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Biometrics Technology Market Research Reports, Industry Size, Growth Opportunity, Regional Analysis 2022-2030 | Thales Group, Safran S.A., NEC Corporation
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Biometric technology is an automated system of identifying, authenticating and recognizing individuals. The technology uses hand geometry, face, vascular pattern, fingerprints, iris, and palm veins to identify people. Moreover, it also uses behavioral characteristics, such as voice, signature, and typing pattern, to authenticate the person.
Factors Influencing
Biometrics technology is an advanced technology used to accurately identify a person. These technologies are cost-effective and provide high-end security. Apart from that, the technologies are easy to use, which increases its demand among populations.
The technology is preferred over traditional PIN-based techniques due to various advantages. For example, a person can lose or forget a password, which can create several hurdles. Moreover, PINS and passwords can be stolen, which is not possible when using Biometric technologies. Such advantages would augment the market growth in the coming years.
Moreover, government initiatives to restrict illegal entries in the country would further accelerate the market growth during the forecast period. The biometrics technology market is registering notable growth because of its adoption in e-passports. Over 120 countries have mandated the use of e-passports. Such factors may fuel the growth of the market during the analysis period.
Technological advancements and applications of biometric technology in the government sector would be other few factors for the market expansion.
The high cost associated with the implementation of biometrics technology may slow down the market growth in the coming years.
The development of multimodal biometrics technology and its use in e-commerce and cloud computing may create promising opportunities for the market players in the global biometrics' technology market.
COVID-19 Impact Analysis
Due to the COVID-19 pandemic, the demand for contact-based biometric systems slowed down to limit the virus spread. However, the evolution of contactless biometric systems, such as face recognition, grew during the COVID-19 pandemic period. Enterprises began adopting biometric technologies to secure content from frauds and enable superior human resource management. As a result, the adoption of biometrics systems in the BFSI sector grew significantly.
Geographic Analysis
Geographically, the Asia Pacific region would witness the fastest growth in global biometrics technology. Technological developments would be another factor contributing to regional growth. Apart from that, the growing number of airport hubs and rising passenger traffic, majorly in China and India, may enhance the regional contribution in the global biometric technology market. Authorities in these countries have taken various initiatives, such as the Unique Identification Authority of India (UIDAI) project in India, e-KTP electronic ID initiatives in Indonesia. Ultimately, it would propel the adoption of biometric technologies.
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North America is forecast to dominate the global biometric technology market due to the growing adoption of the technology across various verticals, such as defense, commerce, homeland security, and justice.
Competitors in the Market
Thales Group
Safran S.A.
NEC Corporation
FUJITSU FRONTECH LIMITED
3M Company
SUPREMA
BIO-key International
Precise Biometrics
FaceFirst, Inc.
Assa Abloy AB.
Other prominent players
Market Segmentation
By End-User
Public sector
Banking & financial sector
Healthcare
IT & telecommunication
Others (hospitality, retail, automotive)
By Type
Physiological Biometric
Fingerprint Recognition
Face recognition
Iris recognition
Hand Geometry Recognition
Others (Ear, DNA)
Behavioral Biometric
Signature Recognition
Voice Recognition
Others (Odor, Keystroke)
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By Region
North America
The U.S.
Canada
Mexico
Europe
Western Europe
The UK
Germany
France
Italy
Spain
Rest of Western Europe
Eastern Europe
Poland
Russia
Rest of Eastern Europe
Asia Pacific
China
India
Japan
Australia & New Zealand
ASEAN
Rest of Asia Pacific
Middle East & Africa (MEA)
UAE
Saudi Arabia
South Africa
Rest of MEA
South America
Brazil
Argentina
Rest of South America
What is the goal of the report?
-The market report presents the estimated size of the ICT market at the end of the forecast -period.
-The report also examines historical and current market sizes.
-During the forecast period, the report analyzes the growth rate, market size, and market valuation.
-The report presents current trends in the industry and the future potential of the North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa markets.
-The report offers a comprehensive view of the market based on geographic scope, market segmentation, and key player financial performance.
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