Dublin, Feb. 16, 2023 (GLOBE NEWSWIRE) -- The "Global Biometrics Market By authentication type, By type, By offering type, By mobility, By vertical & By region-Forecast Analysis 2022-2028" report has been added to ResearchAndMarkets.com's offering.
The global biometrics Market size was valued at USD 39.34 billion in 2021, and it is expected to reach a value of USD 95.52 billion by 2028, at a CAGR of more than 13.51% during the forecast period (2022- 2028).
Companies Mentioned:
- Gemalto NV (Thales Group) (Netherlands)
- Leidos Holdings Inc. (US)
- NEC Corporation (Japan)
- M2SYS Technology (US)
- BioEnable Technologies Pvt. Ltd (India)
- Phonexia SRO (Czech Republic)
- ImageWare Systems Inc. (US)
- S.I.C. Biometrics Global Inc. (US)
- Fujitsu Limited (Japan)
- Aware Inc. (US)
- Nuance Communications Inc. (US)
- IDEMIA France SAS (France)
- Cognitec Systems GmbH (Germany)
- BioID AG (Switzerland)
- Assa Abloy AB (Sweden)
- Hitachi Corporation (Japan)
The need for biometric authentication solutions is expanding quickly as businesses concentrate on secure authentication techniques for user access, e-commerce, and other safety applications. The market for biometric authentication solutions is anticipated to increase as a result of our growing reliance on digital technology and automation. Additionally, the constant need for improved security and identity systems has prompted a rise in the use of biometric authentication techniques.
Segments covered in this report
The global biometrics market is segmented based on the authentication type, type, offering type, mobility, vertical and region. Based on the authentication type, it is segmented into single-factor authentication, and multi-factor authentication. Based on type, it is segmented into contact-based, and contactless, and hybrid.
Based on offering type, it is segmented into hardware, and software. Based on mobility type, it is segmented into fixed, and portable. Based on vertical, it is segmented into government, consumer electronics, military & defense, healthcare, banking & finance, travel & immigration, automotive, security, and others. Based on region it is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Driver
The need for biometric is anticipated to increase quickly as organizations work to implement the ideal combination of technologies and regulations for security and dependability. For preventing security lapses and transaction fraud, biometric solutions work as a package of highly secure identification and personal verification tools.
The market for biometrics is expanding due to the extensive use of biometric technologies and solutions for information and physical access security. In addition, numerous firms are implementing biometric as security measures in response to the exponential rise in the number of consumers migrating to mobile banking.
Restraint
A limiting factor for the market for the biometrics market is the absence of infrastructure development for the implementation and adoption of biometric systems in various countries. Additionally, one of the main reasons why many small and medium-sized businesses do not embrace biometric authentication solutions is their high deployment costs. This is one of the biggest obstacles to the market growth for biometrics market.
Market Trends
The market for biometrics may have development prospects due to the growing use of these solutions on smartphones. Additionally, the market for biometrics is being driven by the growing popularity of automated identity authentication solutions and the trend toward device-embedded biometrics.
Report Metrics:
| Report Attribute | Details |
| No. of Pages | 127 |
| Forecast Period | 2021 - 2028 |
| Estimated Market Value (USD) in 2021 | $39.34 Billion |
| Forecasted Market Value (USD) by 2028 | $95.52 Billion |
| Compound Annual Growth Rate | 13.5% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/qg59i3-biometrics?w=12
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