Dublin, Nov. 23, 2021 (GLOBE NEWSWIRE) -- The "Global Biometrics Market, Competition, Forecast & Opportunities, 2026" report has been added to ResearchAndMarkets.com's offering.
The Global Biometrics Market was valued at USD33.246 billion in 2020 and is projected to grow around USD84.27 billion by 2026, 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.
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.
The 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.
Leading 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.
The major players operating in the Global Biometrics Market are
BIO-Key International, Inc.
Assa Abloy AB
IDEMIA France SAS
DERMALOG Identification Systems GmbH
Cognitec Systems, GmbH
IDEX Biometrics ASA
Next Biometrics ASA
Fingerprint Cards AB
Years considered for this report:
Historical Years: 2016-2019
Base Year: 2020
Estimated Year: 2021
Forecast Period: 2022-2026
Global Biometrics Market, By Solution Type:
Global Biometrics Market, By Functionality Type:
Global Biometrics Market, By End-Use Industry:
Government and Defense
IT and Telecom
Healthcare and Life sciences
Retail and Ecommerce
Global Biometrics Market, By Region:
Middle East & Africa
For more information about this report visit https://www.researchandmarkets.com/r/2z7g2z
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