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Biometric Authentication & Identification Market worth $24.05 billion by 2030, growing at a CAGR of 16.23% - Exclusive Report by 360iResearch
Biometric Authentication & Identification Market | 360iResearch
The Global Biometric Authentication & Identification Market to grow from USD 8.39 billion in 2023 to USD 24.05 billion by 2030, at a CAGR of 16.23%.
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Biometric authentication and identification are technologies that use individuals' unique biological characteristics to verify their identity. This process involves collecting, storing, and analyzing distinctive physical and behavioral traits, such as facial features & fingerprints, iris patterns, voice, or gait. The growing need for enhanced security and convenience has propelled the importance of biometric systems in various sectors. These technologies help prevent unauthorized access to devices, facilities, and data, mitigate the risks of identity theft, and simplify user authentication processes. With their inherent accuracy and difficulty to replicate, biometric systems are vital in bolstering modern security frameworks and streamlining identity verification procedures, making them indispensable in the digital world. However, the high cost associated with the installation, along with the issues related to privacy concerns and data breaches, presents a significant challenge for the key players. Companies are exploring innovative solutions and new biometric modalities, such as electrocardiogram (ECG) patterns or gait recognition, to tackle the significant challenges presented during the integration of authentication and identification. Moreover, the increasing integration of biometrics in mobile banking and financial services opens substantial opportunities for manufacturers and service providers. Additionally, the demand for multi-modal biometric systems that combine two or more types of biometric verification offers a significant opportunity to help key players remain agile within the global space.
The Americas, specifically the United States and Canada, demonstrate a high adoption rate of biometric technologies, driven by advanced infrastructure and consumer readiness to accept new technologies. The market in this region is characterized by a strong presence of tech giants and startups innovating in facial recognition, fingerprint scanning, and voice recognition, fueled by finance, healthcare, and government sectors. At the same time, in Europe, the market is seeing growth in industries such as banking, law enforcement, and public security, emphasizing privacy-compliant solutions. Meanwhile, the Middle East and Africa region show a significant interest in biometric systems, particularly security, identity verification, and banking services. The need for enhanced security measures amidst various economic developments influences customer purchasing behavior in this region. Moreover, the Asia Pacific region countries, including China, Japan, and India, present a rapidly expanding space for biometric technology, characterized by high consumer demand and substantial government and private sector investment in security and identification systems. Mobile payments and e-commerce have surged in these economies, bolstering biometric authentication methods. China is at the forefront, with a vast deployment of facial recognition technologies and many related patents, reflecting strong government support and consumer acceptance. On the other hand, India's Aadhaar project is drastically influencing the global space, with government services and payments increasingly being linked to biometric authentication.
Market Segmentation & Coverage:
This research report categorizes the Biometric Authentication & Identification Market in order to forecast the revenues and analyze trends in each of following sub-markets:
Based on Product, market is studied across Eye & Iris Scanner, Face Recognition, Fingerprint, Palm & Vein Reader, and Voice Recognition. The Palm & Vein Reader is projected to witness significant market share during forecast period.
Based on Offering, market is studied across Hardware and Software. The Software is projected to witness significant market share during forecast period.
Based on Authentication Type, market is studied across Multi-Factor Authentication and Single-Factor Authentication. The Multi-Factor Authentication is projected to witness significant market share during forecast period.
Based on Type, market is studied across Contact-Based, Contact-less, and Hybrid. The Contact-Based is projected to witness significant market share during forecast period.
Based on Vertical, market is studied across Automotive, Banking & Finance, Consumer Electronics, Government, Healthcare, Military & Defense, Security, and Travel & Immigration. The Travel & Immigration is projected to witness significant market share during forecast period.
