Biometric System Market Worth $51.6 billion by 2029 - Market Size, Share, Forecasts, & Trends Analysis Report with COVID-19 Impact by Meticulous Research®
REDDING, Calif., Sept. 14, 2022 /PRNewswire/ -- According to a new market research report titled, "Biometric System Market by Offering, Biometrics Type (Fingerprint Recognition, Voice Recognition), Contact Type, Authentication Type, Platform, Application, End User (Government, Military & Law Enforcement, and Others) - Global Forecast to 2029," the market is expected to grow at a CAGR of 12.4% from 2022 to 2029 to reach $51.6 billion by 2029.
Download Free Sample Report Now @ https://www.meticulousresearch.com/download-sample-report/cp_id=5309
Biometrics refers to the measurement and statistical analysis of an individual's unique physical and behavioral characteristics. It is mainly used for identification and access control or for identifying individuals who are under surveillance. Besides, biometrics systems offer several benefits such as accurate identification, high performance, accountability, reliability, and high security & assurance.
The growth of this market is primarily attributed to the growing demand for mobile biometrics devices, rising government initiatives for biometrics technology, and the increasing use of biometric technology in consumer electronics for authentication and identification applications. In addition, the rising need for security measures in military and law enforcement and the growing adoption of cloud-based biometrics solutions provides significant growth opportunities for vendors operating in the biometric systems market. However, the high capital expenditure for deploying biometric systems and the misconceptions & lack of knowledge regarding biometrics systems pose a major challenge to the adoption of biometrics systems.
Growing security requirements in the BFSI sector to drive the biometric system market growth
The modern BFSI sector is highly dependent on IT infrastructure to deliver several services, such as mobile, online, and core banking. Security is among the primary concerns for finance applications performing financial transactions, such as online banking portals and insurance applications. Thus, security concerns have become a major challenge for the banking sector due to which banks and financial institutions are investing heavily in enabling digital services through multiple channels. Therefore, organizations operating in the banking sector are incorporating biometrics solutions on a considerable scale to protect applications and digital assets against manipulation and fraud. Some major banks leverage biometric technologies in various scenarios, such as cash withdrawals at the ATM, authenticating mobile banking apps using fingerprint signing, or a combination of face and voice verification.
Speak to our Analysts to Understand the Impact of COVID-19 on Your Business: https://www.meticulousresearch.com/speak-to-analyst/cp_id=5309
Some of the key developments in this space are as follows:
- In 2021, IDEMIA (France) partnered with Federal Bank Limited (India) to implement a secure biometric system that offers bank employees a smarter and more efficient working environment. In addition, it will enable Federal Bank to extend the capabilities of its multi-biometric system in a post-COVID work scenario.
- In 2022, Axis Bank Limited (India) partnered with MinkasuPay (India) to offer its customers the smoothest and most secure net banking payment experience through a biometric authentication solution.
Consequently, the demand for biometrics systems witnessed a growth in the banking sector to improve performance, scalability, security, and agility and deliver faster services, thus, promoting the market growth.
The global biometric system market is segmented based on offering (hardware and software), biometric type, (fingerprint recognition, face recognition, voice recognition, iris recognition, signature recognition, vein recognition, palm print recognition, and other biometrics types), authentication type (single-factor authentication and multi-factor authentication), contact type (contact-based and contactless, hybrid), platform (on-site, mobile devices, PC's, & wearable devices), application (digital identification, access control & authentication, security & surveillance, and other application), end user (IT & telecom, government, finance & insurance, retail, military & law enforcement, healthcare, recreation, education, transportation/warehousing, and other end users), and geography (North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa). The study also evaluates industry competitors and analyses the market at a country level.
Based on offering, the hardware segment is expected to account for the largest share of the biometric systems market in 2022. The large share of this segment is mainly attributed to the growing demand for mobile biometrics devices and the increasing focus on hardware-centric security capabilities. In addition, the benefits associated with biometrics hardware, such as accurate identification, high performance, accountability, reliability, and high security & assurance, further augment the growth of this segment. Several providers are investing in R&D to improve the hardware capabilities and make them more affordable for small and medium-scale enterprises.
Based on contact type, the biometric systems market is segmented into contact-based, contactless, and hybrid. In 2022, the contact-based segment is expected to account for a larger share of the biometric systems market. The large market share of this segment is due to the rising demand for high-tech access control solutions, increasing usage of smartphones, and the rising need for easy & swift biometric security in smartphones. However, the contactless segment is expected to grow at the highest CAGR during the forecast period.
Quick Buy – Biometric System Market - Global Opportunity Analysis And Industry Forecast (2022-2029), Research Report: https://www.meticulousresearch.com/Checkout/10902363
Based on platform, the biometric systems market is segmented into on-site, mobile devices, PCs, and wearable devices. In 2022, the on-site segment is expected to account for the largest share of the overall biometric systems market. However, the mobile devices segment is expected to grow at the highest CAGR during the forecast period. The rising trend of mobile transactions, growing adoption of biometrics features in smartphones, and rising use of mobile biometrics in e-commerce and online gaming are expected to support the growth of this segment.
