Global Biometrics Technology Market Size To Grow At A CAGR Of 10.10% In The Forecast Period Of 2022-2027
Biometrics Technology Market Size, Share, Price Trends, Industry Report, Key Player, Major Segments, and Forecast
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The key highlights of the report include:
Market Overview (2017-2027)
Historical Market Size (2021): USD 20.8 billion
Forecast CAGR (2022-2027): 10.10%
Forecast Market Size (2027): USD 37.2 billion
The increasing applications of biometrics technology across industries such as banking and finances, healthcare, government, and defence and security, among others, is paving the way for the market growth. Rapid digitalisation in these industries is further escalating the application of biometrics technology. For instance, biometrics provide essential technical support to the banking and financial sector, protecting against frauds, illegal entrance, and identity theft, among others. Hence, the growing expansion of the banking and financial industry is bolstering the global biometrics technology market.
Biometrics technology is also witnessing heightened incorporation in the healthcare sector to maintain the safety of sensitive information, ensure patient confidentiality, and improve operational efficiencies of the healthcare units. Over the forecast period, digital advancements in hospitals and ambulatory surgical centres are anticipated to provide impetus to the market.
The market for biometrics technology is anticipated to be aided by the growing adoption of biometric ID cards, and face and voice recognition systems in the transportation and logistics industry. The transportation industry moves expensive cargo between long distances and requires adequate safety.
Biometrics Technology Industry Definition and Major Segments
Biometrics technology is the type of technology which analyses and recognises specific characteristics exhibited by a person. Biometrics technology is accurate and commonly used for identification and surveillance purposes, with wide applications in security systems which is driving the global biometrics technology market.
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Based on type, the market can be segmented into:
On the basis of end use, the market has been classified into:
Banking and Finances
Defence and Security
Based on region, the market can be categorised into:
Middle East and Africa
Biometrics Technology Market Trends
The key trends in the global biometrics technology market include technological advancements in the government and defence and security sectors of various countries. Biometrics technology offers advanced assistance against terrorism and intrusion and is more efficient than manual monitoring. The incorruptible making of the technology is gaining traction in these industries. Stringent regulations of various governments aimed towards improving security in federal bureaus, police department, and intelligence agencies, among others, are the crucial market driving trends.
The emergence of technologies such as machine learning (ML) and artificial intelligence (AI), are another key trend in the biometrics technology market. The penetration of these technologies is likely to lead to rapid innovations and progressive product developments by the major market players.
In regional terms, North America accounts for a healthy share in the market which is being driven by the rising standards of living across strong economies such as the United States, which is fuelling digitalisation projects across various industries.
Key Market Players
The major players in the biometrics technology market report are Accu-Time Systems, Inc., BIO-key International, Inc., DERMALOG Identification Systems GmbH, Fujitsu Limited, and HID Global, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter's Five Forces Models.
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