Biometric System Market: Trends, Insights, and Forecast (2022-2027)
Chicago, June 21, 2024 (GLOBE NEWSWIRE) — The Global Biometric System Market Size is expected to grow from USD 42.9 billion in 2022 to USD 82.9 billion by 2027, at a CAGR of 14.1%.
Increasing the advancements in biometric technology across various sectors and rising demand for authentication and identification solutions as well as security and surveillance solutions in various application areas are the primary factors driving the market growth. Moreover, growing adoption of biometric system industry in consumer electronics, BFSI as well as automotive verticals will drive the demand for this technology in the near future.
To know about the assumptions considered for the study.
Major Biometric System Companies Include:
- Thales Group(Paris),
- Idemia (France),
- ASSA ABLOY (Sweden),
- NEC Corporation(Japan), and
- Fujitsu(Japan).
Biometric System Industry Segmentation Analysis:
Government vertical is expected to have the largest market share during the forecast period
The government vertical held the largest share of the biometric system market in 2021, and the trend is expected to continue during the forecast period. Biometrics helps in dismissing corruption through various government-deployed projects for large-scale identification, such as biometric civil IDs. Through biometric identification, government subsidies, rebates, and incentives that include rations and others can be easily offered to the entitled citizens while avoiding any possible loopholes in the system.
Government agencies also utilize biometric solutions for verifying individuality across international boundaries. In certain countries, visa aspirants are mandated to give biometric samples that are searched in criminal records and immigration databases for refraining the offenders to enter their geographies.
Asia Pacific is the leading biometric system market in terms of CAGR, globally during the forecast period
The market in APAC will grow at the highest CAGR during the forecast period. The biometric system market in APAC is segmented into China, Japan, India, Australia, South Korea, and the Rest of APAC. The presence of prominent biometric system manufacturers including Fujitsu and NEC Corporation is expected to contribute to the revenue share of this region owing to the rapid economic growth in major countries such as China, Japan, India, and South Korea. The growth of the market in APAC is also attributed to technological advancements, increased awareness among the masses regarding the use of biometric systems for security purposes, and lowered the cost of devices based on these technologies.
Market Study and Insights:
What are the Major Strategies Adopted by the Key Players of Biometric System Market?
Major Strategies Adopted by Key Players
Product Development: Key players are investing heavily in research and development to improve the accuracy and efficiency of biometric systems. This includes advancements in sensing technologies, machine learning, and artificial intelligence.
Strategic Alliances and Acquisitions: Companies are forming partnerships and acquiring other biometric solution providers to expand their product portfolios and increase their market presence.
Multi-Factor Authentication: The growing demand for multi-factor authentication is driving the adoption of biometric systems, particularly in the government and defense sectors.
Contactless Biometrics: The rise of contactless biometrics, such as face recognition and iris scanning, is expected to drive growth in the market.
What is the Future of Biometric System?
The future of biometric systems is expected to be shaped by advancements in technologies such as artificial intelligence, machine learning, and the Internet of Things (IoT). Biometric systems are expected to become more accurate, efficient, and user-friendly, with increased adoption in various industries such as healthcare, finance, and government.
What is the Next Generation of Biometric System Market?
The next generation of biometric system market is expected to focus on advanced biometric technologies such as:
Multi-Biometric Systems: These systems combine multiple biometric modalities, such as face, fingerprint, and iris recognition, to provide enhanced security and accuracy
Behavioral Biometrics: This technology uses behavioral patterns, such as gait, voice, and keystroke recognition, to authenticate individuals
Hybrid Biometrics: These systems combine traditional biometric modalities with advanced technologies such as artificial intelligence and machine learning to provide enhanced security and accuracy.
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