BANGALORE, India, Jan. 15, 2021 /PRNewswire/ -- The Biometric Technology Market is Segmented by Type (Based on physical characteristics, Based on behavioral characteristics), by Application (Public sector, Banking & financial sector, Healthcare, IT & telecommunication), by Regions & Key players Regional Growth: Global Opportunity Analysis and Industry Forecast, 2021–2026. This report is published on Valuates Reports in the Consumer Electronics Category.
The global Biometric Technology market size is projected to reach USD 11490 Million by 2026, from USD 6142.6 Million in 2020, at a CAGR of 11.0% during 2021-2026.
Major factors driving the growth of the Biometrics Technology Market size are the increasing use of biometrics in consumer electronic devices for authentication and identification purposes, the growing need for surveillance and security with the heightened threat of terrorist attacks, and the surging adoption of biometric technology in automotive applications.
The report lists the major players in the regions and their respective market share on the basis of global revenue. It also explains their strategic moves in the past few years, investments in product innovation, and changes in leadership to stay ahead in the competition.
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TRENDS INFLUENCING THE BIOMETRIC TECHNOLOGY MARKET SIZE
The expanding applications of biometrics in consumer electronics are expected to increase the growth of biometrics technology market size during the forecast period. The growing implementation of advanced authentication and recognition systems in smartphones and tablets is contributing to the growth of the biometrics technology market.
Furthermore, the integration of biometrics technology into banking and finance and e-commerce applications will allow safe transactions and provide ample opportunities for the growth of the biometrics technology market size. Biometrics technology is also increasingly recognized for e-passport programs and for the tracking of illegal migration. Thus, the increasing end-user application of biometrics is expected to drive the biometrics technology market size.
Increasing the use of biometric technology in enterprises to ensure improved convenience, secure identity management, and superior human resource management is expected to fuel the Biometric Technology Market size. Biometric systems are known to be quicker, convenient, and more reliable than conventional security systems that rely on passwords, PINs, or smart cards. In addition, biometric systems are easy to install and do not need highly skilled expertise to make them operational.
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BIOMETRIC TECHNOLOGY MARKET SHARE ANALYSIS
North America is expected to hold the largest biometrics technology market share during the forecast period. This dominance of North America is attributed to the rising application of biometrics technology in various departments, including commerce, defense, homeland security, justice, and state in the US.
As a result of growing technology awareness, the demand for Biometric Technology in the Asia Pacific is expected to grow. In the Asia-Pacific region, China and India are expected to witness the highest growth rates. Initiatives such as the e-KTP electronic ID initiative in Indonesia and the UIDAI project in India, using face, fingerprints, and eye biometry, are also expected to provide new business opportunities.
Based on type, Biometric technology based on physical characteristics is expected to hold the largest market share during the forecast period.
- United States
- Rest of Europe
- South Korea
- Southeast Asia
- Rest of Asia-Pacific
- Latin America
Middle East & Africa
- Saudi Arabia
- Rest of Middle East & Africa
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BIOMETRIC TECHNOLOGY MARKET SEGMENTS
by Type, the market is primarily split into
- Based on physical characteristics
- Based on behavioral characteristics
by Application, this report covers the following segments
- Public sector
- Banking & financial sector
- IT & telecommunication
- Others (hospitality, retail, automotive).
The Biometric Technology key players in this market include:
- 3M Company (Cogent Systems, Inc.)
- Fujitsu Frontech Limited
- ImageWare Systems, Inc.
- Suprema, Inc.
- Safran S.A.
- secunet Security Networks AG
- Thales S.A.
- BIO-key International, Inc.
- NEC Corporation
- Precise Biometrics
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SIMILAR REPORTS :
- Hand Geometry Biometric Market size is projected to reach USD 9834.3 Million by 2026, from USD 4946.8 Million in 2020, at a CAGR of 12.1% during 2021-2026.
- Speech Recognition Market size is projected to reach USD 17490 Million by 2026, from USD 9461.8 Million in 2019, at a CAGR of 9.1% during 2021-2026
- Gesture Recognition Market size is projected to reach USD 19120 Million by 2026, from USD 6016.1 Million in 2019, at a CAGR of 17.8% during 2021-2026.
- Biometric Authentication & Identification Market size is projected to reach USD 62850 Million by 2026, from USD 30510 Million in 2020, at a CAGR of 12.8% during 2021-2026.
- Automotive Biometric Market was valued at USD 476 Million in 2017, and is expected to reach at USD 1,128 Million by 2024, growing at a CAGR of 12.0% from 2018 to 2024.
- Biometrics-as-a-Service Market garnered USD 1.42 Billion in 2018, and is estimated to reach USD 5.37 Billion in 2026, growing at a CAGR of 18.2% from 2019 to 2026. An increase in the adoption of cloud-based biometrics, supported by numerous factors such as growing cyber-attacks, stringent government regulations for data security, and demand for cost-efficient biometrics, are the major factors driving the growth of the Biometrics-as-a-Service Market size.
- Biometric Sensor Market size is projected to reach USD 1576.5 Million by 2026, from USD 967.3 Million in 2019, at a CAGR of 7.1% during 2021-2026.
- Biometric Gate Market is Segmented by Type Below 3 Seconds, Above 3 Seconds, by Application Airport, Train Station, Bus Station, Government Department and by various regions.
- Biometric Fingerprint Digital Door Locks Market is Segmented by Type With Door Handle, Without Door Handle, by Application Residential, Commercial and by various regions.
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