LeapZipBlog: Steve Blade's blog: Biometric Data Encryption Device Market to register a healthy CAGR for the forecast period 2018-2028

Biometric Data Encryption Device Market to register a healthy CAGR for the forecast period 2018-2028

May 23, 2019 by Steve Blade  

As organizations are increasing focus on secure authentication methods for user access, ecommerce and other safety applications, the demand for biometric data encryption devices is growing rapidly. Increasing dependency on digital technologies and automation is further driving the growth of the biometric data encryption device. Moreover, continuous demand for enhanced security and identification systems has led to increasing adoption of biometric data encryption devices. Furthermore, as the businesses strive to implement the right mix of technologies and policies for security and reliability, the demand for biometric data encryption devices is expected to grow rapidly, which will further drive the growth of the Biometric Data Encryption Device Market.

 

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Furthermore, growth in sophisticated information threats is the major factor fuelling the growth of the biometric data encryption device market. The exponential growth being witnessed in connected devices is also driving the demand in the biometric data encryption device market. Biometric data encryption devices provide highly secure identification and personal verification services for encountering security breaches and transaction frauds. The widespread deployment of biometric data encryption device and technologies for information and physical access security is fuelling the growth of the biometric data encryption device market. In addition, with the exponential increase in the number of users switching to mobile banking, various organizations are adopting biometric data encryption devices as security measures. Due to these factors, the demand in the biometric data encryption device market is expected to increase rapidly in near future.

Biometric Data Encryption Device Market: Drivers and Challenges

The meteoric rise in demand for smartphones and tablets is one of the primary factors fuelling the growth of the biometric data encryption device market. Also, rise in demand for biometric authentication systems for physical authentication is creating potential growth opportunities in the biometric data encryption device market. The primary application of a biometric data encryption device is to provide accessibility to an authorized individual and provide protection against unwanted thefts. Growing population and expansion of digital infrastructure are key factors creating lucrative opportunities for the biometric data encryption device market.

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Apart from this, increasing biometric applications on smartphones are creating potential growth opportunities in the biometric data encryption device market. Furthermore, rising trend of device-embedded biometric authentication systems for authentication is one of the major factors driving the growth of the biometric data encryption device market.

However, device compatibility issues and lack of common standards are the major factors hindering the growth of the biometric data encryption device market. Moreover, the high cost of a biometric data encryption devices is one of the challenges hindering the growth of the biometric data encryption device market.

Biometric Data Encryption Device Market: Competition Landscape

Key Players

Some of the major players in the global biometric data encryption device market are Fujitsu Laboratories Ltd., Samsung Electronics, Dataram, SecuGen, Integrated Biometrics, Lumidigm, Nitgen, Suprema, Crossmatch, NEXT Biometrics and BioRugged.

Biometric Data Encryption Device Market: Regional Overview

On the basis of geography, North America is expected to dominate the biometric data encryption device market due to the presence of various biometric data encryption device manufacturers and high adoption of biometric data encryption devices. In North America, the growth of biometric authentication systems has risen gradually and enterprises are adopting physical authentication systems to secure enterprise information. These are some of the key supporting factors of biometric data encryption device market in the region.  Asia Pacific and Europe are also expected to create potential growth opportunities for the biometric data encryption device market owing to the increasing adoption of smartphones and tablets in the region. In addition to this, the unorganized market for biometric data encryption devices in China, Japan, and India is creating a competitive environment for global biometric data encryption device manufacturers. Moreover, the demand for biometric data encryption devices has risen dramatically in the past few years in the Middle East & Africa and Latin American regions due to rise in the adoption of digital technologies and growth being witnessed in the smartphone and tablet market.

The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, and inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators, and governing factors, along with market attractiveness as per segment. The report also maps the qualitative impact of various market factors on market segments and geographies.

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