The global biometrics market is projected to witness accelerating growth over the forecast period, owing to the increasing usage of smartphones and the rising need for easy & swift biometric security in smartphones around the world. By technology, the fingerprint recognition sub-segment is estimated to be most profitable by 2028. Regionally, the Asia-Pacific market is expected to observe lucrative growth in the projected timeframe.
New York, USA, Oct. 25, 2021 (GLOBE NEWSWIRE) -- According to Research Dive, the global biometrics market is estimated to generate a revenue of $104,959.6 million by 2028, and grow at CAGR of 15.0% over the forecast period (2021 to 2028). The comprehensive report provides a brief summary of the present market scenario comprising key aspects of the market such as growth factors, lucrative growth opportunities, and restraining factors. Besides, the report provides all the biometrics market trends, COVID-19 impact on the market, and market estimations making it easier, helpful, and useful for the new participants to understand the market.
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Global Biometrics Market Dynamics
As per our analysts, the growing integration of biometric systems with IoT devices, the increasing use of smartphone, and the rising need for easy and rapid biometric security in tablets and smartphones are the significant factors estimated to foster the growth of the global biometrics market over the forecast period. In addition, the demand for biometrics systems is likely to rise in the near future due to the widespread usage of e-passports across the globe.
Furthermore, technological advancements and the rising need for more secure security systems are factors projected to create huge growth opportunities for the biometrics market over the forecast period. However, significant investment costs and concerns about data security are estimated to restrict the market growth in the projected timeframe.
COVID-19 Impact on the Biometrics Market
The COVID-19 pandemic has had a moderate impact on the global biometrics market growth. The impact on the biometrics market share and size is majorly due to the massive changes and disruptions in a variety of businesses, and the significant rise in the demand for touchless biometric solutions in the pandemic period. Besides, advanced multifactor and multimodal biometric technologies are hugely becoming relevant because of their precision and alignment with COVID-19’s social distancing standards.
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Fingerprint Recognition Sub-segment to be Most Profitable
By technology, the fingerprint recognition sub-segment is estimated to garner a revenue of $31,511.3 million by 2028 and observe significant growth during the forecast period. The widespread usage of fingerprint sensors in consumer electronics for biometric authentication, the increase in number of identity threats, and the surging adoption of biometric authentication in government buildings are the factors expected to drive the sub-segment’s growth by 2028.
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Single-Factor Sub-segment to Generate Highest Revenue
By authentication, the single-factor sub-segment garnered a revenue of $25,829.7 million in 2020 and is predicted to garner the highest revenue over the forecast period. This is mainly due to the increasing threats to security and the growing preference of consumers across the world to conduct transactions online.
Mobiles Sub-segment to Witness Significant Growth
By component, the mobiles sub-segment accounted for $10,863.5 million in 2020 and is expected to grow at the fastest rate during the forecast period. This is majorly owing to the increasing launches of biometrics-enabled phones and the industry agreement on rising intelligence in mobile devices.
Government & Defense Sub-segment to Hold Dominating Market Share
By end-user, the government & defense sub-segment is estimated to generate a revenue of $29,222.5 million by 2028 and is anticipated to account for the majority of market share over the forecast period. This is mainly because biometrics are now regularly employed by law enforcement authorities across the globe to identify criminals. For example, in 2008, the Chinese Police used an ABIS technology to allow forensic fingerprint examiners to verify inmate IDs in the database for possible matches.
Asia-Pacific Region to Observe Fastest Growth
By region, the Asia-Pacific biometrics market is projected to garner a revenue of $29,787.5 million by 2028 and witness lucrative growth during the forecast period. The rapid growth of the region can be attributed to the broad usage of biometrics systems, such as retina scan, facial recognition, and fingerprint mapping because these systems are dependable, rapid, accurate, and secure.
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Prominent Market Players of the Global Biometrics Market
1. Accu-Time Systems
2. BIO-Key International Inc.
3. Cognitec Systems GmbH
4. Fingerprints cards AB
5. Fujitsu Limited
7. NEC Corporation
8. Siemens AG
9. RCG Holdings, Ltd.
10. Thales Group
These players are applying various strategies to gain a competitive edge and strong hold in the global industry.
For instance, in September 2021, Gnani.ai, a leader in the voice-led conversational AI automation space, announced the launch of ‘Christened armour365,’ a home-grown Voice Biometrics software. The new biometric solution boasts of groundbreaking features to pacify new and emerging risks in information security and fraud prevention.
The report also offers several industry-top tactics and approaches such as top strategic moves & developments, product/service range, business performance, Porter five forces analysis, and SWOT analysis of the foremost players, functioning in the global industry. Click Here to Get Absolute Top Companies Development Strategies Summary Report
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