user. The report provides key market statistics based on the performances of the leading players. It also offers key trends and opportunities in the market.
Strategic Insights
MARKET SEGMENTATION
The global biometric system market is segmented into offering, functionality, authentication type, and end user. Based on offering, the biometric system market is segmented into hardware and software. By functionality, the biometric system market is categorized into contact functionality, non-contact functionality, and combined functionality. In terms of authentication type, the biometric system market is segmented into single-factor authentication and multi-factor authentication. From end user point of reference, the biometric system market is segmented into BFSI, government, military & defense, consumer electronics, healthcare, automotive, and others.
The global biometric system market is segmented into five major regions North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America. The report covers analysis and forecast of 18 countries across the world along with trends and opportunities prevailing across the mentioned regions.
From the regional perspective, APAC is projected to grow at the fastest CAGR during the forecast period of 2022–2031. The demand from end users is rising at an impressive rate, in turn, creating demand for advanced security solutions including biometric. Construction of office buildings, government complexes, industrial sectors such as BFSI, healthcare facilities, and automotive plants is further adding impetus to the regional market growth. To protect confidential data of mentioned end users, the integration of voice recognition, fingerprint scanning, iris recognition, facial recognition, and heart-rate sensors is imperative. This factor is expected to contribute massively toward the biometric system market growth.
The below figure showcases the revenue growth trend of the global biometric system market:
Source: The Insight Partners Analysis
The report analyzes factors, such as drivers, restraints, opportunities, and future trends, affecting the biometric system market. It also provides an exhaustive PEST analysis of the factors impacting the biometric system market.
IMPACT OF COVID-19 PANDEMIC
Biometric systems use different scanners to confirm the identity of individuals by measuring behavioral or physiological patterns. There are a few contactless biometric systems that do not need direct touch to perform measurements; however, fingerprint verification systems demand physical appearance of user to make direct physical contact with a scanner to ensure system to read and measure characteristics properly. The system requiring physical presence might boost the chances of cross-contamination. This factor negatively impacted the penetration of touch-based fingerprint biometric devices. However, during the recovery phase of biometric system, the adoption of biometric system with no direct human touch is increasing. The demand for iris and voice recognition experienced a rise to curb the spread of COVID-19 virus.
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The global biometric system market is segmented into five major regions North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America. The report covers analysis and forecast of 18 countries across the world along with trends and opportunities prevailing across the mentioned regions.
From the regional perspective, APAC is projected to grow at the fastest CAGR during the forecast period of 2022–2031. The demand from end users is rising at an impressive rate, in turn, creating demand for advanced security solutions including biometric. Construction of office buildings, government complexes, industrial sectors such as BFSI, healthcare facilities, and automotive plants is further adding impetus to the regional market growth. To protect confidential data of mentioned end users, the integration of voice recognition, fingerprint scanning, iris recognition, facial recognition, and heart-rate sensors is imperative. This factor is expected to contribute massively toward the biometric system market growth.
The below figure showcases the revenue growth trend of the global biometric system market:
Source: The Insight Partners Analysis
The report analyzes factors, such as drivers, restraints, opportunities, and future trends, affecting the biometric system market. It also provides an exhaustive PEST analysis of the factors impacting the biometric system market.
IMPACT OF COVID-19 PANDEMIC
Biometric systems use different scanners to confirm the identity of individuals by measuring behavioral or physiological patterns. There are a few contactless biometric systems that do not need direct touch to perform measurements; however, fingerprint verification systems demand physical appearance of user to make direct physical contact with a scanner to ensure system to read and measure characteristics properly. The system requiring physical presence might boost the chances of cross-contamination. This factor negatively impacted the penetration of touch-based fingerprint biometric devices. However, during the recovery phase of biometric system, the adoption of biometric system with no direct human touch is increasing. The demand for iris and voice recognition experienced a rise to curb the spread of COVID-19 virus.
MARKET PLAYERS
Various companies are focusing on organic growth strategies, such as product launches, product approvals, patents, and events. Inorganic growth strategies such as acquisitions, partnerships, and collaborations have encouraged the expansion of business and customer base. The market players operating in the biometric system market are anticipated to experience lucrative growth opportunities in the coming years with the rising demand for biometric systems.
