IMARC Group’s latest research report, titled “Biometrics Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2023-2028,” The global biometrics market size reached US$ 33.2 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 87.4 Billion by 2028, exhibiting a growth rate (CAGR) of 17.36% during 2023-2028.
Biometrics refers to the process of authenticating and recognizing a user’s unique behavioral and physical traits by utilizing an electronic device. They involve the usage of automated techniques in which human involvement is lessened to the minimum. They involve the identification of distinctive features, such as iris and voice recognition, fingerprints, and facial pictures to recognize and confirm the identity. They are secure and convenient authentication systems that are widely utilized in workplaces to streamline numerous processes, including user authentication, employee identification, and logical and physical access control while safeguarding cloud communication. Additionally, they aid human resource (HR) personnel in reducing the cost and time associated with employee attendance systems and making management processes more systematic.
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Global Biometrics Market Trends:
The growing demand for highly efficient security systems is driving the global market. Moreover, the widespread utilization of facial recognition technology by various industries and the rising adoption of voice biometrics solutions by several leading call centers to enhance interactive voice response (IVR) are fuelling the market. Furthermore, the increasing integration of machine learning (ML) and artificial intelligence (AI) in biometric systems is significantly supporting the demand across the globe. Besides this, the introduction of multimodal biometrics that utilizes physiological characteristics and multiple behaviors for authentication that assist in enhancing security performance and recognition is impacting the market favorably. Moreover, major regulatory bodies are implementing secure authentication methods that have led to the increasing adoption of biometric technology, further creating a positive market outlook.
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Biometrics Market Future Demand and Growth Analysis:
The market is further driven by the wide adoption of biometrics in healthcare applications, such as patient identification, access control, and medication management, as they can help in improving patient safety and reduce healthcare fraud. In line with this, the extensive utilization of biometric technology in educational applications, including student attendance tracking, access control, and exam invigilation, is significantly supporting the demand. Since biometric authentication offers a convenient and seamless user experience, as users do not need to remember passwords or carry identification documents with them, this is leading to the increasing adoption of biometric technology in various applications. Other factors, including the rising popularity of biometrics in the retail and e-commerce industries and government and private sectors, and extensive research and development (R&D) activities, are positively influencing the market.
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Top Companies In Biometrics Market:
- Accu-Time Systems
- BIO-Key International, Inc.
- Cognitec Systems, GmbH
- Fujitsu Limited
- 3M Cogent, Inc.
- IDTECK
- NEC Corporation
- Siemens AG
- RCG Holdings, Ltd.
- Suprema, Inc.
- Lumidigm, Inc.
- IrisGuard, Inc.
- Daon, Inc.
- DigitalPersona, Inc.
- Morpho SA (Safran)
Key Market Segmentation:
Breakup by Technology:
- Face Recognition
- Hand Geometry
- Voice Recognition
- Signature recognition
- Iris recognition
- AFIS
- Non-AFIS
- Others
Breakup by Functionality:
- Contact
- Non-contact
- Combined
Breakup by Authentication:
- Single-Factor Authentication
- Multifactor Authentication
Breakup by Component:
- Hardware
- Software
Breakup by End-User:
- Government
- Defense Services
- Banking and Finance
- Consumer Electronics
- Healthcare
- Commercial Safety and Security
- Transport/Visa/Logistics
- Others
Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
TOC for the Biometrics Market Research Report:
- Preface
- Scope and Methodology
- Executive Summary
- Introduction
- Global Biometrics Market
- SWOT Analysis
- Value Chain Analysis
- Price Analysis
- Competitive Landscape
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