New York, US, March 22, 2023 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Biometric System Market Research Report: By Component, Authentication Type, Function and Application - Forecast Till 2030, the market is anticipated to acquire a valuation of approximately USD 92.56 billion by the end of 2030. The reports further predict the market to flourish at a robust CAGR of over 14.10% during the assessment timeframe.
Technology that uses biological data to identify a person is referred to as biometric systems. These systems are frequently used to conduct statistical analyses of the physical and behavioural traits of individuals inside an organisation. The biometric industry creates biometric authentication to demonstrate how each person's physical and behavioural characteristics are distinct from one another. These systems are used by the majority of businesses, which helps the worldwide biometric system market grow. One of the main factors driving the growth of the market for biometric systems is the straightforward and distinctive biometric operation.
According to the examination of biometric systems, the frequency of more terrorist acts and the rise in crime rates have caused a higher adoption of biometric systems. Terrorist assaults have increased over time, which calls for more effective and sophisticated technologies. The rate of terrorist attacks can be decreased with the aid of biometric systems, which in turn drives the expansion of the biometric system market share. The most widespread use of fingerprint recognition technology in e-passports, e-visas, travel and immigration, and driving licences is accelerating the expansion of the biometric system market.
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The biometric system market major players are:
- NEC Corporation (Japan)
- BIO-Key International, Inc. (U.S.)
- SA (France)
- Secunet Security Networks AG (Germany)
- Cross Match Technologies (U.S.)
- Fujitsu Ltd. (Japan)
- Cognitec Systems GmbH (Germany)
- Thales SA (France)
- Precise Biometrics AB (Sweden)
- Aware, Inc. (U.S.)
Report Scope:
| Report Metric | Details |
| Revenue forecast in 2030 | USD 92.56 Billion |
| Growth Rate | CAGR of 14.10% from 2022 to 2030 |
| Base Year | 2021 |
| Study Period | 2022-2030 |
| Key Market Opportunities | The implementation of these systems in electronics gadgets and in other sectors enables |
| Key Market Drivers | The growing prevalence of crime rates The usage of biometrics technology to reduce terror attacks |
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The signature These days, desktops, laptops, and cellphones all incorporate biometrics technology, which is boosting the market for biometric systems.
The market for biometric systems is expanding quickly on a global scale, and the industry for these systems is expanding due to the increasing use of biometric systems. The development of biometrics systems is being aided by its distinctive features and simple operations. The acceptance and deployment of these systems have advanced significantly in light of recent changes in the market trend for biometric systems. The market for biometric systems has grown dramatically as a result of the use of biometric technologies to lessen terrorist attacks. According to the market prediction for biometric systems, increasing crime rates necessitate more sophisticated and secure systems, which has led to the use of biometric system is increasing.
The market for biometric systems is expanding as crime rates rise.
The biometric system business offers a number of authentication techniques that can be applied to both electronic devices and the travel and immigration sectors. The analysis of the biometric system market indicates that the market for biometric systems is growing as a consequence of the broad range of applications for biometric systems.
For the past few years, the business has implemented biometric technologies at an exponentially expanding rate. Some businesses or organisations use biometric systems for internal investigations and regulatory objectives, which increases demand for biometric systems. The use of these technologies to lessen terrorist attacks and criminal activity increases the demand for biometric solutions.
The demand for these systems is growing, which encourages the biometric firms to manufacture more and more systems in order to raise their earnings. The biometric system market will expand in the next years thanks to the integration of these systems into electronic devices and other industries.
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The COVID19 epidemic has had a significant negative effect on the biometric system business and has constrained market expansion. Industrial operations were stopped during the epidemic, and working spaces were closed for an uncertain amount of time, resulting in significant financial losses. The rising adoption of sophisticated security systems by various industries, however, has helped to balance the expansion of the biometric system market. The expansion of the biometric system market has been supported by the increase in the use of technological gadgets.
Although the market for biometric systems is growing due to the variety of authentication techniques, there are some restrictions. The price of biometric systems is one of these restrictions. The price of these systems can seem excessive to some people, which could prevent the market for biometric systems from growing. The expansion of the biometric system market may also be constrained by a lack of technical knowledge.
Based on the type, component, application, and function of authentication, the global market for biometric systems is divided into many segments. Single-factor authentication and multiple-factor authentication are both included in the biometric system market segment based on authentication type.
Single print authentication uses biometric technologies such as keystroke recognition, gait recognition, iris recognition, vein recognition, palm print recognition, voice recognition, signature recognition, and DNA recognition. Biometrics mixed with pin technology, biometrics combined with smart card technology, three biometric factor authentication, and two biometric factor authentication are examples of multiple factor authentication.
Fingerprint recognition techniques are the most popular and have the largest market share of all the authentication techniques. It is used for security purposes in laptops, cellphones, computers, e-passports, e-visas, driving licences, and the travel and immigration industries. The travel and immigration sector offers good service, cheap operating costs, and simple authentication, which is strengthening the grip of fingerprint recognition technologies in the biometric system market share.
The hardware and software categories are included in the market category for biometric systems based on components. The hardware category comprises microphones, speakers, fingerprint readers, cameras including eye, face, iris, and retina cameras, scanners like palm vein scanners, and live scanners.
Healthcare, government, BFSI, consumer electronics, military and defence, commercial, residential, security, travel and immigration, and others are included in the market segmentation for biometric systems according to application. Of of all the applications, the travel and immigration sector commands the biggest global market share for biometric systems. Contact, non-contact, and other functions are included in the segmentation of the biometric system market size based on functions.
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The market for biometric systems is analysed across a number of regions, including North America, Europe, Asia-Pacific, and the rest of the globe. Due to the greater adoption of biometrics technology by security and governmental organisations, it is predicted that the North American area will hold the biggest market share for biometric systems. The number of fingerprint recognition applications has increased in the US, which has accelerated the expansion of the biometric system market there.
In the foreseeable period, the Asia-Pacific area will also advance with a high CAGR due to the increased deployment of security measures for safeguarding cultural heritage and e-passport verification.
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