The report also includes the profiles of key biometric systems companies, along with their SWOT analysis and market strategies. In addition, the report focuses on leading industry players with information such as company profiles, components and services offered, financial information for the last three years, and key developments in the past five years. The list of a few companies engaged in the biometric system market is mentioned below.
- Assa Abloy AB
- FaceFirst
- Fujitsu Limited
- IDEMIA (Advent International)
- Iris ID, Inc.
- NEC Corporation
- Precise Biometrics
- Secunet Security Networks AG
- SUPREMA
- Thales Group
The Insight Partner's dedicated research and analysis team consists of experienced professionals with advanced statistical expertise and offers various customization options in the existing study.
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Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Offering, Functionality, Authentication Type, End User, and Geography
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
TABLE OF CONTENTS
1. INTRODUCTION
1.1. SCOPE OF THE STUDY
1.2. THE INSIGHT PARTNERS RESEARCH REPORT GUIDANCE
1.3. MARKET SEGMENTATION
1.3.1 Biometric System Market - By Offering
1.3.2 Biometric System Market - By Functionality
1.3.3 Biometric System Market - By Authentication Type
1.3.4 Biometric System Market - By End-user
1.3.5 Biometric System Market - By Region
1.3.5.1 By Country
2. KEY TAKEAWAYS
3. RESEARCH METHODOLOGY
4. BIOMETRIC SYSTEM MARKET LANDSCAPE
4.1. OVERVIEW
4.2. PORTER'S FIVE FORCES ANALYSIS
4.2.1 Bargaining Power of Buyers
4.2.1 Bargaining Power of Suppliers
4.2.1 Threat of Substitute
4.2.1 Threat of New Entrants
4.2.1 Competitive Rivalry
4.3. ECOSYSTEM ANALYSIS
4.4. EXPERT OPINIONS
5. BIOMETRIC SYSTEM MARKET - KEY MARKET DYNAMICS
5.1. KEY MARKET DRIVERS
5.2. KEY MARKET RESTRAINTS
5.3. KEY MARKET OPPORTUNITIES
5.4. FUTURE TRENDS
5.5. IMPACT ANALYSIS OF DRIVERS AND RESTRAINTS
6. BIOMETRIC SYSTEM MARKET - GLOBAL MARKET ANALYSIS
6.1. BIOMETRIC SYSTEM - GLOBAL MARKET OVERVIEW
6.2. BIOMETRIC SYSTEM - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING/MARKET SHARE
7. BIOMETRIC SYSTEM MARKET - REVENUE AND FORECASTS TO 2028 - OFFERING
7.1. OVERVIEW
7.2. OFFERING MARKET FORECASTS AND ANALYSIS
7.3. HARDWARE
7.3.1. Overview
7.3.2. Hardware Market Forecast and Analysis
7.3.3. Fingerprint Readers Market
7.3.3.1. Overview
7.3.3.2. Fingerprint Readers Market Forecast and Analysis
7.3.4. Scanners Market
7.3.4.1. Overview
7.3.4.2. Scanners Market Forecast and Analysis
7.3.5. Cameras Market
7.3.5.1. Overview
7.3.5.2. Cameras Market Forecast and Analysis
7.3.6. Others Market
7.3.6.1. Overview
7.3.6.2. Others Market Forecast and Analysis
7.4. SOFTWARE
7.4.1. Overview
7.4.2. Software Market Forecast and Analysis
8. BIOMETRIC SYSTEM MARKET - REVENUE AND FORECASTS TO 2028 - FUNCTIONALITY
8.1. OVERVIEW
8.2. FUNCTIONALITY MARKET FORECASTS AND ANALYSIS
8.3. CONTACT FUNCTIONALITY
8.3.1. Overview
8.3.2. Contact Functionality Market Forecast and Analysis
8.4. NON-CONTACT FUNCTIONALITY
8.4.1. Overview
8.4.2. Non-Contact Functionality Market Forecast and Analysis
8.5. COMBINED FUNCTIONALITY
8.5.1. Overview
8.5.2. Combined Functionality Market Forecast and Analysis
9. BIOMETRIC SYSTEM MARKET - REVENUE AND FORECASTS TO 2028 - AUTHENTICATION TYPE
9.1. OVERVIEW
9.2. AUTHENTICATION TYPE MARKET FORECASTS AND ANALYSIS
9.3. SINGLE-FACTOR AUTHENTICATION
