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Biometrics Technology Market (Component - Hardware, and Software; Application - Identification & Access Control, Security & Surveillance, Payments, Image Database Investigation, and Others; End Use - Government, Commercial Centers and Buildings, Medical and Research Labs, Banking, Financial Services Sector, and Defense and Security): Global Industry Analysis, Trends, Size, Share and Forecasts to 2028

  • Published : July, 2022

  • Rep Id : ICT0073

  • Category : Electronics, ICT and Semiconductors

  • Status : Published

A recent report published by Infinium Global Research on the biometrics technology market provides in-depth analysis of segments and sub-segments in the global as well as regional biometrics technology market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional biometrics technology market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of the global biometrics technology market. According to the report, the global biometrics technology market is projected to grow at a CAGR of 15% over the forecast period of 2022-2028.

 

Market Insight

 The Global Biometrics Technology Market was valued at around USD 40 Billion in 2022 and is expected to reach nearly USD 95 Billion in 2028, with a CAGR of 15% during the forecast period. A biometrics system uses a related software, database, and a reader to compare, thus providing a high degree of security and accuracy. Increasing adoption of the technology in the e-commerce industry for secure payments is expected to propel the market during the forecast period. The biometrics technology reduces security breaches and frauds as compared to conventional methods such as the use of passwords and tokens. Moreover, the market is growing because of the escalating utilization of the technology across several verticals in different sectors for enhancing security. Furthermore, the use of technology for a high level of security in the public, commercial, and private sectors is the major growth factor for the market.

 


Biometrics Technology Market



Increasing utilization of biometric technology in consumer electronics for identification and authentication purpose is the major growth factor. Producers of consumer electronics, including tablets, home automation devices, laptops, and smartphones, are extremely developing functionalities and innovative features into the products to expand the client base and gain customers. The increasing adoption of digital technologies and advanced connected devices which share critical information requires highly-secured software and hardware. Therefore to safeguard this system biometric technology is used in various organizations. Innovative advancements in biometric solutions made for identification and authentication applications will create growth opportunities for the market. Development in the detecting ability and the enhanced use of devices such as smartphones and computers will create new lucrative opportunities for seizing the behavioral and physiological characteristics of human beings. However, lack of technical knowledge and Data security concerns hampers the market growth during the forecast period. High installation costs associated with the technology will majorly restrain the growth of the market.

 

The COVID-19 epidemic had a negative and positive impact on Biometrics Technology Market because of the lockdowns imposed by several countries. The outbreak of the covid-19 pandemic also affected advancements in biometrics technology. Decreasing investment and manufacturing restrained the market growth. Furthermore rising application of the technology for identity verification, transactions, access control, and payments, the worldwide market for contactless biometrics technology is projected to post strong growth. However, Delay in the supply of raw material and shortage of hardware has majorly affected the development and advancement of the technology. The major growth factor of the market is the utilization of biometrics for contactless payment, and identity detection in various organizations will enhance the growth.

 

Based on the region, the worldwide biometrics technology market is segmented into the Asia Pacific, North America, Europe, and also the Middle East & Africa. Among the regions, North America is the largest region in the biometrics technology market due to the growth of the tourism sector in the U.S. during the forecast period. North America is the biggest user of biometric technology. Furthermore increasing penetration of the technology in defense, commerce, justice, and homeland security will propel the market growth in the region. The Asia Pacific region is expected to be the fastest-growing region due to increasing terrorist threats in the region during the forecast period. The presence of the major market players such as NEC Corporation and Fujitsu in developing countries such as India and China drives the market growth in the region.

 

Segment Covered

The report on the global biometrics technology market covers segments such as component, application, and end use. On the basis of component, the sub-markets include hardware, and software. On the basis of application, the sub-markets include identification & access control, security & surveillance, payments, image database investigation, and others. On the basis of end use, the sub-markets include government, commercial centers and buildings, medical and research labs, banking, financial services sector, and defense and security.

 

Companies Profiled:

The report provides profiles of the companies in the market such as NEC Corporation, ZOLOZ Co. Ltd., David-Link, Suprema, Inc., Accu-Time Systems, Inc., Precise Biometrics AB, Bio-key International, Inc., Thales S.A, Fujitsu Frontech Limited, and Others.

 

Report Highlights:

The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of the biometrics technology market. Moreover, the study highlights current market trends and provides forecast from 2022-2028. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.


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