Biometric Technology Market Size, Share, Trend 2023 | Scope of Current and Future Industry 2032 | Fingerprint cards AB, Atmel Corporation, NEC Corporation

Biometric is a technology used to identify the individuals based on their traits. Increasing demand for surveillance systems is driving the biometric technology market, globally. This technology is expected to experience healthy growth rate due to the rising need for security measures to limit illegal activities. The biometric technology is chiefly uses face, finger, palm print recognition, etc. Global market analysis would provide intelligence about growth potential of the biometric technology market for global players. The report helps in delivering competitive intelligence of key developmental strategies adopted by top market players.

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According to data from the U.S. Bureau of Economic Analysis and the U.S. Census Bureau, the goods and services deficit increased by $1.9 billion from $68.7 billion in January 2023 to $70.5 billion in February. The increase in the goods and services deficit in February was due to a $2.7 billion increase in the goods deficit to $93.0 billion and a $0.8 billion increase in the services surplus to $22.4 billion. Compared to the same period in 2022, the goods and services deficit has dropped this year by $35.5 billion, or 20.3%. $49.5 billion or 10.8% more was exported. 2.2% or $14.0 billion more was spent on imports.

Leading companies mentioned in the report are 3M, Cross Match Technologies, Fujitsu Ltd. Fingerprint cards AB, Atmel Corporation, NEC Corporation, Facebanx, and Siemens AG.

Biometric Technology Market Analysis by Technology

The global biometric technologies market is categorized into facial recognition, finger recognition, voice recognition, palm print recognition, signature recognition, iris recognition, vein recognition, etc. Face, finger, and iris recognition are most significant technologies due to their wider scope in various surveillance systems.

Biometric Technology Market Analysis by Application

Biometric technology applications are primarily divided into consumer electronics, home security systems, and commercial security systems. The biometric technologies such as finger, face and iris recognition are commonly used in above stated applications. In addition to these, some other applications such as government and defense, travel and immigration, Banking and Finance, and healthcare are using biometric technologies

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Biometric Technology Market Analysis by Geography

Geographical analysis of biometric technology market involves North America, Europe Asia-Pacific and RoW. Countries such as China and Japan are increasing their core competencies through advanced technologies in Asia-Pacific region.

High Level Analysis

Report presents an overview of global biometric technology market by using Porter's five force analysis. Increase in demand for security systems has marked the growth rate of biometric technology in the global market. The report emphasis on the various biometric technologies involved in the security systems. The key intermediaries involved in this market are analyzed strategically through value chain analysis. This report discusses the market trends, drivers, and challenges of the biometric technology market, including the forecasts of the market during 2013 to 2020

Reasons for Study

Biometrics involves high degree of security and convenience, which helps in ensuring the confidentiality of personal information. With this technology, one can easily prevent theft, as the personal information is stored in digital format, which is impossible to reconstruct, decrypt, or manipulate. The biometric technology encrypts the information into digital format in order to reduce the probability of theft. Hence, the companies are engaged in manufacturing and introducing novel products using biometric technologies. This report analyses the strategies adopted by the companies operating in this market and provides clear understanding of various technologies, geographies, drivers and restraints.

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KEY BENEFITS

Detailed analysis in the report describes the market trends, driving factors, limiting factors, and opportunities in the global biometric technology market
The report provides the future scope on the global biometric market using forecasts made during study period
SWOT analysis and Porter's Five force model helps in understanding the strategic moves made by various companies
Micro level segmentation analysis is conducted based on technologies, applications, and geographies
Identification of key investment pockets for biometric technology market that helps stake holders to take strategic decisions
Comprehensive market analysis for different market segments are dealt according to geographies

KEY DELIVERABLES

The global biometric technology market is classified based on applications, technologies and geographies.

KEY MARKET SEGMENTS
MARKET BY TECHNOLOGY

Face Recognition Technology
Finger Recognition Technology
Iris Recognition Technology
Palm Print Recognition Technology
Voice Recognition Technology
Signature Recognition Technology
Vein Recognition Technology
Other technologies

MARKET BY APPLICATIONS

Consumer Electronics
Home Security
Commercial Security
Government
Travel and Immigration
Defense
Banking and Finance
Healthcare
Others

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MARKET BY GEOGRAPHY

North America
Europe
Asia-Pacific
RoW

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