9.3.1. Overview
9.3.2. Single-Factor Authentication Market Forecast and Analysis
9.3.3. Fingerprint Recognition Market
9.3.3.1. Overview
9.3.3.2. Fingerprint Recognition Market Forecast and Analysis
9.3.4. Iris Recognition Market
9.3.4.1. Overview
9.3.4.2. Iris Recognition Market Forecast and Analysis
9.3.5. Face Recognition Market
9.3.5.1. Overview
9.3.5.2. Face Recognition Market Forecast and Analysis
9.3.6. Signature Recognition Market
9.3.6.1. Overview
9.3.6.2. Signature Recognition Market Forecast and Analysis
9.3.7. Palm Print Recognition Market
9.3.7.1. Overview
9.3.7.2. Palm Print Recognition Market Forecast and Analysis
9.3.8. Voice Recognition Market
9.3.8.1. Overview
9.3.8.2. Voice Recognition Market Forecast and Analysis
9.3.9. Others Market
9.3.9.1. Overview
9.3.9.2. Others Market Forecast and Analysis
9.4. MULTI-FACTOR AUTHENTICATION
9.4.1. Overview
9.4.2. Multi-Factor Authentication Market Forecast and Analysis
9.4.3. Smart Card With Biometrics Market
9.4.3.1. Overview
9.4.3.2. Smart Card With Biometrics Market Forecast and Analysis
9.4.4. Pin With Biometrics Market
9.4.4.1. Overview
9.4.4.2. Pin With Biometrics Market Forecast and Analysis
9.4.5. Multimodal Biometric Market
9.4.5.1. Overview
9.4.5.2. Multimodal Biometric Market Forecast and Analysis
10. BIOMETRIC SYSTEM MARKET - REVENUE AND FORECASTS TO 2028 - END-USER
10.1. OVERVIEW
10.2. END-USER MARKET FORECASTS AND ANALYSIS
10.3. BFSI
10.3.1. Overview
10.3.2. BFSI Market Forecast and Analysis
10.4. GOVERNMENT
10.4.1. Overview
10.4.2. Government Market Forecast and Analysis
10.5. DEFENSE AND SECURITY
10.5.1. Overview
10.5.2. Defense and Security Market Forecast and Analysis
10.6. CONSUMER ELECTRONICS
10.6.1. Overview
10.6.2. Consumer Electronics Market Forecast and Analysis
10.7. TRAVEL AND IMMIGRATION
10.7.1. Overview
10.7.2. Travel and Immigration Market Forecast and Analysis
10.8. HEALTHCARE
10.8.1. Overview
10.8.2. Healthcare Market Forecast and Analysis
10.9. AUTOMOTIVE
10.9.1. Overview
10.9.2. Automotive Market Forecast and Analysis
10.10. OTHERS
10.10.1. Overview
10.10.2. Others Market Forecast and Analysis
11. BIOMETRIC SYSTEM MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
11.1. NORTH AMERICA
11.1.1 North America Biometric System Market Overview
11.1.2 North America Biometric System Market Forecasts and Analysis
11.1.3 North America Biometric System Market Forecasts and Analysis - By Offering
11.1.4 North America Biometric System Market Forecasts and Analysis - By Functionality
11.1.5 North America Biometric System Market Forecasts and Analysis - By Authentication Type
11.1.6 North America Biometric System Market Forecasts and Analysis - By End-user
11.1.7 North America Biometric System Market Forecasts and Analysis - By Countries
11.1.7.1 United States Biometric System Market
11.1.7.1.1 United States Biometric System Market by Offering
11.1.7.1.2 United States Biometric System Market by Functionality
11.1.7.1.3 United States Biometric System Market by Authentication Type
11.1.7.1.4 United States Biometric System Market by End-user
11.1.7.2 Canada Biometric System Market
11.1.7.2.1 Canada Biometric System Market by Offering
11.1.7.2.2 Canada Biometric System Market by Functionality
11.1.7.2.3 Canada Biometric System Market by Authentication Type
11.1.7.2.4 Canada Biometric System Market by End-user
11.1.7.3 Mexico Biometric System Market
11.1.7.3.1 Mexico Biometric System Market by Offering
