Press release
Consumer Electronic Biometrics Market to reach USD 2.31 Bn by 2029, emerging at a CAGR of 5 percent and forecast (2022-2029)
Consumer Electronic Biometrics Market
The Consumer Electronic Biometrics Market offers advanced authentication functionalities, improving customer experiences in their interactions with devices and services. Biometric systems, such as face recognition, fingerprint recognition, palm print recognition, signature recognition, and voice recognition, are gaining popularity among consumers. According to a VISA-commissioned survey, 70% of consumers are more comfortable with biometric systems as they eliminate the need to remember passwords. Additionally, 65% of individuals are familiar with biometrics, and 86% are willing to use them for identity authentication and payments.
Several factors are driving the growth of the Consumer Electronic Biometrics Market. Biometric systems provide convenience, secure identity management, and superior human resource management compared to traditional security systems based on passwords, PINs, or smart cards. Moreover, the rise in international terrorism, criminal gangs, and illegal migration related to identity theft and document fraud has contributed to the adoption of biometric systems. The simplicity of setting up and operating biometric systems, coupled with the introduction of machine learning and artificial intelligence technologies, further enhances the market's growth potential.
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What are Consumer Electronic Biometrics Market Dynamics?
However, the Consumer Electronic Biometrics Market faces challenges in terms of cost, awareness, and adoption. The implementation of biometric systems requires careful consideration of costs, with multi-factor authentication being essential for high-security functionalities and single-factor biometric solutions suitable for low-security functionalities. High installation and solution costs limit the demand for biometric authentication in both private and public sectors. Furthermore, insufficient awareness about biometric systems, concerns regarding hygiene, and the risk of data leaks hinder users' acceptance and adoption. Technological and public awareness remain significant challenges for the successful implementation of biometric systems.
What are Consumer Electronic Biometrics Market regional insights:
Regionally, Asia-Pacific is anticipated to be one of the largest and fastest-growing markets for consumer biometrics. The region's rising urban populations, increased spending power, and presence of major smartphone manufacturers drive the demand for fingerprint sensors in smartphones. Additionally, North America, particularly the United States and Canada, showcases robust economies and strong investments in public safety initiatives, propelling the growth of the biometric industry.
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What is Consumer Electronic Biometrics Market Segmentation?
by Authentication
• Single factor authentication
• Multi factor authentication
by Offering
• Software
• Hardware
by Functionality
• Contact functionality
• Non-contact functionality
• Combined functionality
by End-Users
• Government
• Military
• Defense
• Healthcare
• Banking and Finance
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Who are Consumer Electronic Biometrics Market Key Players?
• Thales Group
• NEC Corporation
• Fujitsu Ltd.
• Suprema Inc.
• Iris ID
• Idemia
• Crossmatch Technologies
• Ultinous
• IDEX Biometrics
• Synaptics
• Aware Inc.
• ASSA ABLOY AB
• Apple
• Assa Abloy
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Table of content for the Consumer Electronic Biometrics Market includes:
1. Global Consumer Electronic Biometrics Market: Research Methodology
2. Global Consumer Electronic Biometrics Market: Executive Summary
• Market Overview and Definitions
• Introduction to the Global Market
• Summary
• Key Findings
• Recommendations for Investors
• Recommendations for Market Leaders
• Recommendations for New Market Entry
3. Global Consumer Electronic Biometrics Market: Competitive Analysis
• MMR Competition Matrix
• Market Structure by region
• Competitive Benchmarking of Key Players
• Consolidation in the Market
• M&A by region
• Key Developments by Companies
• Market Drivers
• Market Restraints
• Market Opportunities
• Market Challenges
• Market Dynamics
• PORTERS Five Forces Analysis
• PESTLE
• Regulatory Landscape by region
• North America
• Europe
• Asia Pacific
• Middle East and Africa
• South America
• COVID-19 Impact
4. Global Consumer Electronic Biometrics Market Segmentation
• Global Market, by Authentication (2021-2029)
• Global Market, by Offering (2021-2029)
• Global Market, by Functionality (2021-2029)
• Global Market, by End-Users (2021-2029)
5. Regional Consumer Electronic Biometrics Market (2021-2029)
• Regional Market, by Authentication (2021-2029)
• Regional Market, by Offering (2021-2029)
• Regional Market, by Functionality (2021-2029)
• Regional Market, by End-Users (2021-2029)
• Regional Market, by Country (2021-2029)
6. Company Profile: Key players
• Company Overview
• Financial Overview
• Global Presence
• Capacity Portfolio
• Business Strategy
• Recent Developments
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Key Offerings:
• Past Market Size and Competitive Landscape (2018 to 2021)
• Past Pricing and price curve by region (2018 to 2021)
• Market Size, Share, Size & Forecast by different segment | 2022-2029
• Market Dynamics - Growth Drivers, Restraints, Opportunities, and Key Trends by region
• Market Segmentation - A detailed analysis by Product
• Competitive Landscape - Profiles of selected key players by region from a strategic perspective
• Competitive landscape - Market Leaders, Market Followers, Regional player
• Competitive benchmarking of key players by region
• PESTLE Analysis
• PORTER's analysis
• Value chain and supply chain analysis
• Legal Aspects of business by region
• Lucrative business opportunities with SWOT analysis
• Recommendations
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