The global biometrics market is set to witness a noteworthy growth by 2028, owing to surging smartphone penetration. The mobiles sub-segment is expected to be most lucrative. The Asia-Pacific region is expected to have the fastest growing market
NEW YORK, Oct. 27, 2021 /PRNewswire/ -- Research Dive has added a new report to its offering titled, "Biometrics Market by Technology (Face Recognition, Fingerprint Recognition, Iris Recognition, Voice Recognition, and Others (Palmprint and Signature)), Authentication (Single-factor Authentication and Multifactor Authentication), Component (Mobile, PC, Payments, and Access), End-user (Government & Defense, Healthcare, BFSI, Consumer Electronics, and Others (Retail & E-Commerce and Transport/Visa/Logistics)), and Regional Analysis (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2021–2028."
According to the report, the Global Biometrics Market is expected to garner a revenue of $104,959.6 million by 2028, growing exponentially at a CAGR of 15.0% during the forecast period 2021-2028.
The outbreak of COVID-19 has had a significant impact on the growth of the global biometric market, owing to the rising demand for touchless biometric solutions in order to curb the spread of virus during the pandemic. Governments of various countries have imposed regulations to refrain organizations from using fingerprint, palm print, and hand-key scanners to avoid physical contact and virus spread. Thus, the demand for user-friendly iris scans and facial recognition technology surged during the pandemic. Thus, the pandemic has had a positive impact on the growth of the market.
Increasing smartphone penetration and rising prevalence of biometric verifications systems in smartphones are expected to drive the growth of the market during the forecast period. In addition, increasing integration of biometric systems with IoT devices is further expected to bolster the growth of the market during the forecast period. Furthermore, persistent technological advancements like the introduction of electroencephalogram (EEG) and electrocardiogram (ECG) that trace the unique nature of a person's heart and brain patterns are expected to create immense opportunities for the growth of the market during the forecast period. However, increasing concerns over data security are expected to hinder the growth of the biometrics market during the forecast period.
The report has divided the biometrics market into various segments based on technology, authentication, component, end-user, and region.
By technology, the fingerprint recognition sub-segment is expected to be most profitable and generate a revenue of $31,511.3 million during the forecast period. Extensive use of biometric authentication in consumer electronics, increased adoption of biometrics in government buildings, and surging cases of identity threats are expected to bolster the growth of the sub-segment during the forecast period.
By authentication, the single factor authentication sub-segment is expected to be most beneficial, and generate a revenue of $71,618.0 million during the forecast period. Single-factor authentication permits a person to validate their identification using only one factor that matches and further verifies their identity. This increases security especially, in case of online transactions. This factor is expected to augment the growth of the biometrics market sub-segment during the forecast period.
By component, the mobiles sub-segment is expected to have the fastest growth rate, and generate a revenue of $32,681.1 million during the forecast period. Increasing smart phone penetration and prevalence of biometrics-enabled phones are expected to invigorate the growth of the biometrics market sub-segment during the forecast period.
By end-user, the government & defense sub-segment is expected to be most lucrative and generate a revenue of $29,222.5 million during the forecast period. Increased application of biometrics among authorities for criminal and civil identification, military access control, and others are expected to drive the growth of the biometrics market sub-segment during the forecast period.
By region, the Asia-Pacific region is expected to have the fastest growth rate and generate a revenue of $29,787.5 million during the forecast period. Availability of numerous commercial buildings and extensive usage of biometric systems like facial recognition, fingerprint mapping, and retina scan in this region, owing to the enhanced security and accuracy provided by them are expected to bolster the growth of the regional biometrics market during the forecast period.
These players are working on developing strategies such as product development, merger & acquisition, and partnerships & collaborations to sustain the market growth.
For instance, in June 2021, Pangiam, a technology-based security and travel services provider, acquired Trueface, a U.S.-based leader in computer vision regarding age verification, facial recognition, and weapon detection technologies, in order to stimulate Pangiam's mission to offer a safer, faster, and more customized travel experience for all.
The report also summarizes many important aspects including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments
Research Dive is a market research firm based in Pune, India. Maintaining the integrity and authenticity of the services, the firm provides the services that are solely based on its exclusive data model, compelled by the 360-degree research methodology, which guarantees comprehensive and accurate analysis. With an unprecedented access to several paid data resources, team of expert researchers, and strict work ethic, the firm offers insights that are extremely precise and reliable. Scrutinizing relevant news releases, government publications, decades of trade data, and technical & white papers, Research dive deliver the required services to its clients well within the required timeframe. Its expertise is focused on examining niche markets, targeting its major driving factors, and spotting threatening hindrances. Complementarily, it also has a seamless collaboration with the major industry aficionado that further offers its research an edge.