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Biometrics Market Projected to Gain an Uptick During 2020-2028

 

The global biometrics market size is estimated to be valued at $104,959.6 million by 2028, surging from $37,123.1 million in 2020, at a CAGR of 15.0%.

COVID-19 Impact on the Biometrics Market

During the COVID-19 pandemic, the industry's expansion was delayed by the temporary closure of manufacturing units and R&D facilities, which hampered worldwide supply networks. The short downturn in the aerospace, automobile, retail, and consumer electronics industries hampered biometrics demand in these industries. The restart of industrial activities will help to streamline supply chains and enhance the development of new identifying technologies. Companies are also working on developing contactless identification solutions to safeguard public safety (especially healthcare biometrics) and to pave the way for a big transition toward contactless biometrics solutions like iris, facial, and voice recognition.

Global Biometrics Market Analysis

Biometrics as a service have become almost common in smartphones and tablets. A significant increase in smartphone usage, as well as a larger need for easy and rapid biometric security in smartphone and tablet devices, have been major impulsive elements in the market's expansion. Smartphone makers have been heavily investing in the research and development of various biometric approaches, as well as their implementation in smartphones and tablets. Biometrics provide unique information that can be used to identify individuals, verify data, and validate personal biometry. Privacy or data discretion, users' data integrity, personal authentication, authorization or access control by the administrator, and non-repudiation are among the main benefits of biometric technology that are driving its widespread use.

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The high development cost of various biometric sensors is a major industry barrier. Consumers are finding it difficult to afford sensors because of the costs associated with the complete manufacturing process. The cost of producing raw materials for biometric sensors has also risen significantly, limiting consumers' access to these functionalities. Furthermore, due to the high expense of R&D operations, manufacturers have very little room to keep prices down.

In the coming years, developing trends in IoT-based biometric technology and the surge in use of fingerprint sensors in smartphones are projected to provide attractive potential for market expansion. Furthermore, as e-passports become more widely used, demand for biometric systems is likely to rise, boosting market growth in the future years.

Global Biometrics Market, Segmentation

The global biometrics market is segmented based on technology, authentication type, component, end-users, and region.

Technology:

The technology sub-segment is further classified into face recognition, fingerprint recognition, iris recognition, voice recognition, and others of which the fingerprint recognition type sub-segment is projected to generate the maximum revenue during the forecast period. The fingerprint recognition sub-segment is predicted to register a revenue of $31,511.3 million during the forecast period.

Authentication type:

The authentication type segment is further bifurcated into single-factor authentication and multifactor authentication sub-segments of which the single-factor authentication sub-segment is projected to generate highest revenue during the forecast period. It is predicted that the single-factor authentication sub-segment shall generate a revenue of $71,618.0 million by 2028, growing from $25,829.7 million in 2020, with a CAGR of 14.8%.

Component:

The component segment is further divided into mobile, PC, payments, and access. Among these, mobile sub-segment is expected to be the fastest growing. It is predicted that the market shall generate a revenue of $32,681.1 million by 2028, growing from $10,863.5 million in 2020, with a CAGR of 16.0%.

End-user:

The end-user segment is further divided into government & defense, healthcare, BFSI, consumer electronics, and others of which the government & defense type sub-segment is projected to generate the maximum revenue during the forecast period. The government & defense sub-segment is predicted to register a revenue of $29,222.5 million during the forecast period.

Region:

The Biometrics market demand in Asia-Pacific is anticipated to be the fastest growing market during the forecast time period and reach $29,787.5 million by 2028, with a CAGR of 15.8%.

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Top 10 Major Key Players in the Global Biometrics Market are -

  1. Accu-Time Systems
  2. BIO-Key International Inc.
  3. Cognitec Systems GmbH
  4. Fingerprints cards AB
  5. Fujitsu Limited
  6. IDTECK
  7. NEC Corporation
  8. Siemens AG
  9. RCG Holdings, Ltd.
  10. Thales Group

Along with the key players of the biometrics companies in the market, the report includes the Porter’s five forces model that gives deep insights into the competitive environment of the market.

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