Reliable Data You Can Trust
Reliable Data You Can Trust
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.
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.
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.
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.
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.
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.
Please Choose One of them.