Biometric System Market Forecast to 2030
The global biometrics market reached USD 43.54 billion in 2021 and is expected to register a revenue CAGR of 14.8% during the forecast period, according to the latest analysis by Emergen Research. The increasing need for more convenient and fast authentication modes and the increasing need for easy-to-operate and user-friendly security systems are some key factors projected to support market revenue growth between 2022 and 2030. In addition, the increasing need for high levels of security in banking, finance, and defense sectors is expected to continue to drive market revenue growth going forward. Biometrics provides increased levels of security to providers by verifying identity using several methods such as face recognition, voice recognition, signature recognition, iris recognition, fingerprint recognition, and hand geometry recognition, among others. Biometric authentication is a roadblock for fraudsters, allowing only authorized user access. In addition, the increasing need to minimize data breaches and reduce the chances of cyberattacks is expected to boost demand for biometric systems. Furthermore, the increasing need for biometric systems to deliver the highest level of accuracy, security, and efficiency in various processes such as access control, customer onboarding, fraud prevention, loss prevention, time and attendance, forensic investigation, background checks, border security, and government benefit provision are some other key factors expected to drive market revenue growth during the forecast period.
With the reader's comprehension in mind, the team of analysts at Emergen Research painstakingly put up the new study named "Global Biometrics Market." A sizable database on industry distribution is also included. The study takes into account both historical and current market conditions in order to forecast the worldwide Biometrics Market outlook during the forecast period (2022–2030). Researchers who thoroughly examined the global market were able to identify the factors affecting the industry's overall growth. Strong analytical techniques, such as SWOT analysis and Porter's Five Forces, are used in the research to assess the strengths, weaknesses, opportunities, and threats connected to the growth of different market segments.
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The global Biometric System market report employs an extremely extensive and perceptive process that analyzes statistical data relating to services and products offered in the market. The research study is a pivotal document in understanding the needs and wants of the clients. The report is comprised of significant data about the leading companies and their marketing strategies. The Biometric System industry is witnessing an expansion and change of dynamics owing to the entry of several new players.
The study outlines the rapidly evolving and growing market segments along with valuable insights into each element of the industry. The industry has witnessed the entry of several new players, and the report aims to deliver insightful information about their transition and growth in the market. Mergers, acquisitions, partnerships, agreements, product launches, and joint ventures are all outlined in the report.
BIO-key International, NEC Corporation, Secunet Security Networks AG, HID Global Corporation, FUJITSU, Cognitec Systems GmbH, Thales, Precise Group, Aware Inc., Siemens, SUPREMA and IrisGuard Ltd
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Some Key Highlights From the Report
Multi-factor authentication segment is expected to register a substantially rapid revenue CAGR during the forecast period due to increasing need to reduce risks associated with key logger activity
Hardware segment is expected to register a significantly robust revenue growth rate over the forecast period, owing to increasing need to operate security systems in various organizations
Asia Pacific market is expected to account for larger revenue share due to robust presence of major market players providing biometrics solutions such as Fujitsu Limited and NEC Corporation, among others, in countries in the region
Market Overview:
The report bifurcates the Biometric System market on the basis of different product types, applications, end-user industries, and key regions of the world where the market has already established its presence. The report accurately offers insights into the supply-demand ratio and production and consumption volume of each segment.
Segments Covered in this report are:
Product Type Outlook (Revenue, USD Billion; 2019-2030)
Hardware
Software
Authentication Type Outlook (Revenue, USD Billion; 2019-2030)
Single-Factor Authentication
Multi-Factor Authentication
Contact Type Outlook (Revenue, USD Billion; 2019-2030)
Contact-based
Non-Contact-based
Hybrid
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The research report offers a comprehensive regional analysis of the market with regards to production and consumption patterns, import/export, market size and share in terms of volume and value, supply and demand dynamics, and presence of prominent players in each market.
Regional Analysis Covers:
North America (U.S., Canada)
Europe (U.K., Italy, Germany, France, Rest of EU)
Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
Latin America (Chile, Brazil, Argentina, Rest of Latin America)
Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Furthermore, the report provides the analytical data in an organized format segmented into charts, tables, graphs, figures, and diagrams. This enables readers to understand the market scenario in an easy and beneficial manner. Moreover, the report aims to impart a prospective outlook and draw an informative conclusion to assist the reader in making lucrative business decisions. The report, in conclusion, provides a detailed analysis of the segments expected to dominate the market, the regional bifurcation, the estimated market size and share, and comprehensive SWOT analysis and Porter’s Five Forces Analysis.
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