Increasing public acceptance and rising of Internet of Things (IoT) and security concerns for user identification processes to drive the growth of global biometrics market through 2026.
According to TechSci Research report, Global biometrics market was valued at USD 33.24 billion in 2020 and is expected to grow at a CAGR of 16.73% during the forecast period owing to the increasing public acceptance and rising of the Internet of Things (IoT) and security concerns for user identification processes across the globe. Technological advancement across the healthcare sector, improved user authentication measures across the financial sector are further propelling the market. However, concerns related to the accuracy of physical characteristics and regulations related to the deployment of the biometric systems are expected to hamper the market growth during the forecast period.
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The global biometrics market can be segmented based on solutions type, functionality type, end use industry, and region. Based on solutions type, the market can be segmented into fingerprint recognition, facial recognition, iris recognition, voice recognition, vein scanner and others, including DNA recognition, signature recognition, etc. The fingerprint recognition segment held 23.21% share in 2020 and is expected to grow at a CAGR of 16.39% in the future. In terms of functionality type, the market can be bifurcated into contact based, contact less and hybrid. In 2020, the contact less segment is estimated to grow at a rapid pace with a CAGR of 17.71% in the forecasted period primarily because of the rapid adoption of the contact less biometric systems. Based on end user industry, the market can be segmented into government and defense, BFSI, consumer electronics, IT and telecom, healthcare and life sciences, retail and e-commerce and others, including automotive, manufacturing, energy and power, etc. The government and defense segment captures the majority of the market with a market share of 23.99% in 2020 and is expected to dominate the market in the forecast period as well with a share of 24.39% in 2026 due to increasing national security concerns in the countries across the globe.
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NEC corporation, Thales Group, BIO-Key International, Inc., ASSA ABLOY AB, IDEMIA France SAS, DERMALOG Identification Systems GmbH, Cognitec Systems, GmbH, Fujitsu Limited, IDEX Biometrics ASA, NEXT Biometrics, ASA, SecuGen Corporation., Aware Inc., Precise Biometrics, Fingerprint Cards AB, M2SYS Technology are among the leading players operating in the global biometrics market. Companies operating in the market are using strategies such as product advancement through the addition of new features, mergers, and collaborations to boost their share.
“Biometric technology is increasingly being used by national governments and partner agencies to identify individuals and manage data in service delivery across a range of sectors across the globe. Approximately 80% of all smartphones sold today have some form of biometric sensor which is used to unlock devices, make payments and gain access to apps. Asia-Pacific has the highest share with 28.39% in 2020 due to widespread adoption of biometric identification systems across various industries. Countries like India, China, and South Korea plan to enhance child security measures by collecting biometric samples, majorly the fingerprint and iris samples of the children. National security concerns also play an important role in boosting the growth of the industry. The region is expected to dominate the market in the forecasted period as well. North America is estimated to be the fastest growing region with a CAGR of 17.76% in the upcoming future.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
We cover following topics in this Report
· Biometrics Market Size
· Biometrics Market Share
· Fingerprint Recognition Market
· Facial Recognition Market
· Iris Scanner Market
· Voice Recognition Market
Global Biometrics Market has evaluated the future growth potential of the global biometrics market and provides statistics and information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the global biometrics market.
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