Global Biometric Technology Market 2023: Rising Adoption of Biometrics-Based Authentication Devices Drives Growth

DUBLIN, Sept. 6, 2023 /PRNewswire/ -- The "Biometrics Technology Market, By Component, By End user, And By Geography - Size, Share, Outlook, and Opportunity Analysis, 2023 - 2030" report has been added to ResearchAndMarkets.com's offering.

The global biometric technology market is set to experience remarkable growth, projected to expand from $47.6 billion in 2022 to $184.8 billion in 2030, at a substantial CAGR of 18.5%.

Biometric technology leverages unique physical characteristics and identifiers, such as fingerprints, facial features, and voice, for individual authentication and access to devices and information. This technology is playing a pivotal role in reshaping security measures and user identification across various industries.

Understanding Biometric Technology

• Biometrics Identifiers: Biometric identifiers encompass distinctive physical traits, DNA, fingerprints, voice patterns, and retina scans, enabling precise individual authentication.
• Applications: Biometric technology is employed for identity verification, access control, and securing personal devices such as smartphones and tablets.
• Authentication Devices: Biometrics-based authentication devices are being embraced by industries like healthcare, BFSI (Banking, Financial Services, and Insurance), commercial sectors, and governments to enhance security.
• Use Cases: A noteworthy example is the adoption of RFID technology in healthcare facilities, such as the Government General Hospital in Andhra Pradesh, India, to curb child kidnappings.
• Identity Theft Prevention: The technology's ability to prevent identity theft is spurring its adoption, especially in consumer electronics devices like mobile phones and tablets.

Market Dynamics

• Drivers: The rising adoption of biometrics-based authentication devices across industries like healthcare, BFSI, and government is a significant growth driver. Initiatives such as RFID tagging in hospitals to prevent child kidnappings exemplify this trend.
• Opportunities: The surge in identity theft incidents is propelling the demand for biometric authentication modules in consumer electronics, thus driving the technology's adoption.
• Challenges: The initial cost of implementing biometric technology remains higher than alternatives, potentially acting as a hindrance to market growth.

Key Features of the Study

• The report outlines revenue opportunities across segments and provides insights into attractive investment propositions.
• Market dynamics including drivers, restraints, opportunities, new product trends, regional insights, and competitive strategies are analyzed.
• Leading players in the global biometrics technology market are profiled, encompassing company overviews, financial performance, product portfolios, geographic presence, market capital, key developments, strategies, and future plans.

Impact on Stakeholders

• Investors, suppliers, managed service providers, third-party service providers, distributors, newcomers, and value-added resellers can use insights for informed decision-making on product launches, upgrades, market expansion, and marketing strategies.
• Strategy matrices assist stakeholders in analyzing the market landscape, supporting well-informed decisions.

Segmentation Overview

Components:

• Face
• Hand geometry
• Voice
• Signature
• Iris
• AFIS (Automated Fingerprint Identification System)
• Non-AFIS
• Others

End Users:

• Government
• Defense Services
• Banking and Finance
• Consumer Electronics
• Healthcare
• Home Safety and Security
• Transport / Visa / Logistics
• Others (Retail, hospitality, gaming, and automobile)

Regions:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

Key Company Profiles

• Accu-Time Systems, Inc
• Daon, Inc.
• BIO-Key International, Inc.
• IrisGuard, Inc.
• Fujitsu Limited
• Lumidigm, Inc.
• IDTECK, Suprema, Inc.
• 3M Cogent, Inc.
• RCG Holdings, Ltd.
• NEC Corporation

In summary, the global biometric technology market's transformative impact on authentication and security is evident. By analyzing market segments and profiling key players, this study equips stakeholders to navigate the evolving landscape, facilitating informed decision-making for a thriving biometric technology market.

For more information about this report visit https://www.researchandmarkets.com/r/i9l54

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