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Biometrics Market (Component - Hardware, and Software; Application - Identification and Access Control, Security and Surveillance, Payments, Image Database Investigation, and Others; Technology - Face Recognition, Hand Geometry, Voice Recognition, Signature Recognition, and Others; End-use - Government, BFSI, Buildings, Medical and Research Labs, Defense and Security, and Others): Global Industry Analysis, Trends, Size, Share and Forecasts to 2030

Biometrics Market (Component - Hardware, and Software; Application - Identification and Access Control, Security and Surveillance, Payments, Image Database Investigation, and Others; Technology - Face Recognition, Hand Geometry, Voice Recognition, Signature Recognition, and Others; End-use - Government, BFSI, Buildings, Medical and Research Labs, Defense and Security, and Others): Global Industry Analysis, Trends, Size, Share and Forecasts to 2030

Report Code: IGR0718 Category: Electronics, ICT & Semiconductors Published: October, 2023

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.

Market Insight:

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.

The increasing adoption of digital technologies is poised to drive significant growth in the biometric market. As our world becomes increasingly digitized, there's a growing need for secure and convenient methods of user authentication. Biometric technologies, such as fingerprint recognition, facial recognition, and iris scanning, provide highly accurate and reliable means of identity verification.Moreover, the escalating demand for highly efficient security systems across diverse industries is a driving force for market growth. As businesses and institutions face evolving threats, such as cyberattacks and physical security risks, they require advanced security solutions. These include technologies like biometrics, surveillance systems, and access control, which offer enhanced protection and real-time monitoring. The need for safeguarding assets, data, and infrastructure is pushing the market to innovate, expand, and cater to the heightened security demands of an interconnected world, propelling overall industry growth. 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.

Biometrics Market Size, Share, Trends, Industry Reports | IGR

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.

Report Scope of the Biometrics Market:

Report Coverage Details
Market Size in 2022 Above USD 35 Billion
Market Size by 2030 Around USD 136 Billion
Growth Rate from 2023 to 2030 CAGR of More than 14%
Largest Market North America
No. of Pages 300
Market Drivers
  • The increasing adoption of digital technologies is poised to drive significant growth in the biometric market.

  • The escalating demand for highly efficient security systems across diverse industries is a driving the growth of biometric market.

Market Segmentation By Component, By Application, By Technology, and By End-use
Regional Scope North America, Europe, Asia Pacific, and RoW

Segment Covered

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 and access control, security and 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, defense and security, and others.

Companies Profiled:

The report provides profiles of the companies in the market such as HID Global Corporation, Thales, M2SYS Technology, NEC Corporation, Leidos, BIO-key International, Suprema Inc, TOUCHLESS BIOMETRIC SYSTEMS, Aware, Inc., and Cognitec Systems GmbH.

Report Highlights:

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.


Frequently Asked Questions (FAQ's)

The global biometrics market was valued at Above USD 35 Billion in 2022.
It is likely to grow at a CAGR of More than 14% during the forecast period 2023-2030.
The global biometrics market is estimated to reach Around USD 136 Billion by the end of 2030.
North America is anticipated to exhibit high demand for biometrics market during the forecast period.
HID Global Corporation, Thales, M2SYS Technology, NEC Corporation, Leidos, BIO-key International, Suprema Inc, TOUCHLESS BIOMETRIC SYSTEMS, Aware, Inc., and Cognitec Systems GmbH.
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