Biometrics Market to Reach US$ 87.4 Billion by 2028

IMARC Group's latest research report, titled "Biometrics Market: 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 Outlook:

Biometrics is the technology that involves measuring and analyzing biological data using human body characteristics. These are known as biometric identifiers that include DNA, fingerprints, voice patterns, facial patterns, eye retinas and irises and hand measurements for authentication purposes. They are measurable and distinctive characteristics that are widely utilized to label and describe individuals. Biometrics authentication is used for identification, providing access control and identifying individuals in groups. With the growing need for authenticating a person's identity for accessing sensitive data, such as financial information or medical records, there has been a considerable rise in the demand for biometrics across the globe.

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Global Biometrics Industry Demand:

The increasing adoption of authentication and identification solutions across numerous industry verticals majorly drives the global market. This can be attributed to the rising deployment of security and surveillance solutions in various application areas due to the growing threat of terrorist attacks. As organizations strive to protect their data and assets, they are heavily investing in biometrics as a reliable and secure authentication solution as it provides a higher level of authentication than is acting as another growth-inducing factor. Apart from this, the rising integration of biometric technology in smartphones is also significantly supporting the market. Moreover, the advent of multimodal biometrics that utilizes more than one physiological or behavioural characteristic is creating a positive market outlook.

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Key Market Segmentation:

Top Companies In Biometrics Industry:

• 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)

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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