11.1.7.3.2 Mexico Biometric System Market by Functionality
11.1.7.3.3 Mexico Biometric System Market by Authentication Type
11.1.7.3.4 Mexico Biometric System Market by End-user
11.2. EUROPE
11.2.1 Europe Biometric System Market Overview
11.2.2 Europe Biometric System Market Forecasts and Analysis
11.2.3 Europe Biometric System Market Forecasts and Analysis - By Offering
11.2.4 Europe Biometric System Market Forecasts and Analysis - By Functionality
11.2.5 Europe Biometric System Market Forecasts and Analysis - By Authentication Type
11.2.6 Europe Biometric System Market Forecasts and Analysis - By End-user
11.2.7 Europe Biometric System Market Forecasts and Analysis - By Countries
11.2.7.1 Germany Biometric System Market
11.2.7.1.1 Germany Biometric System Market by Offering
11.2.7.1.2 Germany Biometric System Market by Functionality
11.2.7.1.3 Germany Biometric System Market by Authentication Type
11.2.7.1.4 Germany Biometric System Market by End-user
11.2.7.2 France Biometric System Market
11.2.7.2.1 France Biometric System Market by Offering
11.2.7.2.2 France Biometric System Market by Functionality
11.2.7.2.3 France Biometric System Market by Authentication Type
11.2.7.2.4 France Biometric System Market by End-user
11.2.7.3 Italy Biometric System Market
11.2.7.3.1 Italy Biometric System Market by Offering
11.2.7.3.2 Italy Biometric System Market by Functionality
11.2.7.3.3 Italy Biometric System Market by Authentication Type
11.2.7.3.4 Italy Biometric System Market by End-user
11.2.7.4 United Kingdom Biometric System Market
11.2.7.4.1 United Kingdom Biometric System Market by Offering
11.2.7.4.2 United Kingdom Biometric System Market by Functionality
11.2.7.4.3 United Kingdom Biometric System Market by Authentication Type
11.2.7.4.4 United Kingdom Biometric System Market by End-user
11.2.7.5 Rest of Europe Biometric System Market
11.2.7.5.1 Rest of Europe Biometric System Market by Offering
11.2.7.5.2 Rest of Europe Biometric System Market by Functionality
11.2.7.5.3 Rest of Europe Biometric System Market by Authentication Type
11.2.7.5.4 Rest of Europe Biometric System Market by End-user
11.3. ASIA-PACIFIC
11.3.1 Asia-Pacific Biometric System Market Overview
11.3.2 Asia-Pacific Biometric System Market Forecasts and Analysis
11.3.3 Asia-Pacific Biometric System Market Forecasts and Analysis - By Offering
11.3.4 Asia-Pacific Biometric System Market Forecasts and Analysis - By Functionality
11.3.5 Asia-Pacific Biometric System Market Forecasts and Analysis - By Authentication Type
11.3.6 Asia-Pacific Biometric System Market Forecasts and Analysis - By End-user
11.3.7 Asia-Pacific Biometric System Market Forecasts and Analysis - By Countries
11.3.7.1 Australia Biometric System Market
11.3.7.1.1 Australia Biometric System Market by Offering
11.3.7.1.2 Australia Biometric System Market by Functionality
11.3.7.1.3 Australia Biometric System Market by Authentication Type
11.3.7.1.4 Australia Biometric System Market by End-user
11.3.7.2 China Biometric System Market
11.3.7.2.1 China Biometric System Market by Offering
11.3.7.2.2 China Biometric System Market by Functionality
11.3.7.2.3 China Biometric System Market by Authentication Type
11.3.7.2.4 China Biometric System Market by End-user
11.3.7.3 India Biometric System Market
11.3.7.3.1 India Biometric System Market by Offering
11.3.7.3.2 India Biometric System Market by Functionality
