Biometric System Market Size Worth USD 85 Billion by 2028 - The Insight Partners

Biometric solutions are widely adopted in response to rising security concerns. The market for biometric solutions is further driven by several innovations that mark reliability and ease of usage by eradicating the need for passwords. Biometric systems have been receiving high momentum owing to an array of applications such as legal (justice and law enforcement), government (border control and airport and healthcare), commercial (finance), and eye movements tracking (automotive, screen navigation, and aviation). These applications are projected to pave the path for the developments of more sophisticated and advanced biometric system. With continuous development in latest biometric technology, the biometric trends are evolving. Cloud-based biometric, multimodal authentication, and behavioral biometrics are state-of-the-art biometric trends estimated to further contribute toward the growth of overall biometric system market.

Biometric System Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Offering (Hardware and Software), Functionality (Contact Functionality, Non-Contact Functionality, and Combined Functionality), Authentication Type (Single-Factor Authentication and Multi-Factor Authentication), End User (BFSI, Government, Military & Defense, Consumer Electronics, Healthcare, Automotive, and Others), and Geography

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Assa Abloy AB; FaceFirst; Fujitsu Limited; IDEMIA (Advent International); Iris ID, Inc.; NEC Corporation; Precise Biometrics; Secunet Security Networks AG; SUPREMA; and Thales Group are among the key biometric system market players profiled during the study. Several other major companies were studied and analyzed during this research study to get a holistic view of the biometric system market and its ecosystem.

The biometric authentication techniques are becoming common throughout enterprise and consumer systems. Below mentioned are a few upcoming technologies for biometric authentication:

- Physical Identity Verification: Due to expansion of AI-driven biometrics, majorly in behavioral (voice, gait, and accent recognition) and facial biometrics, would accelerate new forms of real-time biometric identity verification via on-premises cameras.
- Identity Proofing: One of a key strength of biometric authentication is a belief that user must be physically present to offer biometric data. Even stronger measures, such as AI-driven video identity verification and live identity verification testing helps in prevent emerging forms of fraud identities.
- Advanced Biometric Authentication: At present, reliable and precise forms of biometrics and biometric passwords are available globally. New technologies are emphasizing on illustrating advanced biometric markers from body, all offering hard-to-fake marker for secure authentication. It consists of heartbeat pattern recognition, odor recognition, DNA signature reading, and hand geometry.
- Continuous Authentication: Authentication usually happens during login or multiple times depending on user access to different resources. In case of continuous authentication, the process utilizes behavioral patterns and other markers to maintain authentication to guarantee constant user verification over time periodically.

Strategic Insights:
Market Size Value in - US$ 43 Billion in 2021
Market Size Value by - US$ 85 Billion by 2028
Growth rate - CAGR of 14.5% from 2022 to 2028
Forecast Period - 2022-2028
Base Year - 2021
No. of Pages - 150
Historical data available - Yes
Segments covered - Offering, Functionality, Authentication Type, End User, and Geography
Regional scope - North America; Europe; Asia Pacific; Latin America; MEA
Country scope - US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina
Report coverage - Revenue forecast, company ranking, competitive landscape, growth factors, and trends

IMPACT OF COVID-19 PANDEMIC on Biometric System Market:

Biometric systems use different scanners to confirm the identity of individuals by measuring behavioral or physiological patterns. There are a few contactless biometric systems that do not need direct touch to perform measurements; however, fingerprint verification systems demand physical appearance of user to make direct physical contact with a scanner to ensure system to read and measure characteristics properly. The system requiring physical presence might boost the chances of cross-contamination. This factor negatively impacted the penetration of touch-based fingerprint biometric devices. However, during the recovery phase of biometric system, the adoption of biometric system with no direct human touch is increasing. The demand for iris and voice recognition experienced a rise to curb the spread of COVID-19 virus.

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https://www.marketwatch.com/press-release/with-75-bn-security-robots-market-growth-advancements-size-overview-and-share-forecasts-by-2028-2022-11-08

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https://www.marketwatch.com/press-release/biometric-system-market-share-worth-85-bn-worldwide-by-2028---premium-report-by-the-insight-partners-2022-11-08

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