Biometrics Market Forecast 2020-2025: Size, Share, Growth, Industry Analysis and Healthcare Research Report

According to the latest report by IMARC Group, titled “Biometrics Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-25”, the global biometrics market size reached US$ 19.84 Billion in 2019. Biometrics refers to a technological authentication method which is utilized in information assurance (IA) for secure entry, data or access. It primarily relies on scanning their physical or biological characteristics, such as the face, DNA, fingerprint, iris, retina, palm and palm veins, which are difficult to forge or duplicate. It helps to provide more accurate identification and lower the risk of unwanted intrusion. As a result, biometrics industry technologies are widely used in schools, colleges, banks, public libraries, corporate and government offices, and consumer electronics including smartphones and tablets.

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Biometrics Market Trends:

Owing to the affordability and easy usage of biometrics technologies, they have gained acceptance across the globe. For instance, biometric security systems are considered relatively more convenient for employees and other personnel in the corporate sector as they do not involve memorizing passwords or carrying an identification card at all times. Apart from this, several smartphone manufacturers are incorporating fingerprint scanners in their devices to enhance the overall user experience. This has also encouraged several banking organizations to utilize these systems for securing users from fraudulent activities while using online banking services or making transactions on e-commerce websites via their mobile devices. Furthermore, these technologies are being used in various government organizations, especially in the e-passport and e-visa programs. Looking forward, IMARC Group expects the market to exhibit strong growth during 2020-2025.

Market Breakup by Technology:

Face Recognition
Hand Geometry
Voice Recognition
Signature recognition
Iris recognition
AFIS
Non-AFIS
Others

At present, AFIS represents the most widely used technology across the globe.   

Market Breakup by Functionality:

Contact
Non-contact
Combined

Market Breakup by Authentication:

Single-Factor Authentication
Multifactor Authentication

Amongst these, single-factor authentication accounts for the majority of the total market share.

Market Breakup by Component:

Hardware
Software

Market Breakup by End-User:

Government
Defense Services
Banking and Finance
Consumer Electronics
Healthcare
Commercial Safety and Security
Transport/Visa/Logistics
Others

Market Summary:

Region-wise, the market has been segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America. Presently, North America is the biggest market, holding the majority of the global share. The competitive landscape of the market has also been examined with some of the key players being:

Accu-Time Systems Inc.
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.
Digital Persona Inc.
Morpho SA (Safran).

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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.

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