Based on application, the biometric system market is segmented into digital identification, access control & authentication, security & surveillance, and other applications (law enforcement and border control). In 2022, the digital identification segment is expected to account for the largest share of the biometric systems market. The large share of this segment is mainly attributed to the rise in identity and authentication frauds, integration of biometrics in IoT devices, growing focus on enhancing end-to-end customer experience, and growing adoption of cloud-based digital identity solutions.
Geographically, the biometric system market is segmented into five major regions: North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. Asia-Pacific is expected to witness rapid growth during the forecast period. The region is transforming dynamically with respect to the adoption of new technologies across various sectors. The infrastructural growth in APAC, especially in China, South Korea, Australia, Singapore, Japan, and India, and the growing digital transformation creates huge opportunities for players offering biometrics systems. Besides, favorable government initiatives, rising e-commerce and virtual payment trends, and rising digital identity security concerns are expected to help the region grow rapidly over the coming years.
Some of the key players operating in the biometric system market are NEC Corporation (Japan), CardLogix Corporation (U.S.), Fujitsu Limited (Japan), Thales Group (France), Integrated Biometrics LLC (U.S.), Iris ID, Inc. (U.S.), Suprema, Inc. (South Korea), HID Global Corporation (U.S.), Precise Biometrics (Sweden), Aware, Inc. (U.S.), Daon, Inc. (U.S.), M2SYS Technology (U.S.), BIO-key International (U.S.), Cognitec Systems GmbH (Germany), BioRugged (South Africa), DERMALOG Identification Systems GmbH (Germany), IDEMIA (France), and ImageWare Systems, Inc. (U.S.).
To gain more insights into the market with a detailed table of content and figures, click here: https://www.meticulousresearch.com/product/biometric-system-market-5309
Scope of the Report
Biometric System Market, by Offering
- Hardware
- Scanners
- Cameras
- Software
Biometric System Market, by Biometric Type
- Fingerprint Recognition
- Face Recognition
- Voice Recognition
- Iris Recognition
- Signature Recognition
- Vein Recognition
- Palm Print Recognition
- Other Biometrics Types (Heartbeat Reader and Hand Geometry)
Biometric System Market, by Authentication Type
- Single-factor Authentication
- Multi-factor Authentication
Biometric System Market, by Contact Type
- Contact-based
- Contactless
- Hybrid
Biometric System Market, by Platform
- On-site
- PC
- Mobile Devices
- Wearable Devices
Biometric System Market, by Application
- Digital Identification
- Access Control & Authentication
- Security & Surveillance
- Other Applications (Border Control and Law & Enforcement)
Biometric System Market, by End User
- Information Technology & Telecom
- Government
- Retail
- Finance & Insurance
- Healthcare
- Military /Law Enforcement
- Recreation
- Education
- Transportation & Warehousing
- Other End Users (Hotel & Food Services and Constructions)
Biometric System Market, by region
- North America
- U.S.
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Singapore
- Vietnam
- Indonesia
- Rest of Asia-Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
Download Free Sample Report Now @ https://www.meticulousresearch.com/download-sample-report/cp_id=5309
Related Reports:
Automatic Identification and Data Capture Market by Technology (Barcode, RFID, Biometrics, and Smart cards), Product (Scanner, Mobile Computers, and Software), End-User (Logistics, Healthcare, BFSI, Manufacturing, and Retail)- Global Forecast to 2028
https://www.meticulousresearch.com/product/automatic-identification-and-data-capture-market-5056
Healthcare Automatic Identification and Data Capture (AIDC) Market by Product (Scanner, Biometric, Printer), Technology (RFID, Barcode, Biometrics, Smart Cards, OCR), Application (Patient, Asset, Inventory, Facility, Medication, Specimen Management), and Region – Global Forecast to 2028
RFID Market by Component (Hardware (Printers, Antenna, Readers, Labels, Card, Tags, Implant), Software), Frequency (Ultra-high Frequency), Type (Active, Passive), End-user (Transportation & Logistics, Retail), and Geography - Global Forecasts to 2029
https://www.meticulousresearch.com/product/rfid-market-5272
About Meticulous Research®
Meticulous Research® was founded in 2010 and incorporated as Meticulous Market Research Pvt. Ltd. in 2013 as a private limited company under the Companies Act, 1956. Since its incorporation, the company has become the leading provider of premium market intelligence in North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
The name of our company defines our services, strengths, and values. Since the inception, we have only thrived to research, analyze, and present the critical market data with great attention to details. With the meticulous primary and secondary research techniques, we have built strong capabilities in data collection, interpretation, and analysis of data including qualitative and quantitative research with the finest team of analysts. We design our meticulously analyzed intelligent and value-driven syndicate market research reports, custom studies, quick turnaround research, and consulting solutions to address business challenges of sustainable growth.
Contact:
Mr. Khushal Bombe
Meticulous Market Research Inc.
1267 Willis St, Ste 200 Redding,
California, 96001, U.S.
USA: +1-646-781-8004
Europe : +44-203-868-8738
APAC: +91 744-7780008
Email- sales@meticulousresearch.com
Visit Our Website: https://www.meticulousresearch.com/
Connect with us on LinkedIn- https://www.linkedin.com/company/meticulous-research
Content Source: https://www.meticulousresearch.com/pressrelease/534/biometric-systems-market-2029
Logo: https://mma.prnewswire.com/media/1757980/Meticulous_Research_Logo_1.jpg
Share this article