Biometric Systems Market - Global Forecast to 2029
Dublin, March 17, 2023 (GLOBE NEWSWIRE) -- The "Biometric Systems Market by Offering, Biometrics Type, Contact Type, Authentication Type, Platform, Application, End User - Global Forecast to 2029" report has been added to ResearchAndMarkets.com's offering.
The global biometric systems market is expected to reach $51.6 billion by 2029, growing at a CAGR of 12.4% during the forecast period of 2022 to 2029.
The growth of this market is mainly attributed to the growing demand for mobile biometrics devices, rising government initiatives for biometrics technology, increasing use of biometric technology in consumer electronics for authentication and identification applications, and the growing need for security measures in military and law enforcement are the key factors driving the growth of the biometric systems market.
Based on authentication type, the multi-factor authentication segment is expected to record the fastest growth over the forecast period. The growth of this segment is mainly driven by the growing adoption of BYOD, rising cyber security incidents and identity thefts, and high demand for cloud-based MFA solutions. Also, the wide adoption of authentication solutions across BFSI, government, and healthcare sectors resulting in the growing demand for multi-factor authentication solutions is expected to drive the growth of this segment over the forecast period.
Based on platform, the mobile devices segment is expected to grow at the highest CAGR during the forecast period. The rising trend of mobile transactions, growing adoption of biometrics features in smartphones, and rising use of mobile biometrics in e-commerce and online gaming are expected to support the growth of this segment.
Based on end user, the healthcare segment is expected to grow at the highest CAGR during the forecast period. The growing incidence of healthcare data breaches and medical identity theft, adoption of contactless biometrics authentication, and integration of biometric solutions in healthcare set-ups in emerging economies are expected to support the growth of this segment.
In 2022, Asia Pacific is expected to account for the largest share of the biometric systems market. Also, this region is expected to witness rapid growth during the forecast period. The growth of this region is mainly driven by the presence of prominent players, the rising need for biometric systems for security purposes, supportive government initiatives across the region, and investments by major biometrics companies.
Key Questions Answered in the Report:
Which are the high-growth market segments in terms of the offering, biometric type, contact type, authentication type, platform, application, end user, and region?
What is the historical market for biometrics systems across the globe?
What are the market forecasts and estimates for the period 2020-2029?
What are the major drivers, restraints, and opportunities in the global biometric systems market?
Who are the major players in the global biometric systems market and what share of the market do they hold?
Who are the major players in various countries and what share of the market do they hold?
How is the competitive landscape?
What are the recent developments in the global biometric systems market?
What are the different strategies adopted by the major players in the global biometric systems market?
What are the geographical trends and high-growth countries?
Who are the local emerging players in the global biometric systems market and how do they compete with the other players?
The global biometric systems market is consolidated and dominated by a few major players, namely
NEC Corporation (Japan)
CardLogix Corporation (U.S.)
Fujitsu Limited (Japan)
Thales Group (France)
Integrated Biometrics LLC (U.S.)
Iris ID Inc. (U.S.)
Suprema Inc. (South Korea)
HID Global Corporation (U.S.)
Precise Biometrics (Sweden)
Aware Inc. (U.S.)
Daon Inc. (U.S.)
M2SYS Technology (U.S.)
BIO-key International (U.S.)
Cognitec Systems GmbH (Germany)
BioRugged (South Africa)
DERMALOG Identification Systems GmbH (Germany)
ImageWare Systems Inc. (U.S.).
Key Topics Covered:
1. Introduction to Biometric Systems Market
1.1 Market Definition
1.2 Market Ecosystem
1.3 Currency & Limitation
1.4 Key Stakeholders
2. Research Methodology
3. Executive Summary
3.1. Market Analysis, by Offering
3.2. Market Analysis, by Biometrics Type
3.3 Market Analysis, by Authentication Type
3.4. Market Analysis, by Contact Type
3.5. Market Analysis, by Platform
3.6. Market Analysis, by Application
` 3.7. Market Analysis, by End User
3.8. Market Analysis, by Geography
3.9. Competitive Analysis
4. Market Insights
4.2. Market Dynamics
4.2.1. Global Biometric Systems Market Drivers
126.96.36.199. Growing Security Requirements in the BFSI Sector
188.8.131.52. Government Initiatives Encouraging the Adoption of Biometric Technologies
184.108.40.206. Integration of Biometric Capabilities into Mobile Devices
4.2.2. Global Biometric Systems Market Restraints
220.127.116.11. High Capital Requirements for Deploying High-End Biometric Systems
4.2.3. Global Biometric Systems Market Opportunities
18.104.22.168. Significant Advances in Biometric Solutions Designed for Authentication and Identification Applications
4.2.4. Global Biometric Systems Market Challenges
22.214.171.124. Misconceptions and a Lack of Knowledge Regarding Biometric Solutions
4.2.5. Global Biometric Systems Market Trends
126.96.36.199. Growing Adoption of Biometrics-as-a-Service
4.3. Case Studies
4.4. Global Biometric Systems Market: Porter's Five Forces Analysis
5. The Impact of Covid-19 on the Biometric Systems Market
6. Biometric Systems Market, by Offering
7. Biometric Systems Market, by Biometrics Type
7.2 Fingerprint Recognition
7.3. Face Recognition
7.4. Voice Recognition
7.5. Palm Print Recognition
7.6. Iris Recognition
7.7. Signature Recognition
7.8. Vein Recognition
7.9 Other Biometric Types (Heartbeat Reader and Hand Geometry)
8. Biometric Systems Market, by Authentication Type
8.2 Single-factor Authentication
8.3 Multi-factor Authentication
9. Biometric Systems Market, by Contact Type
10. Biometric Systems Market, by Platform
10.3. Mobile Devices
10.4. Wearable Devices
10.5. Personal Computers
11. Biometric Systems Market, by Application
11.2 Digital Identification
11.3. Security & Surveillance
11.4. Access Control & Authentication
11.5 Other Applications (Border Control and Law & Enforcement)
12. Biometric Systems Market, by End User
12.2 Information Technology & Telecom
12.5 Finance & Insurance
12.6 Military/ Law Enforcement
12.10 Transportation & Warehousing
12.11 Other End Users (Hotel & Food Services and Constructions)
For more information about this report visit https://www.researchandmarkets.com/r/7qewem
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