Biometrics technologies market in global is expected to grow from US$ 14.60 Bn in 2018 to US$ 55.42 Bn by the year 2027. This represents a CAGR of 16.2% from the year 2019 to 2027.
According to a new market research study titled ‘Biometrics Technologies Market to 2027 – Global Analysis and Forecasts by Retail Type (Pre-Boarding and Post-Boarding); Shopping Type (Accessories, Alcohol, Beauty Products, Merchandise, and Others); Carrier Type (Full Service Carrier and Low Cost Carrier) – Global Analysis and Forecast”, explains the report, explaining the main factors of this growth and highlighting the main market players and their evolution. The report includes key understanding on the driving factors of this growth and also highlights the prominent players in the market and their developments.
The analysis of the global Biometrics Technologies Market to 2027 is an in-depth study of the Biometrics Technologies industry, focusing on global market trends. The report aims to provide an overview of the global Biometrics Technologies market with detailed market segmentation by product / application and by region. The global Biometrics Technologies market is expected to experience strong growth over the forecast period.
The report presents the current market analysis scenario, future and future opportunities, revenue growth, prices and profitability. The proprietary data in this report is collected by Insight Partner’s dedicated research and analysis team of experienced professionals with advanced statistical expertise and various customization options in the existing study.
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- Aware Inc.
- BIO-key International, Inc.
- Fujitsu Limited
- Gemalto NV
- ImageWare Systems, Inc.
- NEC Corporation
- Precise Biometrics AB
- Suprema Inc.
- Secunet Security Networks AG
North America was the leading geographic market, and it is anticipated to be the highest revenue contributor throughout the forecast period. In 2018, Asia Pacific held the leadership position in the global biometrics technologies market with more than 30% share of the overall biometrics technologies market. Europe and North America held the second and third position in terms of biometrics technologies revenue.
With the increasing need for security among enterprises, the demand for enhanced identification technologies is growing at an exponential rate. In addition to this, continuous advancements and mass penetration of biometric technologies in consumer devices are two factors driving the growth of biometric technologies market. Biometrics Technologies are widely implemented in industries such as banking and finance, government, healthcare, military & defense, and consumer electronics for both single-factor and multi-factor authentication to provide enhanced security and accuracy. Large-scale government biometrics programs for national IDs & border control applications and employee access monitoring in public and private buildings are boosting the revenue growth of biometrics technologies worldwide.
The global biometrics technologies market by technology was led by fingerprint recognition segment. Face recognition segment held the second largest market in 2018 and is anticipated to increase its shares during the forecast period from 2019 – 2027.
Biometrics identification technologies are being used in airports to verify the identity of passengers and staff. Presently more than 800 million biometric passports are in circulation worldwide. In hospitals, various types of biometric technologies such as fingerprint, face recognition, palm recognition, and iris recognition are being used to identify patients, staff, custom access control, and other such applications. In the past decade, with increasing penetration of mobile biometrics in devices such as smartphones, tablets, etc., the demand for biometrics technologies is growing at an impressive rate owing to the enhanced security and convenience offered by these technologies.
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Biometric technologies are being widely accepted for identification and authentication purposes in various industries, and this trend is expected to continue further with increasing technological advancements in existing biometric technologies and development of new biometric methods. All these factors are expected to drive the global biometrics technologies market during the forecast period of 2019 to 2027.
The global biometrics technologies market by application was led by government segment. Banking and finance segment held the second largest market in 2018 and is anticipated to increase its shares during the forecast period from 2019 – 2027
The market players present in biometrics technologies market are mainly focusing on product enhancements by implementing advanced technologies. By signing partnership, contracts, joint ventures, funding, and inaugurating new offices across the world permit the company to maintain its brand name globally. Few of the recent developments are listed below:
- 2019: IDEMIA announced partnership with ONFIDO for digital identity verification and customer solution.
- 2019: NEC Corporation partnered with Centre for Development of Advanced Computing (C-DAC).
- 2019: Precises’ fingerprint software deployed in a series of mobile devices – first integration with Asian partner Egis Technology.
GLOBAL BIOMETRICS TECHNOLOGIES MARKET – MARKET SEGMENTATION
Global Biometrics Technologies Market by Technology
- Fingerprint Recognition
- Palm Recognition
- Face Recognition
- Iris Recognition
- Voice Recognition
Global Biometrics Technologies Market by Application
- Banking and Finance
- Military & Defense
- Consumer Electronics
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