Based on Region, market is studied across Americas, Asia-Pacific, and Europe, Middle East & Africa. The Americas is further studied across Argentina, Brazil, Canada, Mexico, and United States. The United States is further studied across California, Florida, Illinois, New York, Ohio, Pennsylvania, and Texas. The Asia-Pacific is further studied across Australia, China, India, Indonesia, Japan, Malaysia, Philippines, Singapore, South Korea, Taiwan, Thailand, and Vietnam. The Europe, Middle East & Africa is further studied across Denmark, Egypt, Finland, France, Germany, Israel, Italy, Netherlands, Nigeria, Norway, Poland, Qatar, Russia, Saudi Arabia, South Africa, Spain, Sweden, Switzerland, Turkey, United Arab Emirates, and United Kingdom. The Americas commanded largest market share of 39.33% in 2023, followed by Europe, Middle East & Africa.
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FPNV Positioning Matrix:
The FPNV Positioning Matrix is essential for assessing the Biometric Authentication & Identification Market. It provides a comprehensive evaluation of vendors by examining key metrics within Business Strategy and Product Satisfaction, allowing users to make informed decisions based on their specific needs. This advanced analysis then organizes these vendors into four distinct quadrants, which represent varying levels of success: Forefront (F), Pathfinder (P), Niche (N), or Vital(V).
Market Share Analysis:
The Market Share Analysis offers an insightful look at the current state of vendors in the Biometric Authentication & Identification Market. By comparing vendor contributions to overall revenue, customer base, and other key metrics, we can give companies a greater understanding of their performance and what they are up against when competing for market share. The analysis also sheds light on just how competitive any given sector is about accumulation, fragmentation dominance, and amalgamation traits over the base year period studied.
Key Company Profiles:
The report delves into recent significant developments in the Biometric Authentication & Identification Market, highlighting leading vendors and their innovative profiles. These include Amazon Web Services Inc., AT&T Inc., Avatier Corporation, BioCatch Ltd., Broadcom Inc., Cisco Systems, Inc., CyberArk Software, Inc., Entrust Corporation, Forgerock, Inc., Fujitsu Limited, HID Global Corporation, HP Development Company, L.P., Huawei Technologies Co., Ltd., HYPR Corp., Intel Corporation, International Business Machines Corporation, Ivanti, Inc., Keyless Technologies S.R.L., Microsoft Corporation, miniOrange Security Software Pvt Ltd., Okta, Inc., OneLogin, Inc. by One Identity, Open Text Corporation, Optimal IdM, Oracle Corporation, Ping Identity Corporation, Salesforce.com, Inc., SAP SE, Siemens AG, Thales Group, VMware, Inc. by Broadcom Inc., and Zoho Corporation Pvt. Ltd..
Key Topics Covered:
1. Preface
2. Research Methodology
3. Executive Summary
4. Market Overview
5. Market Insights
6. Biometric Authentication & Identification Market, by Product
7. Biometric Authentication & Identification Market, by Offering
8. Biometric Authentication & Identification Market, by Authentication Type
9. Biometric Authentication & Identification Market, by Type
10. Biometric Authentication & Identification Market, by Vertical
11. Americas Biometric Authentication & Identification Market
12. Asia-Pacific Biometric Authentication & Identification Market
13. Europe, Middle East & Africa Biometric Authentication & Identification Market
14. Competitive Landscape
15. Competitive Portfolio
The report provides insights on the following pointers:
1. Market Penetration: Provides comprehensive information on the market offered by the key players
2. Market Development: Provides in-depth information about lucrative emerging markets and analyzes penetration across mature segments of the markets
3. Market Diversification: Provides detailed information about new product launches, untapped geographies, recent developments, and investments
4. Competitive Assessment & Intelligence: Provides an exhaustive assessment of market shares, strategies, products, certification, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players
5. Product Development & Innovation: Provides intelligent insights on future technologies, R&D activities, and breakthrough product developments
The report answers questions such as:
1. What is the market size and forecast of the Biometric Authentication & Identification Market?
2. Which are the products/segments/applications/areas to invest in over the forecast period in the Biometric Authentication & Identification Market?
3. What is the competitive strategic window for opportunities in the Biometric Authentication & Identification Market?
4. What are the technology trends and regulatory frameworks in the Biometric Authentication & Identification Market?
5. What is the market share of the leading vendors in the Biometric Authentication & Identification Market?
6. What modes and strategic moves are considered suitable for entering the Biometric Authentication & Identification Market?
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