Global Biometrics Market Expanding at a 14% CAGR, Total Revenue is Anticipated to Reach USD 136 Billion by 2030 | IGR

Infinium Global Research, a leading market research firm, has recently unveiled a comprehensive report on the Biometrics Market, shedding light on key segments and sub-segments globally and regionally. The report meticulously explores the impact of drivers, restraints, and macro indicators on the biometrics market over the short and long term. With a keen focus on presenting trends, forecasts, and dollar values, the report forecasts a robust Compound Annual Growth Rate (CAGR) of more than 14% for the global biometrics market from 2023 to 2030.

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Striking Growth Trajectory and Overview of the Biometrics Market

The global biometrics market, valued at above USD 35 billion in 2022, is expected to witness substantial growth, reaching around USD 136 billion by 2030. Biometric technology, cutting-edge and secure, employs sensors and algorithms to capture and analyze biometric data, providing a reliable means of authenticating or verifying an individual's identity. With applications ranging from access control systems and law enforcement to border control, e-commerce, and healthcare, biometrics is recognized as one of the most advanced security technologies globally.

Biometric Technology: Advancing Security and Convenience

Biometric technology, encompassing fingerprint recognition, facial recognition, and iris scanning, offers a more secure and reliable method of identity verification compared to traditional methods like passwords or PINs. As the world becomes increasingly digitized, the adoption of digital technologies is driving substantial growth in the biometrics market. The technology is poised to play a significant role in enhancing national security, offering both convenience and peace of mind.

Driving Forces and Industry Dynamics

The increasing adoption of digital technologies is poised to drive significant growth in the biometric market. As our world becomes increasingly digitized, there's a growing need for secure and convenient methods of user authentication. Biometric technologies, such as fingerprint recognition, facial recognition, and iris scanning, provide highly accurate and reliable means of identity verification. Moreover, the escalating demand for highly efficient security systems across diverse industries is a driving force for market growth. As businesses and institutions face evolving threats, such as cyberattacks and physical security risks, they require advanced security solutions. These include technologies like biometrics, surveillance systems, and access control, which offer enhanced protection and real-time monitoring.

Challenges and Opportunities

However, implementing biometric systems can be costly, particularly for small and medium-sized enterprises, which could impede market growth. In addition, a lack of technical knowledge and concerns regarding data security are expected to limit market growth. Nevertheless, the widespread usage of smartphones and mobile devices presents an opportunity for biometric technology to be incorporated into these devices for authentication and security purposes, creating profitable growth prospects for the market.

Global Market Dynamics and Regional Insights

Geographically segmented into North America, Europe, Asia Pacific, and the Rest of the World (RoW), the biometrics market sees North America as a significant player due to the presence of key players, increasing investments in R&D, and growing demand for biometric technology in sectors like government, healthcare, and financial services. Europe's market is driven by increased government spending on security and surveillance systems and the presence of leading biometric technology vendors. The Asia Pacific region is expected to witness the highest growth rate in the biometrics market, driven by increasing adoption in various industries and the rising need for advanced security systems.

The report covers key market segments, including component (hardware and software), application (identification and access control, security and surveillance, payments, image database investigation, and others), technology (face recognition, hand geometry, voice recognition, signature recognition, and others), and end-use (government, BFSI, buildings, medical and research labs, defense and security, and others).

Leading Industry Players

The report profiles key companies in the biometrics market, including HID Global Corporation, Thales, M2SYS Technology, NEC Corporation, Leidos, BIO-key International, Suprema Inc, TOUCHLESS BIOMETRIC SYSTEMS, Aware, Inc., and Cognitec Systems GmbH.

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Table of Content

Chapter 1. Preface

1.1. Report Description

1.2. Research Methods

1.3. Research Approaches

Chapter 2. Executive Summary

2.1. Biometrics Technology Market Highlights

2.2. Biometrics Technology Market Projection

2.3. Biometrics Technology Market Regional Highlights

Chapter 3. Global Biometrics Technology Market Overview

3.1. Introduction

3.2. Market Dynamics

3.2.1. Drivers

3.2.2. Restraints

3.2.3. Opportunities

3.3. Analysis of COVID-19 impact on the Biometrics Technology Market

3.4. Porter's Five Forces Analysis

3.5. IGR-Growth Matrix Analysis

3.5.1. IGR-Growth Matrix Analysis by Component

3.5.2. IGR-Growth Matrix Analysis by Application

3.5.3. IGR-Growth Matrix Analysis by End Use

3.5.4. IGR-Growth Matrix Analysis by Region

3.6. Value Chain Analysis of Biometrics Technology Market

Chapter 4. Biometrics Technology Market Macro Indicator Analysis

Chapter 5. Global Biometrics Technology Market by Component

5.1. Hardware

5.2. Software

Chapter 6. Global Biometrics Technology Market by Application

6.1. Identification & Access Control

6.2. Security & Surveillance

6.3. Payments

6.4. Image Database Investigation

6.5. Others

Chapter 7. Global Biometrics Technology Market by End Use

7.1. Government

7.2. Commercial Centers and Buildings

7.3. Medical and Research Labs

7.4. Banking, Financial Services Sector

7.5. Defense and Security

Chapter 8. Global Biometrics Technology Market by Region 2022-2028

8.1. North America

8.1.1. North America Biometrics Technology Market by Component

8.1.2. North America Biometrics Technology Market by Application

8.1.3. North America Biometrics Technology Market by End Use

8.1.4. North America Biometrics Technology Market by Country

8.2. Europe

8.2.1. Europe Biometrics Technology Market by Component

8.2.2. Europe Biometrics Technology Market by Application

8.2.3. Europe Biometrics Technology Market by End Use

8.2.4. Europe Biometrics Technology Market by Country

8.3. Asia-Pacific

8.3.1. Asia-Pacific Biometrics Technology Market by Component

8.3.2. Asia-Pacific Biometrics Technology Market by Application

8.3.3. Asia-Pacific Biometrics Technology Market by End Use

8.3.4. Asia-Pacific Biometrics Technology Market by Country

8.4. RoW

8.4.1. RoW Biometrics Technology Market by Component

8.4.2. RoW Biometrics Technology Market by Application

8.4.3. RoW Biometrics Technology Market by End Use

8.4.4. RoW Biometrics Technology Market by Sub-region

Chapter 9. Company Profiles and Competitive Landscape

9.1. Competitive Landscape in the Global Biometrics Technology Market

9.2. Companies Profiles

9.2.1. NEC Corporation

9.2.2. ZOLOZ CO., LTD.

9.2.3. David-Link

9.2.4. Suprema, Inc.

9.2.5. Accu-Time Systems, Inc.

9.2.6. Precise Biometrics AB

9.2.7. Bio-Key International, Inc.

9.2.8. Thales S.A

9.2.9. Fujitsu Frontech Limited

9.2.10. Others

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Reasons to Buy this Report:

=> Comprehensive analysis of global as well as regional markets of biometrics.

=> Complete coverage of all the product types and application segments to analyze the trends, developments, and forecast of market size up to 2030.

=> Comprehensive analysis of the companies operating in this market. The company profile includes an analysis of the product portfolio, revenue, SWOT analysis, and the latest developments of the company.

=> Infinium Global Research- Growth Matrix presents an analysis of the product segments and geographies that market players should focus on to invest, consolidate, expand, and/or diversify.

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