With 14.1% CAGR, Biometric System Market Growth to Surpass USD 82.9 billion

The Global Biometric System Market Size is expected to grow from USD 42.9 billion in 2022 to USD 82.9 billion by 2027, at a CAGR of 14.1%.

Increasing the advancements in biometric technology across various sectors and rising demand for authentication and identification solutions as well as security and surveillance solutions in various application areas are the primary factors driving the market growth. Moreover, growing adoption of biometric system industry in consumer electronics, BFSI as well as automotive verticals will drive the demand for this technology in the near future.

Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=697

Driver: Increasing use of biometric technology in consumer electronics for authentication and identification applications

Manufacturers of consumer electronics, including smartphones, tablets, laptops, and home automation devices, are keen on integrating advanced features and functionalities into their products to attract more customers and expand their client base. As consumers adopt highly advanced connected devices and digital technologies to process critical information, it creates security concerns among end users.

Therefore, today's consumers prefer using devices that support biometric authentication to access bank accounts, email accounts, and other personal data such as medical records and financial information. Similarly, biometric technology-based smartphones are increasingly being used to secure credentials for accessing buildings, doors, and IT systems, thereby delivering a better experience to users and presenting various opportunities to providers of portable access control solutions. All these factors boost the demand for smartphones at present, and a similar trend is likely to observe in the near future.

Opportunity: Significant advances in biometric solutions designed for authentication and identification applications

Biometric solutions have undergone significant technological advances in the recent past. Advances in sensing technologies and the widespread use of devices such as computers and mobile phones offer new opportunities for capturing the physiological and behavioral traits of human beings and analyzing related data for biometric authentication. Machine learning and artificial intelligence technology-powered biometric systems are bringing new possibilities to effectively identify any unusual behavior and provide an additional layer of authentication, if necessary.

Biometric solutions with multi-factor authentication are gaining traction to avoid possible data breaches. The increasing demand for contactless systems and expanding applications areas encourage biometric system manufacturers to continuously invest in R&D activities to enhance their portfolio of advanced biometric systems.
Biometrics is one of the revolutionary technologies in the consumer electronics sector owing to its security and cost-effectiveness. In the consumer electronics industry, smartphones are significantly contributing to the growth of the adoption of biometrics technology. Consumer electronic companies are increasingly developing and deploying advanced and cost-effective biometric security features. There have been rapid advancements in the designs of chips and algorithms of voice and facial recognition. Also, the declining cost of biometric technologies installed in consumer electronics is playing a key role in driving market growth.

The market in APAC will grow at the highest CAGR during the forecast period. The biometric system market in APAC is segmented into China, Japan, India, Australia, South Korea, and the Rest of APAC. The presence of prominent biometric system manufacturers including Fujitsu and NEC Corporation, is expected to contribute to the revenue share of this region owing to the rapid economic growth in major countries such as China, Japan, India, and South Korea The growth of the biometric system market in APAC is also attributed to technological advancements, increased awareness among the masses regarding the use of biometric systems for security purposes, and lowered the cost of devices based on these technologies.

Inquiry Before Buying @ https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=697

Major players in the biometric system market include Thales Group (Paris), Idemia (France), ASSA ABLOY (Sweden), NEC Corporation(Japan) and Fujitsu(Japan), Precise Biometrics(Sweden), secunet Security Networks AG (Germany), Stanley Black & Decker, Inc.(France), Aware Inc (US), Cognitec Systems GmbH(Germany) among others.

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: sales@marketsandmarkets.com

About MarketsandMarkets™

MarketsandMarkets™ has been recognized as one of America's best management consulting firms by Forbes, as per their recent report.

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

Earlier this year, we made a formal transformation into one of America's best management consulting firms as per a survey conducted by Forbes.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.

This release was published on openPR.