The Biometric System Market is expected to register a CAGR of 13.2% from 2025 to 2031, with a market size expanding from US$ XX million in 2024 to US$ XX Million by 2031.
The report is segmented by Offering (Hardware and Software), Functionality (Contact Functionality, Non-Contact Functionality, and Combined Functionality), Authentication Type (Single-Factor Authentication and Multi-Factor Authentication), End User (BFSI, Government, Military & Defense, Consumer Electronics, Healthcare, Automotive, and Others). The global analysis is further broken-down at regional level and major countries. The Report Offers the Value in USD for the above analysis and segments.
Purpose of the ReportThe report Biometric System Market by The Insight Partners aims to describe the present landscape and future growth, top driving factors, challenges, and opportunities. This will provide insights to various business stakeholders, such as:
- Technology Providers/Manufacturers: To understand the evolving market dynamics and know the potential growth opportunities, enabling them to make informed strategic decisions.
- Investors: To conduct a comprehensive trend analysis regarding the market growth rate, market financial projections, and opportunities that exist across the value chain.
- Regulatory bodies: To regulate policies and police activities in the market with the aim of minimizing abuse, preserving investor trust and confidence, and upholding the integrity and stability of the market.
Biometric System Market Segmentation
Offering- Hardware and Software
- Contact Functionality
- Non-Contact Functionality
- Combined Functionality
- Single-Factor Authentication and Multi-Factor Authentication
- BFSI
- Government
- Military & Defense
- Consumer Electronics
- Healthcare
- Automotive
Strategic Insights
Biometric System Market Growth Drivers- Increasing Demand for Automated Manufacturing: The shift toward automation in manufacturing processes is a key driver for the pin insertion machine market. Pin insertion machines streamline the assembly process, enhancing production speed, precision, and reducing labor costs. Industries such as electronics, automotive, and industrial manufacturing require efficient and accurate component placement, making automated pin insertion machines crucial for improving overall productivity and consistency in assembly lines.
- Rising Complexity of Electronic Assemblies: As electronic components become more compact and intricate, the need for precise assembly solutions like pin insertion machines grows. Modern electronic devices require reliable and accurate component connections, and pin insertion machines are essential for meeting these demands. The growing complexity in electronic circuit boards and connectors across various sectors is fueling the adoption of pin insertion technology.
- Rise of Mobile Biometric Solutions: The trend towards mobile biometric solutions is gaining momentum as smartphones and wearable devices increasingly incorporate biometric authentication features. Fingerprint scanners, facial recognition, and voice recognition are now standard in many mobile devices, making it easier for users to access their applications securely. This trend is not only enhancing user convenience but also driving the adoption of biometric systems in various sectors, such as banking, e-commerce, and healthcare, where mobile access is becoming essential.
- Integration of Biometric Systems with IoT Devices: The integration of biometric systems with the Internet of Things (IoT) is emerging as a significant trend. As more devices become interconnected, the need for secure authentication methods is growing. Biometric systems can enhance the security of IoT devices by providing user authentication for smart home systems, industrial applications, and connected vehicles. This integration is expected to drive the demand for biometric solutions, as users seek to ensure their interconnected environments are secure from unauthorized access.
- Growing Adoption of Multi-Modal Biometric Systems: There is a noticeable trend toward the adoption of multi-modal biometric systems, which combine two or more biometric traits for authentication. By integrating different methods, such as fingerprint scanning with facial recognition, these systems provide enhanced accuracy and security. This trend is particularly important in high-security environments, where a single method may not suffice. The increasing recognition of the benefits of multi-modal systems is pushing organizations to invest in more sophisticated biometric solutions.
- Expansion of Biometric Applications in Healthcare: The healthcare sector offers significant opportunities for biometric systems, particularly in patient identification and access control. Biometric authentication can streamline patient registration processes, reduce the risk of medical identity theft, and ensure secure access to medical records. As healthcare facilities aim to enhance patient safety and operational efficiency, the implementation of biometric systems for secure access and identity verification is expected to grow, creating a lucrative market opportunity.
- Increased Demand for Biometric Solutions in Financial Services: The financial services sector is increasingly recognizing the need for advanced security measures to protect sensitive customer information and prevent fraud. Biometric authentication methods, such as voice recognition and fingerprint scanning, are being integrated into banking applications and payment systems to enhance security and customer experience. This growing demand for biometric solutions in financial transactions presents a valuable opportunity for technology providers to develop innovative solutions tailored to this sector's needs.
Market Report Scope
Key Selling Points
- Comprehensive Coverage: The report comprehensively covers the analysis of products, services, types, and end users of the Biometric System Market, providing a holistic landscape.
- Expert Analysis: The report is compiled based on the in-depth understanding of industry experts and analysts.
- Up-to-date Information: The report assures business relevance due to its coverage of recent information and data trends.
- Customization Options: This report can be customized to cater to specific client requirements and suit the business strategies aptly.
The research report on the Biometric System Market can, therefore, help spearhead the trail of decoding and understanding the industry scenario and growth prospects. Although there can be a few valid concerns, the overall benefits of this report tend to outweigh the disadvantages.
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
- Request discounts available for Start-Ups & Universities
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- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
- Request discounts available for Start-Ups & Universities
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
- Request discounts available for Start-Ups & Universities
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.
Frequently Asked Questions
Some of the customization options available based on the request are an additional 3–5 company profiles and country-specific analysis of 3–5 countries of your choice. Customizations are to be requested/discussed before making final order confirmation, as our team would review the same and check the feasibility.
The leading players operating in the Biometric System Market include HID Global Corporation, Bio Key International, NEC Corporation, Thales Group, Fulcrum Biometric Inc., Nuance Communication Inc., Precise Biometric, Qualcomm Technology, Dreamlog Identification System Inc., Daon Inc.
The global Biometric System Market is expected to grow at a CAGR of 13.2% during the forecast period 2024 - 2031.
Rise of Mobile Biometric Solutions, Integration of Biometric Systems with IoT Devices, Growing Adoption of Multi-Modal Biometric Systems is the key future trend of the Biometric System Market
The major factors driving the Biometric System Market is Growing Need for Enhanced Security Solutions, Technological Advancements in Biometric Technologies, Increasing Government Initiatives and Regulations.
The report can be delivered in PDF/PPT format; we can also share excel dataset based on the request.
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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