The Biometric Technologies by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Biometric Technologies, The biometric technologies market size has grown rapidly in recent years. It will grow from $52.65 billion in 2023 to $59.76 billion in 2024 at a compound annual growth rate (CAGR) of 13.5%. The growth in the historic period can be attributed to increasing cybersecurity threats, rising concerns about security, adoption in healthcare for patient identification, use in time and attendance systems, use in border control and immigration..
The biometric technologies market size is expected to see rapid growth in the next few years. It will grow to $100.26 billion in 2028 at a compound annual growth rate (CAGR) of 13.8%. The growth in the forecast period can be attributed to emergence of wearable biometric devices, integration with smart cities initiatives, focus on user convenience, growth in remote authentication, use in aviation and travel security.. Major trends in the forecast period include integration with artificial intelligence (ai), expansion in mobile biometrics, multi-modal biometrics adoption, remote authentication solutions, blockchain integration for enhanced security..
The growing adoption of biometric technologies in consumer electronics is expected to boost the growth of the biometric technology market going forward. Consumer electronics are any electronic devices designed to be purchased and used by end users, or consumers, for daily and non-commercial or professional purposes. Biometrics-based consumer electronic devices are standalone products that include mobile devices, security systems, access control door locks, automotive, home automation, the internet of things (IoT), and game consoles. The consumer electronics are increasingly incorporating biometric technology for safety and additional features. For instance, according to Cisco Duo’s 2022 Trusted Access Report by Cisco Systems Inc, a US-based digital communications technology company, the proportion of phones (which comes under consumer electronics), with integrated biometrics capabilities stayed at about 81% over 2021. Additionally, the volume of transactions utilizing Duo’s multi-factor authentication (MFA) increased by 38% over the previous 12 months. Therefore, the growing adoption of biometric technologies in consumer electronics is driving the growth of the biometric technology market.
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The biometric technologies market covered in this report is segmented –
1) By Offering: Hardware, Software
2) By Type: Contact-Based, Contact-Less, Hybrid
3) By Authentication Type: Single-Factor Authentication, Multi-Factor Authentication
4) By Application: Face, Hand Geometry, Voice, Signature, Iris, Automated Fingerprint Identification System (AFIS), Non-Automated Fingerprint Identification System (AFIS), Other Applications
5) By Vertical: Government, Consumer Electronics, Military And Defense, Healthcare, Banking And Finance, Travel And Immigration, Automotive, Security, Other Verticals
Technological advancements are a key trend in gaining popularity in the biometric technologies market. Major companies operating in the biometric technology market are focused on developing innovative solutions using artificial intelligence to strengthen their position in the market. For instance, in March 2022, Touchless Biometric Systems (TBS), a Switzerland-based biometric specialist and security system supplier, introduced 3D Fly, an innovative sensor offering on-the-fly user identification. The 3D Fly sensor captures a high-resolution picture of the complete hand and extracts the biometric features of up to four fingers, which results in superior recognition performance. It uses AI-assisted hand recognition technology, combined with fast data processing, to identify a person within a second. Users can exhibit their hands during the procedure while moving near 3D Fly and past the speed gate without stopping or slowing down.
The biometric technologies market report table of contents includes:
1. Executive Summary
2. Biometric Technologies Market Characteristics
3. Biometric Technologies Market Trends And Strategies
4. Biometric Technologies Market – Macro Economic Scenario
5. Global Biometric Technologies Market Size and Growth
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31. Global Biometric Technologies Market Competitive Benchmarking
32. Global Biometric Technologies Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Biometric Technologies Market
34. Biometric Technologies Market Future Outlook and Potential Analysis
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