Biometrics Market to Reach USD84.27 Billion By 2026
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 By Solutions
Type(Fingerprint Recognition, Facial Recognition, Iris Scanner, Hand/Palm
Recognition, Voice Recognition, Vein Scanner, Others), By Functionality Type (Contact
Based, Contact Less, Hybrid), By End Use Industry (Government and Defence,
BFSI, Consumer Electronics, IT and Telecom, Healthcare and Lifesciences, Retail
and E-commerce, Others), By Region, Competition, Forecast & Opportunities, 2016-2026”, the global biometrics market was valued at USD33.24
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.
“Global Biometrics Market
By Solutions Type(Fingerprint Recognition, Facial Recognition, Iris Scanner,
Hand/Palm Recognition, Voice Recognition, Vein Scanner, Others), By
Functionality Type (Contact Based, Contact Less, Hybrid), By End Use Industry
(Government and Defence, BFSI, Consumer Electronics, IT and Telecom, Healthcare
and Lifesciences, Retail and E-commerce, Others), By Region, Competition,
Forecast & Opportunities, 2016-2026” 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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