11.3.7.3.3 India Biometric System Market by Authentication Type
11.3.7.3.4 India Biometric System Market by End-user
11.3.7.4 Japan Biometric System Market
11.3.7.4.1 Japan Biometric System Market by Offering
11.3.7.4.2 Japan Biometric System Market by Functionality
11.3.7.4.3 Japan Biometric System Market by Authentication Type
11.3.7.4.4 Japan Biometric System Market by End-user
11.3.7.5 South Korea Biometric System Market
11.3.7.5.1 South Korea Biometric System Market by Offering
11.3.7.5.2 South Korea Biometric System Market by Functionality
11.3.7.5.3 South Korea Biometric System Market by Authentication Type
11.3.7.5.4 South Korea Biometric System Market by End-user
11.3.7.6 Rest of Asia-Pacific Biometric System Market
11.3.7.6.1 Rest of Asia-Pacific Biometric System Market by Offering
11.3.7.6.2 Rest of Asia-Pacific Biometric System Market by Functionality
11.3.7.6.3 Rest of Asia-Pacific Biometric System Market by Authentication Type
11.3.7.6.4 Rest of Asia-Pacific Biometric System Market by End-user
11.4. MIDDLE EAST AND AFRICA
11.4.1 Middle East and Africa Biometric System Market Overview
11.4.2 Middle East and Africa Biometric System Market Forecasts and Analysis
11.4.3 Middle East and Africa Biometric System Market Forecasts and Analysis - By Offering
11.4.4 Middle East and Africa Biometric System Market Forecasts and Analysis - By Functionality
11.4.5 Middle East and Africa Biometric System Market Forecasts and Analysis - By Authentication Type
11.4.6 Middle East and Africa Biometric System Market Forecasts and Analysis - By End-user
11.4.7 Middle East and Africa Biometric System Market Forecasts and Analysis - By Countries
11.4.7.1 South Africa Biometric System Market
11.4.7.1.1 South Africa Biometric System Market by Offering
11.4.7.1.2 South Africa Biometric System Market by Functionality
11.4.7.1.3 South Africa Biometric System Market by Authentication Type
11.4.7.1.4 South Africa Biometric System Market by End-user
11.4.7.2 Saudi Arabia Biometric System Market
11.4.7.2.1 Saudi Arabia Biometric System Market by Offering
11.4.7.2.2 Saudi Arabia Biometric System Market by Functionality
11.4.7.2.3 Saudi Arabia Biometric System Market by Authentication Type
11.4.7.2.4 Saudi Arabia Biometric System Market by End-user
11.4.7.3 U.A.E Biometric System Market
11.4.7.3.1 U.A.E Biometric System Market by Offering
11.4.7.3.2 U.A.E Biometric System Market by Functionality
11.4.7.3.3 U.A.E Biometric System Market by Authentication Type
11.4.7.3.4 U.A.E Biometric System Market by End-user
11.4.7.4 Rest of Middle East and Africa Biometric System Market
11.4.7.4.1 Rest of Middle East and Africa Biometric System Market by Offering
11.4.7.4.2 Rest of Middle East and Africa Biometric System Market by Functionality
11.4.7.4.3 Rest of Middle East and Africa Biometric System Market by Authentication Type
11.4.7.4.4 Rest of Middle East and Africa Biometric System Market by End-user
11.5. SOUTH AND CENTRAL AMERICA
11.5.1 South and Central America Biometric System Market Overview
11.5.2 South and Central America Biometric System Market Forecasts and Analysis
11.5.3 South and Central America Biometric System Market Forecasts and Analysis - By Offering
11.5.4 South and Central America Biometric System Market Forecasts and Analysis - By Functionality
11.5.5 South and Central America Biometric System Market Forecasts and Analysis - By Authentication Type
11.5.6 South and Central America Biometric System Market Forecasts and Analysis - By End-user
