New York, USA, Oct. 03, 2022 (GLOBE NEWSWIRE) -- Research Dive has published a new report on the global biometrics market. As per the report, the market is anticipated to garner $104,959.6 million and rise with a CAGR of 15.0% in the 2021-2028 timeframe. This all-inclusive report delivers a comprehensive overview of the current and future situation of the biometrics market by stating its main characteristics including growth drivers, growth opportunities, limitations, and developments in the forecast period. The report also offers all the required and vital market statistics to help new players obtain an insight into the status of the global market.
COVID-19 Impact on the Biometrics Market Growth
The outbreak of the COVID-19 pandemic in 2020 has had an optimistic impact on the growth of the biometrics market. During the pandemic, the government of several regions executed strict lockdowns and social distancing norms. Hence, the demand for contactless biometric solutions, mainly healthcare biometrics increased greatly. Several organizations started avoiding the use of fingerprint, palm print, hand-key scanners to avert physical contact, and thus prevent the spread of the virus. As a result, the demand for biometrics using iris scans and facial recognition technology increased during the pandemic. All these factors fueled the market growth during the crisis period.
Factors Impacting the Biometrics Market Growth
The growing integration of biometric systems with IoT the devices and rising adoption of e-passports are augmenting the growth of the global biometrics market. Additionally, growing technological developments in Electroencephalogram (EEG) and electrocardiogram (ECG) are estimated to unlock lucrative opportunities for the market’s growth in the forecast period. However, the high cost of implementation and security concerns related to biometrics is expected to deter the market’s growth.
The report segments the global biometrics market into technology, authentication, component, end user, and region.
Fingerprint Recognition Sub-Segment to Grab a Foremost Share of the Market
Among the technology segment, the fingerprint recognition sub-segment is expected to hit $31,511.3 million in the estimated timeframe. This growth is mainly owing to the rising usage of fingerprint sensors for biometric authentication in consumer electronics, growing implementation of biometric authentication in government offices, increasing cases of identity threats, and surging developments in touchless fingerprint technologies.
Single-Factor Authentication Sub-Segment to Grow Remarkably
Among the authentication segment, the single-factor authentication sub-segment is foreseen to garner $71,618.0 million in the forecast period. This growth is mainly because of the growing demand for single-factor authentication technique as it enables a person to verify their identification using just one factor that matches and confirms their identity.
Mobiles Sub-Segment to Grow Speedily
Among the component segment, the mobiles sub-segment is expected to hit $32,681.1 million in the forecast period. This growth is mainly because of the increasing launch of biometrics-enabled phones by several smartphone companies in recent years.
Government & Defense Sub-Segment to Observe Maximum Growth
Among the end-user segment, the government & defense sub-segment is predicted to surpass $29,222.5 million in the forecast period. This growth is mainly because of the growing use of biometrics systems by government and defense sectors for various purposes such as military access control (military biometrics) and criminal or civil verification.
Asia-Pacific Region to Observe Supreme Growth
The report analyzes the global biometrics market across several regions such as North America, Europe, Asia Pacific, and LAMEA. Among these, the Asia-Pacific region market is projected to observe increased growth and exceed $29,787.5 million in the projected period. This growth is mainly owing to the growing use of biometrics systems, such as fingerprint mapping, facial recognition, and retina scan in the region.
Broader Insights Pertaining of Specific Region or Segments of Biometrics Market & Avail 10%OFF
Major Players of the Biometrics Market
The report lists some of the foremost players functioning in the global biometrics market including
- RCG Holdings, Ltd.
- Accu-Time Systems
- BIO-Key International Inc.
- Fingerprints cards AB
- IDTECK
- NEC Corporation
- Siemens AG
- Cognitec Systems GmbH
- Thales Group.
- Fujitsu Limited, and others.
The report also offers several industry-top tactics and approaches such as top strategic moves & developments, product/service range, business performance, Porter’s five forces analysis, and SWOT analysis of the foremost players, functioning in the global industry. – Inquire here to buy the Full Report
For instance, in August 2022, IDEX Biometrics, a leading provider of biometric solutions, and Reltime, a Decentralized Finance-focused startup that first started experimenting with biometric payment card technology, joined hands to launch a next-generation Web3 biometric payment card.
More about Biometrics Market:
- Global Biometrics Market to Surpass $104,959.6 Million by 2028, Owing to the Increasing Integration of Biometrics Systems with IoT Devices
- 4 Impressive Benefits of Biometrics in the Modern World
