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A recent report published by Infinium Global Research on biometrics market provides in-depth analysis of segments and sub-segments in the global as well as regional biometrics market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional biometrics market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of global biometrics market. The global biometrics market was valued at above USD 35 billion in 2022 and is expected to reach around USD 136 billion in 2030, with a CAGR of more than 14% during the forecast period 2023-2030.
Biometric technology is a cutting-edge technology that uses sensors and algorithms to capture and analyze biometric data, which is then compared with pre-registered biometric data to authenticate or verify an individual's identity. This technology finds applications in several domains such as access control systems, law enforcement, border control, e-commerce, and healthcare. Compared to traditional methods such as passwords or PINs, biometric technology offers a more secure and reliable way to authenticate individuals. It is considered to be one of the most advanced security technologies available, which addresses concerns about safety, privacy, and security across the globe. Biometric technology can provide both convenience and peace of mind, and can play a significant role in enhancing national security. Due to its high level of security features, biometric technology is widely used for identity verification in various applications, including banking and financial services, e-commerce, and healthcare.
In recent years, the biometrics market has experienced significant growth, mainly fueled by the growing demand for security and authentication solutions across various industries. Biometrics technology employs physical or behavioral traits, such as facial recognition, fingerprints, iris recognition, voice recognition, and behavioral biometrics, to verify and identify individuals. The market's expansion is propelled by the rising adoption of biometric technology in numerous sectors, including healthcare, government, banking and finance, retail, transportation, and logistics. However, implementing biometric systems can be costly, particularly for small and medium-sized enterprises, which could impede market growth. In addition, a lack of technical knowledge and concerns regarding data security are expected to limit market growth. Nevertheless, the widespread usage of smartphones and mobile devices presents an opportunity for biometric technology to be incorporated into these devices for authentication and security purposes, creating profitable growth prospects for the market.
The global biometrics market is geographically segmented into North America, Europe, Asia Pacific, and Row. In North America, the biometrics industry has a significant market share due to the presence of key players, increasing investments in R&D, and growing demand for biometric technology in various sectors such as government, healthcare, and financial services. The European market is driven by increased government spending on security and surveillance systems and the presence of leading biometric technology vendors. Additionally, the region is experiencing rising demand for biometric solutions in industries such as banking and finance, retail, and transportation. The Asia Pacific region is expected to witness the highest growth rate in the biometrics market due to the increasing adoption of biometric technology in various industries and the rising need for advanced security systems to combat cybercrime and terrorism. Furthermore, several governments in the region are investing in biometric technology for border control, National ID programs, and E-passport initiatives. The biometrics market is experiencing growth across all regions.
The report on global biometrics market covers segments such as component, application, technology, 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 technology, the sub-markets include face recognition, hand geometry, voice recognition, signature recognition, and others. On the basis of end-use, the sub-markets include government, bfsi, buildings, medical and research labs, banking, and defense and security.
The report provides profiles of the companies in the market such as Fujitsu, M2SYS Technology, NEC Corporation, Leidos, BIO-key International, Suprema Inc., Precise Biometrics, HID Global Corporation, Aware, Inc., and Cognitec Systems GmbH.
The report provides deep insights into 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 market. Moreover, the study highlights current market trends and provides forecasts from 2023-2030. 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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