Biometrics Market Research Report 2023-2028: Industry Demand, Growth Rate (CAGR 17.36%), Share and Business Opportunity
SHERIDAN, WYOMING, UNITED STATES, April 12, 2023 /EINPresswire.com/ — According to IMARC Group’s latest research report, titled “Biometrics Market Research Report: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2023-2028,” The global biometrics market size reached US$ 33.2 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 87.4 Billion by 2028, exhibiting a growth rate (CAGR) of 17.36% during 2023-2028.
Global Biometrics Industry Overview:
Biometrics is the automated method of identifying an individual based on their physiological or behavioral characteristics. These characteristics include fingerprints, facial features, voice patterns, iris or retina patterns, and behavioral traits like keystroke dynamics. Biometric systems capture and store this data to compare it to a previously recorded biometric data database to identify or authenticate individuals. The use of biometrics has become increasingly popular due to its convenience, accuracy, and security compared to traditional identification methods such as passwords or ID cards. Biometric technology is used for various applications, including access control, identity verification, and law enforcement.
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Top Companies In Biometrics Market:
• Accu-Time Systems
• BIO-Key International, Inc.
• Cognitec Systems, GmbH
• Fujitsu Limited
• 3M Cogent, Inc.
• IDTECK
• NEC Corporation
• Siemens AG
• RCG Holdings, Ltd.
• Suprema, Inc.
• Lumidigm, Inc.
• IrisGuard, Inc.
• Daon, Inc.
• DigitalPersona, Inc.
• Morpho SA (Safran)
Global Biometrics Industry Demand Analysis:
The global market is primarily driven by the increasing demand for efficient and accurate identity verification solutions in various industries such as government, banking, healthcare, and retail. In line with this, the rising need for efficient and accurate identity verification solutions for regulatory compliance and fraud prevention is significantly contributing to the market growth. Furthermore, the rapid adoption of biometric technologies in smartphones and other consumer devices for secure access control is positively influencing the market. Apart from this, the expansion of e-commerce and online transactions, which require secure authentication and verification solutions, is catalyzing the market. Moreover, the growth in cybercrime and identity theft is driving the demand for advanced security solutions. Besides, government initiatives and investments in biometric systems for national security and law enforcement are creating a positive outlook for the market. Additionally, the rapid adoption of biometrics in healthcare for patient identification and secure access to medical records is providing a boost to the market.
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Key Market Segmentation:
Breakup by Technology:
• Face Recognition
• Hand Geometry
• Voice Recognition
• Signature recognition
• Iris recognition
• AFIS
• Non-AFIS
• Others
Breakup by Functionality:
• Contact
• Non-contact
• Combined
Breakup by Authentication:
• Single-Factor Authentication
• Multifactor Authentication
Breakup by Component:
• Hardware
• Software
Breakup by End-User:
• Government
• Defense Services
• Banking and Finance
• Consumer Electronics
• Healthcare
• Commercial Safety and Security
• Transport/Visa/Logistics
• Others
Breakup by Region:
• North America (United States, Canada)
• Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
• Europe (Germany, France, United Kingdom, Italy, Spain, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
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Who we are:
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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