Biometrics Market to grow with CAGR more than 18.7 % through 2028F
Increasing penetration of
smart phones and extensive use in criminal identification are significant
factor driving the growth of the global biometrics market in the forecast
period of 2023-2028.
According to TechSci research report, “Global Biometrics Market – Industry Size, Share,
Trends, Competition, Opportunity And Forecast, 2018-2028F”. The global biometrics market is projected
to expand in the coming years. The
use of biometrics is increasing significantly in both the public and private
sectors as, biometrics have a wide variety of application which requires
reliable personal recognition schemes to either confirm or determine the
identity of an individual requesting their services. For instance, in March
2018, British Airways enabled new biometric boarding gates at Orlando
International Airport, to board almost 240 customers in around 10 minutes.
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"Biometrics Market"
The global biometrics market
is segmented into by solution
type, by functionality type, by application, by end-use industry and by region.
On the basis of type, fingerprint
recognition segment is expected to account the leading revenue share during the
forecast period owing to the growing demand for simpler, more secure, and
quicker methods of user identification verification. The method of identifying
someone using their distinctive fingerprints is known as fingerprint
recognition. Additionally, the growing need for fingerprints that are highly
accurate, convenient, and difficult to copy helps to lower the danger of
cyberattacks, which is likely to boost this segment's revenue growth.
Due to the growing demand for
time savings and reducing physical interaction, the non-contact based category
is anticipated to experience extremely quick growth during the projection
period. A few examples of non-contact based biometrics are speech recognition,
ear identification, gait identification, palm vein capture, integrated risk
information system (IRIS) identification scanner, and facial recognition. In
order to function independently without human interaction, non-contact based
biometrics systems are currently outfitted with cutting-edge internet of things
(IoT), artificial intelligence (AI), and global positioning system (GPS)
technology. Going forward, it is anticipated that a rise in private investment
for the implementation of failsafe technology would increase demand for
non-contact based biometrics systems. In
addition, increasing need to improve security, operational efficiency and speed
for employees to clock in and out at workplaces are the factors expected to
drive revenue growth of the segment.
Due to the significant
presence of top corporations like Fujitsu limited and NEC Electronics
Corporation among others, in the countries of the area, Asia-Pacific is
predicted to generate a disproportionately big amount of income during the
projection period. Additionally, technical improvements, raising public
awareness of the benefits of biometric security systems and lowering the cost
of devices using such technologies can be attributed for the market's rapid
revenue growth.
Revenue was significantly
boosted in 2021 by the facial recognition market. As facial recognition
algorithms get better at authorizing, facial recognition technology is being
used for more and more things. Social
media sites use face recognition technology to organize photos, airports to
speed up security screening, smartphones to log in, and law enforcement to
solve crimes. Amazon, MasterCard, and Alibaba are a few companies that have
introduced facial recognition payment systems popularly known as "selfie
pay," which are some of the most prominent facial recognition examples.
Face-to-face comparison between a natural person's faceprint and a portrait's
faceprint is made by the Google Arts & Culture app to detect museum
impersonators.
North America‘s largest market share is
expected to grow fastest during the forecast period due to significant product
developments and innovations.
Some of the partnerships and innovations
are:
- In 2018, Lufthansa Group introduced
facial recognition-based one-step biometric boarding at Los Angeles
International Airport. The airline claims that, Lufthansa boarded an A380 with
about 350 passengers in just under 20 minutes, during the initial trial.
- In March 2018, Concourse E, the federal
inspection facility for international arrivals, was launched at Miami
International Airport (MIA) following U.S. CBP. The facility uses facial
recognition technology to speed up and secure the passport inspection process.
- Delta Air Lines partnered with U.S.
Customs and Border Protection, Transportation Security Administration, and
Hartsfield-Jackson Atlanta International Airport to launch the first
curb-to-gate biometric terminal in the U.S. at Atlanta’s Terminal F.
Major
market players operating in the global biometrics market are:
- NEC
Electronics 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 Group
ASA
- SecuGen Corporation
- Aware Inc.
- Precise Biometrics
- Fingerprint Cards AB
- M2SYS Technology
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“Global biometrics market is expected to
grow at a robust pace on account of technological advancements. Factors like
the growing expenditure capacity of consumers and rapid urbanization,
globalization, and digitalization are making the users aware of the
advancements in technology to live a quality life., This anticipates to propel
the demand for biometrics across the country over the next five years.”, said Mr.
Karan Chechi, research director with TechSci research, a research-based global
management consulting firm.
“Biometrics Market – Global Industry Size, Share, Trends, Opportunity, and Forecast,
2018-2028 Segmented
By Solution Type (Fingerprint Recognition, Facial Recognition, Iris Scanner,
Hand/Palm Recognition, Voice Recognition, Vein Scanners, Others), By
Functionality Type (Contact Based, Contact Less, Hybrid), By Application
(Spying, Demining, Patrolling & Surveillance, Firefighting, Others), By End
Use Industry (Government and Defense, BFSI, Consumer Electronics, IT and
Telecom, Healthcare and Lifesciences, Retail and E-commerce, Others) By Region,
By Competition”, has evaluated the future growth
potential of global biometrics market and provides statistics & 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 global
biometrics market.
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