New York, USA, Dec. 20, 2021 (GLOBE NEWSWIRE) -- Research Dive states that the global biometrics market is estimated to garner a revenue of $104,959.6 million by 2028, and rise at a CAGR of 15.0% in the forecast period from 2021 to 2028. The all-inclusive report on biometrics market provides a brief summary of the current market scenario along with the key aspects of the industry, such as significant growth and restraining factors, challenges, and multiple growth opportunities. Besides, the report provides all the estimations of the market, making it easier and helpful for the novel participants to better understand the global market.
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Biometrics Market Dynamics
Analysts at Research Dive states that the increasing penetration of smartphones and the growing integration of biometric systems with IoT devices across the globe are the major factors anticipated to propel the growth of the global biometrics market. In addition, the wide usage of e-passports across the globe, the demand for biometric systems is predicted to rise across the globe, which is predicted to boost the global market growth by 2028. Moreover, continuous technological advancements in biometrics, such as electrocardiogram (ECG) and electroencephalogram (EEG) is projected to open up massive growth opportunities for the global biometrics market in the coming years. Conversely, the concerns about data security and high implementation costs may restrict the biometrics market growth in the forecast period.
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Impact of COVID-19 on the Biometrics Market
The outbreak of COVID-19 has favorably impacted the global biometrics market growth during the pandemic period. The positive growth of the market is majorly owing to the significant increase in the demand for touchless biometric solutions, particularly the healthcare biometrics. Because of the precision and alignment of biometrics with the social distancing standards of COVID-19, the advanced multimodal and multifactor biometric technologies are becoming increasingly relevant during the pandemic period.
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Fingerprint Recognition Sub-segment to Hold Maximum Market Share
Based on technology, the fingerprint recognition sub-segment is predicted to hold the dominating market share and surpass a revenue of $31,511.3 million during the analysis period. This sub-segment growth of the global biometrics market is mainly owing to the widespread usage of fingerprint sensors in consumer electronics for biometric authentication, rapid growth in adoption of biometric authentication in government offices & buildings, increasing number of identity threats, and the emergence of advanced fingerprint technologies.
Single-factor Sub-segment to Generate Highest Revenue
Based on technology, the single-factor sub-segment valued for $25,829.7 million in 2020 and is predicted to garner highest revenue during the analysis period. This is majorly owing to the increasing security threats as the hackers are coming up with new viruses and novel techniques to steal data. In addition, single-factor authentication enables a person to verify their identification by using only one factor that validates and matches their identity. Thi factor is expected to boost the sub-segment’s market growth by 2028.
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Mobiles Sub-segment to Observe Significant Growth
Based on component, the mobiles sub-segment is predicted to have the fastest growth and garner a revenue of $32,681.1 million by 2028. This is mainly due to the growing usage of mobile biometric technologies due to industry agreement on surging intelligence in mobile devices. Besides, most smartphone firms have introduced biometrics-enabled phones in the recent years, which is predicted to boost the sub-segment growth of the global biometrics market.
Government & Defense Sub-segment to Hold the Largest Market Share
Based on end-user, the government & defense sub-segment is projected to generate a revenue of $29,222.5 million by 2028 and account for the majority of market share during the analysis period. This is majorly because authorities have traditionally used biometrics for criminal or civil identification, military access control, all within a highly regulated technical and legal framework.
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Asia-Pacific Region to Witness Fastest Growth
By region, the Asia-Pacific biometrics market is expected to garner a revenue of $29,787.5 million by 2028 and predicted to have the fastest growth during the analysis period. This is majorly due to the strong expansion and increased usage of biometrics in access control systems to verify the physical and behavioral traits of the users. Besides, due to the dependability, accuracy, and security of biometrics systems, such as facial recognition, retina scan, and fingerprint mapping, they are widely used in the Asia-Pacific region, which is driving the regional market growth.
Prominent Biometrics Market Players
1. Accu-Time Systems
2. BIO-Key International Inc.
3. Cognitec Systems GmbH
4. Fingerprints cards AB
5. Fujitsu Limited
6. IDTECK
7. NEC Corporation
8. Siemens AG
9. RCG Holdings, Ltd.
10. Thales Group
For instance, in May 2020, NEC Corporation, a Japanese multinational information technology & electronics corporation, developed a multimodal, touchless biometric authentication terminal with the highest level of precision across the globe.
The report also offers several industry-top tactics and approaches such as top strategic moves & developments, product/service range, business performance, Porter five forces analysis, and SWOT analysis of the foremost players, functioning in the global industry. Click Here to Get Absolute Top Companies Development Strategies Summary Report
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