Press release
Biometrics Market Estimated to Surpass $104,959.6 Million by 2028, and Grow at a CAGR of 15.0% during the Forecast Period
Biometrics Market
As per a latest report by Research Dive, the global biometrics market is estimated to garner a revenue of $104,959.6 million by 2028 and rise at a CAGR of 15.0% during the forecast period from 2021 to 2028.
๐๐จ๐ฐ๐ง๐ฅ๐จ๐๐ ๐๐๐ฆ๐ฉ๐ฅ๐ ๐ง๐จ๐ฐ @ https://www.researchdive.com/download-sample/5051
๐๐๐ซ๐ค๐๐ญ ๐๐ฒ๐ง๐๐ฆ๐ข๐๐ฌ
The increasing penetration of smartphones and the growing integration of biometric systems with IoT devices across the globe are the major factors anticipated to propel the growth of the global biometrics market. In addition, with the wide usage of e-passports across the globe, the demand for biometric systems is predicted to rise, which is predicted to boost the global market growth by 2028. Moreover, continuous technological advancements in biometrics, such as electrocardiogram (ECG) and electroencephalogram (EEG) are projected to open massive growth opportunities for the global market in the coming years. However, the concerns about data security and high implementation costs may restrict the biometrics market growth in the forecast period.
๐๐ฆ๐ฉ๐๐๐ญ ๐จ๐ ๐๐๐๐๐-๐๐ ๐จ๐ง ๐ญ๐ก๐ ๐๐ง๐๐ฎ๐ฌ๐ญ๐ซ๐ฒ
The outbreak of COVID-19 has favorably impacted the global biometrics market growth during the pandemic period. The growth of the market is majorly owing to the significant increase in the demand for touchless biometric solutions, particularly healthcare biometrics. Because of the precision and alignment of biometrics with the social distancing standards of COVID-19, the advanced multimodal and multifactor biometric technologies are becoming increasingly relevant during the pandemic period.
๐๐๐ ๐ฆ๐๐ง๐ญ๐ฌ ๐จ๐ ๐ญ๐ก๐ ๐๐๐ซ๐ค๐๐ญ
The report segments the global biometrics market into technology, authentication, component, end user, and region.
Based on technology, the fingerprint recognition sub-segment is predicted to hold the dominating market share and surpass a revenue of $31,511.3 million during the analysis period. This sub-segment growth of the global biometrics market is mainly owing to the widespread usage of fingerprint sensors in consumer electronics for biometric authentication, rapid growth in adoption of biometric authentication in government offices & buildings, increasing number of identity threats, and the emergence of advanced fingerprint technologies.
Based on technology, the single-factor sub-segment was valued at $25,829.7 million in 2020 and is predicted to garner the highest revenue during the analysis period. This is majorly owing to the increasing security threats as hackers are coming up with new viruses and novel techniques to steal data. In addition, single-factor authentication enables a person to verify their identification by using only one factor that validates and matches their identity. This factor is expected to boost the sub-segment's market growth by 2028.
Based on component, the mobiles sub-segment is predicted to have the fastest growth and garner a revenue of $32,681.1 million by 2028. This is mainly due to the growing usage of mobile biometric technologies due to industry agreement on surging intelligence in mobile devices. Besides, most smartphone firms have introduced biometrics-enabled phones in recent years, which is predicted to boost the sub-segment growth.
Based on end-user, the government & defense sub-segment is projected to generate a revenue of $29,222.5 million by 2028 and account for the majority of market share during the analysis period. This is majorly because authorities have traditionally used biometrics for criminal or civil identification, military access control, all within a highly regulated technical and legal framework.
By region, the Asia-Pacific biometrics market is expected to garner a revenue of $29,787.5 million by 2028 and predicted to have the fastest growth during the analysis period. This is majorly due to the strong expansion and increased usage of biometrics in access control systems to verify the physical and behavioral traits of the users. Besides, due to the dependability, accuracy, and security of biometrics systems, such as facial recognition, retina scan, and fingerprint mapping, they are widely used in the Asia-Pacific region, which is driving the regional market growth.
๐๐๐ช๐ฎ๐๐ฌ๐ญ ๐๐จ๐ซ ๐๐ฎ๐ฌ๐ญ๐จ๐ฆ๐ข๐ณ๐๐ญ๐ข๐จ๐ง @ https://www.researchdive.com/request-for-customization/5051
๐๐ซ๐จ๐ฆ๐ข๐ง๐๐ง๐ญ ๐๐๐ซ๐ค๐๐ญ ๐๐ฅ๐๐ฒ๐๐ซ๐ฌ
The key players of the global biometrics market are Accu-Time Systems, Cognitec Systems GmbH, BIO-Key International Inc., Fingerprints cards AB, IDTECK, Fujitsu Limited, NEC Corporation, RCG Holdings, Ltd., Siemens AG, and Thales Group. These players are executing several strategies to gain a dominant position in the global industry. The report presents several aspects of these major players such as strategic moves and business & financial performance of key players, latest developments, SWOT analysis, and product portfolio.
๐๐๐ฅ๐๐ญ๐๐ ๐๐๐ฉ๐จ๐ซ๐ญ๐ฌ:
Barcode Decoding Software Market: https://www.researchdive.com/9199/barcode-decoding-software-market
Online Soft Skills Training Market: https://www.researchdive.com/9218/online-soft-skills-training-market
Food Safety Monitoring System Market: https://www.researchdive.com/9229/food-safety-monitoring-system-market
Subscription Billing Management Market: https://www.researchdive.com/9171/subscription-billing-management-market
Firewall as a Service Market: https://www.researchdive.com/5606/firewall-as-a-service-market
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Research Dive maintaining the integrity and authenticity of the services, the firm provides services that are solely based on its exclusive data model, compelled by the 360-degree research methodology, which guarantees comprehensive and accurate analysis. With unprecedented access to several paid data resources, a team of expert researchers, and strict work ethic, the firm offers insights that are extremely precise and reliable.
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