11.5.7 South and Central America Biometric System Market Forecasts and Analysis - By Countries
11.5.7.1 Brazil Biometric System Market
11.5.7.1.1 Brazil Biometric System Market by Offering
11.5.7.1.2 Brazil Biometric System Market by Functionality
11.5.7.1.3 Brazil Biometric System Market by Authentication Type
11.5.7.1.4 Brazil Biometric System Market by End-user
11.5.7.2 Argentina Biometric System Market
11.5.7.2.1 Argentina Biometric System Market by Offering
11.5.7.2.2 Argentina Biometric System Market by Functionality
11.5.7.2.3 Argentina Biometric System Market by Authentication Type
11.5.7.2.4 Argentina Biometric System Market by End-user
11.5.7.3 Rest of South and Central America Biometric System Market
11.5.7.3.1 Rest of South and Central America Biometric System Market by Offering
11.5.7.3.2 Rest of South and Central America Biometric System Market by Functionality
11.5.7.3.3 Rest of South and Central America Biometric System Market by Authentication Type
11.5.7.3.4 Rest of South and Central America Biometric System Market by End-user
12. INDUSTRY LANDSCAPE
12.1. MERGERS AND ACQUISITIONS
12.2. AGREEMENTS, COLLABORATIONS AND JOIN VENTURES
12.3. NEW PRODUCT LAUNCHES
12.4. EXPANSIONS AND OTHER STRATEGIC DEVELOPMENTS
13. BIOMETRIC SYSTEM MARKET, KEY COMPANY PROFILES
13.1. ASSA ABLOY AB
13.1.1. Key Facts
13.1.2. Business Description
13.1.3. Products and Services
13.1.4. Financial Overview
13.1.5. SWOT Analysis
13.1.6. Key Developments
13.2. FACEFIRST
13.2.1. Key Facts
13.2.2. Business Description
13.2.3. Products and Services
13.2.4. Financial Overview
13.2.5. SWOT Analysis
13.2.6. Key Developments
13.3. FUJITSU LIMITED
13.3.1. Key Facts
13.3.2. Business Description
13.3.3. Products and Services
13.3.4. Financial Overview
13.3.5. SWOT Analysis
13.3.6. Key Developments
13.4. IDEMIA
13.4.1. Key Facts
13.4.2. Business Description
13.4.3. Products and Services
13.4.4. Financial Overview
13.4.5. SWOT Analysis
13.4.6. Key Developments
13.5. IRIS ID, INC.
13.5.1. Key Facts
13.5.2. Business Description
13.5.3. Products and Services
13.5.4. Financial Overview
13.5.5. SWOT Analysis
13.5.6. Key Developments
13.6. NEC CORPORATION
13.6.1. Key Facts
13.6.2. Business Description
13.6.3. Products and Services
13.6.4. Financial Overview
13.6.5. SWOT Analysis
13.6.6. Key Developments
13.7. PRECISE BIOMETRICS
13.7.1. Key Facts
13.7.2. Business Description
13.7.3. Products and Services
13.7.4. Financial Overview
13.7.5. SWOT Analysis
13.7.6. Key Developments
13.8. SECUNET SECURITY NETWORKS AG
13.8.1. Key Facts
13.8.2. Business Description
13.8.3. Products and Services
13.8.4. Financial Overview
13.8.5. SWOT Analysis
13.8.6. Key Developments
13.9. SUPREMA
13.9.1. Key Facts
13.9.2. Business Description
13.9.3. Products and Services
13.9.4. Financial Overview
13.9.5. SWOT Analysis
13.9.6. Key Developments
13.10. THALES GROUP
13.10.1. Key Facts
13.10.2. Business Description
13.10.3. Products and Services
13.10.4. Financial Overview
13.10.5. SWOT Analysis
13.10.6. Key Developments
14. APPENDIX
14.1. ABOUT THE INSIGHT PARTNERS
14.2. GLOSSARY OF TERMS
The List of Companies
1. Assa Abloy AB
2. FaceFirst
3. Fujitsu Limited
4. IDEMIA
5. Iris ID, Inc.
6. NEC Corporation
7. Precise Biometrics
8. Secunet Security Networks AG
9. SUPREMA
10. Thales Group
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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