Biometrics Market size to grow by USD 27.43 billion from 2022 to 2027 | Increasing demand and enhanced security to drive the market growth – Technavio

NEW YORK, Dec. 1, 2023 /PRNewswire/ — The Biometrics Market size is estimated to increase by USD 27.43 billion, accelerating at a CAGR of almost 12.85% between 2022 to 2027. The global biometrics market is driven by increased demand and an enhanced emphasis on security. Biometric technology, offering more secure authentication compared to traditional methods like passwords or ID cards, addresses the rising need for enhanced security. This demand for increased security spans across multiple sectors including financial, government, transportation, healthcare, and defense. Safeguarding confidential data and information is particularly significant in industries such as BFSI, retail, and defense. Discover some insights on market size historic period (2017 to 2021) and Forecast (2023 to 2027) before buying the full report –Request a sample report

Global Biometrics Market – Company Analysis
Company Landscape – The global biometrics market is fragmented, with the presence of several global as well as regional Companies. A few prominent Companies that offer biometrics in the market are Advent International Corp., ASSA ABLOY AB, Aware Inc., Daon Inc., Furukawa Electric Co. Ltd., M2SYS, NEC Corp., Qualcomm Inc., Suprema Inc., Thales Group, BIO key International Inc., Cognitec Systems GmbH, Facebanx, Fujitsu Ltd., Iris ID Systems Inc., Precise Biometrics AB, Securiport LLC, Veridium IP Ltd., secunet Security Networks AG, and NEXT Biometrics Group ASA

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Special coverage on the Russia–Ukraine war; global inflation; recovery analysis from COVID-19; supply chain disruptions, global trade tensions; and risk of recessionGlobal competitiveness and key competitor positionsMarket presence across multiple geographical footprints – Strong/Active/Niche/Trivial – Buy the report

Company Offerings –

Advent International Corp.: The company offers biometrics such as augmented Vision, capture SDKs and biometric identification systems.ASSA ABLOY AB: The company offers biometrics such as ts370 fingerprint lock which is used for both office and home use.Securiport LLC: The company offers biometrics such as PalmSecure Sensor, PalmSecure SDK, Fujitsu PCs.For details on the Company and its offerings – Request a sample report

Global Biometrics Market – Segmentation Assessment

Segment Overview
Technavio has segmented the market based on End-user (Government, Healthcare, BFSI, and Others), Component (Hardware and Software), and Geography (North America, APAC, Europe, Middle East and Africa, and South America). 

There will be a notable increase in market share within the government segment during the forecast period, representing the largest user of biometric technology. Governments worldwide extensively utilize biometric technology for diverse purposes. The global commitment of governments to improving security measures has led to increased funding for technology, driving higher demand for biometrics across local, state, and national government levels.

Geography Overview
By geography, the global biometrics market is segmented into North America, APAC, Europe, Middle East and Africa, and South America. The report provides actionable insights and estimates the contribution of all regions to the growth of the global biometrics market.

North America is projected to contribute around 34% to the global market growth during the forecast period. In this region, the adoption of biometric technology like facial recognition, fingerprint scanning, and iris recognition has gained momentum due to its effectiveness in enhancing security and mitigating fraud across diverse industries. The increasing focus on security threats and the necessity for robust authentication systems are key factors driving this trend.

For insights on global, regional, and country-level parameters with growth opportunities from 2017 to 2027 – Download a Sample Report

Global Biometrics Market – Market Dynamics

Key Trends

The rise in facial recognition technology adoption drives the growth of the global biometrics market, meeting the escalating demands for security and surveillance measures across various sectors.Law enforcement agencies, governments, and private organizations extensively use facial recognition for purposes including criminal identification, fraud detection, and public space monitoring, contributing to its increasing popularity in applications such as law enforcement, security, and authentication, owing to its accuracy and convenience.

Major challenges

Regulatory compliance sets a significant challenge to the market growth of biometric technology, as biometric data falls under stringent laws like GDPR and other privacy regulations, presenting varying compliance difficulties for businesses and organizations.Leading Companies such as 3M Cogent, BIO-key International, Fujitsu, HID Global, among others, must adhere to multiple stringent regulations and standards throughout the manufacturing, supply, and marketing of biometric solutions, necessitating compliance with industry and government security standards to uphold solution integrity and consumer privacy protection.

Driver, Trend & Challenges are the factor of market dynamics that states about consequences & sustainability of the businesses, find some insights from a free sample report

What are the key data covered in this Biometrics Market report?

CAGR of the market during the forecast periodDetailed information on factors that will drive the growth of the Biometrics Market between 2023 and 2027Precise estimation of the size of the Biometrics Market size and its contribution to the market in focus on the parent marketAccurate predictions about upcoming trends and changes in consumer behaviorGrowth of the Biometrics Market industry across North America, APAC, Europe, Middle East and Africa, and South AmericaA thorough analysis of the market’s competitive landscape and detailed information about CompaniesComprehensive analysis of factors that will challenge the growth of Biometrics Market Companies

Related Reports:

Biometrics-as-a-Service Market: The biometrics-as-a-service (BaaS) market is estimated to grow at a CAGR of 15.93% between 2022 and 2027. The size of the market is forecast to increase by USD 2,353.46 million.

Gait Biometrics Market: The gait biometrics market size is estimated to grow at a CAGR of 10.16% between 2022 and 2027. The market size is forecast to increase by USD 50.91 million.

TOC

Executive SummaryMarket LandscapeMarket SizingHistoric Market SizeFive Forces AnalysisMarket Segmentation by End-UserMarket Segmentation by ComponentCustomer LandscapeGeographic LandscapeDrivers, Challenges, and TrendsCompany LandscapeCompany AnalysisAppendix

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