registering a CAGR of 16. 73% through 2026. Rising national security concerns, use of multifactor authentication measures, and increased adoption of IoT devices are expected to positively influence the global biometrics market in the coming years.
New York, Nov. 17, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Global Biometrics Market, By Solution Type, By Functionality Type, By End Use Industry, By Region, Competition Forecast & Opportunities, 2026" - https://www.reportlinker.com/p05142054/?utm_source=GNW
The increased use of biometric systems in consumer electronics and adoption of biometric measures in the automotive sector is further expected to positively influence the growth of the market through 2026. However, concerns related to the accuracy of biometrics and regulations related to the market might limit the growth in the industry in the forecast period.
Global biometrics market can be segmented into solution type, functionality type, end use industry, and region.Based on solution type, the market can be segmented into fingerprint recognition, facial recognition, iris recognition, hand/palm recognition, voice recognition, vein scanner and others including DNA recognition, signature recognition, etc.
The facial recognition systems segment is expected to grow at a higher pace with a CAGR of 17.80% in the forecast period. This is primarily because of increased adoption of the facial recognition measures across industries. Governments across the globe have started video surveillance across the countries due to increasing concerns of national security and to monitor terrorist movements. Also, due to the COVID-19 pandemic, the adoption for facial recognition biometric systems have significantly increased due to rising concerns of contact-based transmission of the disease.
Based on functionality type, the market can be segmented into contact based, contact less and hybrid. The contact-based segment is expected to dominate the market in 2020, however the share is estimated to decline in the forecast period due to the rapid adoption of contactless biometric systems.
Based on end use industry, the market is sub-segmented into government and defense, BFSI, consumer electronics, IT and telecom, healthcare and life sciences, retail and e-commerce and others including automotive, energy and power, manufacturing, etc. The BFSI segment held share of 19.84% in the market in 2020 and is expected to grow at a higher rate with a CAGR of 17.50%. The adoption of biometric systems across financial institutions to verify the user identity and the increased usage of the biometric cards in the payment industry are expected to boost the growth in the industry.
Regionally, the biometrics market has been segmented into Asia-Pacific, Europe, North America, South America, and Middle East & Africa. Among these regions, Asia-Pacific region is expected to dominate the market on account of the widespread adoption of biometrics, however, the North America region is expected to grow at a higher pace.
The major players operating in the global Biometrics market are NEC corporation, Thales Group, BIO-Key International, Inc., ASSA ABLOY AB, IDEMIA France SAS, DERMALOG Identification Systems GmbH, Cognitec Systems, GmbH, Fujitsu Limited, IDEX Biometrics ASA, NEXT Biometrics, ASA, SecuGen Corporation., Aware Inc., Precise Biometrics, Fingerprint Cards AB, M2SYS Technology. These companies are developing advanced technologies and launching new products to stay competitive in the market. Other competitive strategies include mergers and acquisitions and new service developments.
Years considered for this report:
Historical Years: 2016-2019
Base Year: 2020
Estimated Year: 2021
Forecast Period: 2022-2026
Objective of the Study:
• To analyze the historical growth in the market size of the Global Biometrics Market from 2016 to 2020.
• To estimate and forecast the market size of Global Biometrics Market from 2021 to 2026 and growth rate until 2026.
• To classify and forecast the Global Biometrics Market based on Solution Type, functionality type, end use industry, company and regional distribution.
• To identify the dominant region or segment in the Global Biometrics Market.
• To identify drivers and challenges for the Global Biometrics Market.
• To examine competitive developments such as expansions, new product launches, mergers & acquisitions, etc., in the Global Biometrics Market.
• To identify and analyze the profiles of leading players operating in the Global Biometrics Market.
• To identify key sustainable strategies adopted by market players in the Global Biometrics Market.
The analyst performed both primary as well as exhaustive secondary research for this study.Initially, the analyst sourced a list of service providers across the globe.
Subsequently, the analyst conducted primary research surveys with the identified companies.While interviewing, the respondents were also enquired about their competitors.
Through this technique, the analyst could include the service providers which could not be identified due to the limitations of secondary research. The analyst examined the service providers, distribution channels and presence of all major players across the globe.
The analyst calculated the market size of the Global Biometrics Market using a top-down approach, wherein data for various end-user segments was recorded and forecast for the future years. The analyst sourced these values from the industry experts and company representatives and externally validated through analyzing historical data of these products and applications for getting an appropriate, overall market size.
Various secondary sources such as company websites, news articles, press releases, company annual reports, investor presentations and financial reports were also studied by the analyst.
Key Target Audience:
• Biometrics service providers/ suppliers/ distributors
• Market research and consulting firms
• Government bodies such as regulating authorities and policy makers
• Organizations, forums, and alliances related to Biometrics
The study is useful in providing answers to several critical questions that are important for the industry stakeholders such as service providers, suppliers and partners, end users, etc., besides allowing them in strategizing investments and capitalizing on market opportunities.
In this report, the global biometrics market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:
• Global Biometrics Market, By Solution Type:
o Fingerprint Recognition
o Facial Recognition
o Iris Recognition
o Hand/Palm Recognition
o Voice Recognition
o Vein Scanners
• Global Biometrics Market, By Functionality Type:
o Contact Based
o Contact Less
• Global Biometrics Market, By End Use Industry:
o Government and Defense
o Consumer Electronics
o IT and Telecom
o Healthcare and Life sciences
o Retail and Ecommerce
• Global Biometrics Market, By Region:
o North America
o South America
o Middle East & Africa
Company Profiles: Detailed analysis of the major companies present in the global biometrics market.
With the given Market data, we offers customizations according to a company’s specific needs. The following customization options are available for the report:
• Detailed analysis and profiling of additional market players (up to five).
Read the full report: https://www.reportlinker.com/p05142054/?utm_source=GNW
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