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Biometrics Global Market Report 2022

·4-min read

Major players in the biometrics market are Leidos Holdings Inc, NEC Corporation, Fujitsu Limited, Aware Inc, Nuance Communications Inc, IDEMIA, Cognitec Systems, Assa Abloy, BIO-Key International Inc, Thales Group, Stanley Convergent Security Solutions Inc, M2SYS Technology, ImageWare Systems Inc, Accu-Time Systems, IDTECK, Siemens, RCG Holdings Ltd, Suprema Inc, Daon Inc, DERMALOG Identification Systems, and Accenture.

New York, Sept. 12, 2022 (GLOBE NEWSWIRE) -- announces the release of the report "Biometrics Global Market Report 2022" -

The global biometrics market is expected to grow from $27.88 billion in 2021 to $32.48 billion in 2022 at a compound annual growth rate (CAGR) of 16.50%. The biometrics market is expected to grow to $59.32 billion in 2026 at a compound annual growth rate (CAGR) of 16.25%.

The biometrics market consists of the sale of biometrics by entities (organizations, sole traders, and partnerships) that refers to biological instruments used to identify individuals based on various parameters such as fingerprints, facial recognition, and other attributes.The technology is mainly used for identification and access control and for identifying those who are being monitored.

The underlying idea of biometric authentication is that each individual may be reliably recognised based on physical or behavioral characteristics.

The main types of biometrics include IRIS recognition, hand geometry, facial recognition, signature verification, fingerprint, voice recognition, and palm vein.IRIS recognition devices refer to devices that capture unique patterns in the colored circle of the eye to verify and authenticate identity.

Biometrics including contact, non-contact and combined devices are used by the government, the military, banking, finance, consumer electronics, healthcare, commercial safety & security, and logistics.

North America was the largest region in the biometrics market in 2021.Asia Pacific is expected to be the fastest-growing region in the forecast period.

The regions covered in the biometrics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The biometrics market research report is one of a series of new reports that provides biometrics market statistics, including biometrics industry global market size, regional shares, competitors with a biometrics market share, detailed biometrics market segments, market trends and opportunities, and any further data you may need to thrive in the biometrics industry. This biometrics market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The increasing use of biometric technology in consumer electronics for authentication and identification applications is driving the biometrics market.Biometric sensors are becoming a more common security feature in smartphones and other gadgets, and the low cost of biometric technology allows manufacturers to incorporate them into a larger range of goods.

Consumer electronic devices such as access door locks, security devices, home automation, IoT, cars, game consoles, and mobile devices are increasingly utilizing biometric technology to enhance the security of the devices.Fingerprint, face, and voice recognition are becoming more popular methods of authenticating an individual for access and payments.

They are faster, simpler, and more secure than standard credentials or PINs, which are difficult to recall and easy to steal.According to a survey conducted by Visa in May 2022, 86% of the consumers are interested in using biometrics to authenticate their identity for making payments, 70% of the consumers responded that biometrics are easier to use, and 46% believe they are more secure than passwords or PINs.

Therefore, the increasing use of biometric technology in consumer electronics for authentication and identification applications is expected to boost the biometrics market during the forecast period.

Strategic partnership is a key trend gaining popularity in the biometrics market.The companies operating in the biometrics market are focusing on entering into a strategic partnership with technology to expand their product development activities and business reach.

In August 2021, NEXT Biometrics, a Norway-based company that delivers high-security fingerprint sensors to device and product manufacturers, entered into a partnership agreement with Paravision to provide dual authentication techniques to clients who require face and fingerprint biometric solutions. Paravision is a US-based computer vision firm that specializes in face recognition.

In March 2022, LexisNexis Risk Solutions, a data and analytics company that serves a variety of sectors with data and technology services, acquired BehavioSec for an undisclosed amount.With this acquisition, LexisNexis will integrate BehavioSec’s solutions into the risk solution business services, enhancing the company’s device and digital identity-focused capabilities, such as LexisNexis ThreatMetrix.

BehavioSec is a Sweden-based behavioral biometrics company that uses end users’ activities with online and mobile apps to provide continuous authentication.

The countries covered in the biometrics market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
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