April 28, 2021
According to the research report titled ‘Global Biometrics Market 2019-2027’, available with Market Study Report LLC, global biometrics market is anticipated to grow with a CAGR of 19.87% through 2027.
Growing privacy and safety concerns among the individuals is primarily catalyzing global biometrics market growth. Additionally, increasing number of identity threats and associated costs, in tandem with infusion of biometric technologies into tablets and smartphones are generating lucrative prospects for the business scenario.
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Notably, biometric technologies are increasingly being used to cater to the safety & security needs of individuals as well as organizations, owing to the rising number of threats, globally. Biometric authentication offers a reliable solution to enhance access control.
Additionally, biometrics has a significant role in e-passports and ecommerce. Hence, constant need for authentication and privacy protection is propelling the market growth.
However, challenges of assimilating biometrics into the existing software, excessive costs of technology, and technical limitations are inhibiting the industry expansion.
Based on types, global biometrics industry is divided into fixed, and mobile. On the basis on the end user spectrum, the marketplace is fragmented into government, BFSI, transportation, IT & telecommunication, healthcare, and retail among others.
According to technology terrain, the industry is classified into fingerprint recognition, facial recognition, iris recognition, hand geometry, voice recognition, DNA analysis, vein analysis, EEG/ECG, GAIT, and others.
Moving on to regional outlook, Asia-Pacific, North America, Latin America, Middle East & Africa, and Europe are significant contributors towards worldwide biometrics market remuneration.
The report cites that North America is poised to hold noteworthy market share by the year 2027, owing to prominence in online transactions with increased e-commerce sales, resulting in placement of innovative authentication technologies like biometrics. Additionally, extensive incorporation of cloud computing, and presence of the technology titans like Microsoft and Amazon who have their headquarters in this region, are propelling the demand for biometrics in North America.
Major companies in global biometrics industry space include Fingerprint Cards AB, BIO-key International Inc., Fujitsu Limited, Crossmatch Technologies (Acquired by HID Global), Aware Inc., Fulcrum Biometrics Inc., M2SYS Technology, Iris ID Systems Inc., Gemalto, ImageWare Systems Inc., Siemens AG, NEC Corporation, IDEMIA, Nuance Communications Inc., and Precise Biometrics AB.