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Biometric System Market worth $84.5 billion by 2029 - Exclusive Report by MarketsandMarkets™


News provided by

MarketsandMarkets

07 Aug, 2024, 14:01 GMT

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CHICAGO, Aug. 7, 2024 /PRNewswire/ -- The global biometric system market is expected to be valued at USD 47.2 billion in 2024 and is projected to reach USD 84.5 billion by 2029; it is expected to grow at a CAGR of 12.3% from 2024 to 2029 according to a new report by MarketsandMarkets™. Increasing integration of biometrics in consumer electronics is fuelling the growth of the biometric system market.

Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=697

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Browse in-depth TOC on "Biometric System Market"

120 – Tables
70 – Figures
270 – Pages

Biometric System Market Report Scope:

Report Coverage

Details

Market Revenue in 2024

$ 47.2 billion

Estimated Value by 2029

$ 84.5 billion

Growth Rate

Poised to grow at a CAGR of 12.3%

Market Size Available for

2020–2029

Forecast Period

2024–2029

Forecast Units

Value (USD Million/Billion)

Report Coverage

Revenue Forecast, Competitive Landscape, Growth Factors, and Trends

Segments Covered

By Authentication Type, Offering, Type, Mobility, Deployment and Region

Geographies Covered

North America, Europe, Asia Pacific, and Rest of World

Key Market Challenge

Data security and inadequate technical expertise

Key Market Opportunities

Increasing adoption of Biometric-as-a-Service (BaaS)

Key Market Drivers

Growing adoption rate of biometrics in consumer electronics

Single-factor authentication segment to hold largest share in the biometric system market

Single-factor authentication holds the largest market share in biometric systems market because of its wide acceptance, simplicity, and cost-effectiveness. Extensive applications of fingerprint, iris, face, and voice recognition technologies in smartphones, access control, and financial services make them easy and reliable for identity verification. The ease of integration and user convenience proved to be the main reasons single-factor authentication was among the preferred choices by many organizations and consumers. Improvements to these technologies in recent years have significantly improved their accuracy and speed, making them more popular. Broader applicability, established reliability, and lower complexity are why single-factor authentication solutions dominate the market.

Based on offering Software segment to hold the largest share of the biometric system market

The software segment is expected to hold the largest share of the biometric system market during the forecast period since software is critically complemented to enhance the functionality and accuracy of biometric hardware. Developing software algorithms improves recognition capabilities and enhances sophisticated features such as multi-modal biometrics. Flexibility, scalability, and ease of updating are the significant reasons behind the growing adoption rates of the software solution, which facilitates seamless integration with any existing system. Moreover, the expanding demand for cloud-based biometric services and remote access solutions shifts power increasingly to software. With an increasing requirement to enhance security and user experience in the most effective and cost-efficient manner possible, the reliance on robust biometric software is expected only continue to grow, thus sealing its lead in the market.

Contact-based biometric systems account for largest share in the biometric system market

Contact-based biometric systems hold the largest share in the biometric systems market due to the wide implementation and effectiveness. This includes technologies such as fingerprint and palm recognition, which find applications in many other industries, including access control, time, and attendance, and mobile device authentication applications. Such systems are preferred regarding accuracy, reliability, and ease of integration into any infrastructure. The tactile nature of contact-based biometrics is where the data captured is accurate, hence reducing the chances of error. This factor has been primarily responsible for its dominant position in the marketplace. Though the contactless systems are fast making inroads, past performance and cost-effectiveness have secured them a place as the preferred choice across many industries.

Healthcare to grow with higher CAGR in the biometric system market over the forecast period

The healthcare sector would be the fastest-growing sector in the biometric system market, with an increase in demand for a secure and efficient patient identification and data management method. Biometric solutions improve healthcare safety by reducing patient records errors and ensuring proper identification that prevents fraud. Biometric systems provide higher security and compliance with regulatory standards in access control to sensitive data, electronic health records, and medication-dispensing units. More importantly, as soon as the pandemic subsides, the increasing adoption of telemedicine and remote patient monitoring has accelerated the demand for biometric authentication to protect patient information. These factors drive rapid growth in the use of biometric systems in the healthcare sector.

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Asia Pacific region to exhibit high CAGR in the biometric system market during the forecast period

The Asia Pacific region is expected to witness the highest CAGR in the biometric system industry based on rapid technological change and wide adoption of biometric solutions across diversified sectors. Huge biometric initiatives, including national ID programs, e-passports, and border control, are the prerogative of the governance of countries such as India and China. This is also fueled by the increasing use of biometric systems in different banking, finance, healthcare, and consumer electronics applications. Other than this, the increase in the booming smartphone market and the demand for authentication methods have increased at a safe rate, as has the adoption rate of biometric technologies in this region. Economic growth in this region and an increase in investment in security infrastructure, helps the biometric system market expand robustly in Asia Pacific.

Key Players

The biometric system companies includes significant Tier I and II players like Thales (France), IDEMIA (France), NEC Corporation (Japan), ASSA ABLOY (Sweden), Fujitsu (Japan) Precise Biometrics (Sweden), secunet Security Networks AG (Germany), Anviz Global Inc. (US), Aware inc. (US), Cognitec Systems GmbH (Germany) and others. These players have a strong market presence in biometric systems across various countries in North America, Europe, Asia Pacific, and the Rest of the World (RoW).

Get 10% Free Customization on this Report: https://www.marketsandmarkets.com/requestCustomizationNew.asp?id=697

Browse Adjacent Market: Semiconductor and Electronics Market Research Reports &Consulting

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Fingerprint Sensor Market Size, Share and Industry Growth Analysis by Technology (Capacitive, Optical, Thermal, Ultrasonic), Type (Area & Touch, Swipe), Sensor Technology, End-Use Application and Region- Global Forecast to 2029

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Access Control Market by Offering (Hardware-Card-based, Biometric, & Multi-technology Readers, Electronics Locks, Controllers; Software; Services), ACaaS (Hosted, Managed, Hybrid), Vertical and Region - Global Forecast to 2029

Mobile Biometrics Market by Component (Fingerprint Readers, Scanners, Cameras, Software), Authentication Mode (Single factor (Fingerprint, Voice, Face, Iris, Vein, & Retina Scan) and Multifactor), Industry, and Geography - Global Forecast to 2022

Automated Fingerprint Identification System Market by Component (Fingerprint Input Modules, Microprocessors/Microcontrollers, Displays, Matchers), Search Type (Tenprint Search, Latent Search), Application, and Geography - Global Forecast to 2020

About MarketsandMarkets™

MarketsandMarkets™ has been recognized as one of America's best management consulting firms by Forbes, as per their recent report.

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

Earlier this year, we made a formal transformation into one of America's best management consulting firms as per a survey conducted by Forbes.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.

Contact:
Mr. Rohan Salgarkar

MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: sales@marketsandmarkets.com
Visit Our Web Site: https://www.marketsandmarkets.com/
Research Insight: https://www.marketsandmarkets.com/ResearchInsight/next-generation-biometric-technologies-market.asp
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