Biometrics System Market to Cross USD 95.52 Billion by 2028, at Higher CAGR of 13.51% from 2022-2028 owing to Increasing Demand for User-Friendly Security Systems with Faster Authentication

Global Biometrics System Market Size, Share, Growth Analysis

Westford USA, Jan. 27, 2023 (GLOBE NEWSWIRE) — SkyQuest’s research report on the biometrics system market simplifies complex data in simple terms. It presents the historical and current state of the industry together with projected market size and trends. As a result, decision-makers will have a clear perspective and futuristic vision of the target industry thanks to the extensive analysis of internal and external factors that have the potential to positively or negatively impact businesses. The research includes SVOR, PORTER, and PESTEL analysis and the prospective impact of regional microeconomic factors on the market.   

Asia Pacific region offers higher growth prospects for players operating in the biometrics system market. Biometrics systems are succeeded in gaining higher adoption across the globe as they are easy to use and operate and provide a cost-effective solution for ensuring high-end security and assurance. Besides this, biometrics technologies are extensively used in governmental and private organizations, institutional setups for door access, employee identification, and marking attendance. Moreover, the coronavirus disease (COVID-19) outbreak has shifted toward contactless biometrics systems that analyze face, gait, and voice recognition for identity authentication.

Millions of people’s personal information are at higher risk due to a surge in data breaches and cyber-attacks, making it more important than ever to address the rising security concerns. According to SkyQuest’s global research, over 120 million cyber-attacks and data breach cases were reported in 2021. Furthermore, over 85% of cyber security issues result from human error. As a result, biometric technology is gaining higher traction to ensure a higher level of security.

Biometrics refers to processes that use physical or behavioral characteristics to authenticate, recognize, and identify people. They compare an individual’s identifiers to a biometric template already in the database. A biometric system provides high security and accuracy by comparing data from a reader, associated software, and a database.

Prominent Players in Biometrics System Market

  • Gemalto NV (Thales Group) (Netherlands)
  • N.E.C. Corporation (Japan)
  • Leidos Holdings Inc. (U.S.)
  • BioEnable Technologies Pvt. Ltd (India)
  • M2SYS Technology (U.S.)
  • ImageWare Systems Inc. (U.S.)
  • Phonexia S.R.O. (Czech Republic)
  • Fujitsu Limited (Japan)
  • S.I.C. Biometrics Global Inc. (U.S.)
  • Nuance Communications Inc. (U.S.)
  • Aware Inc. (U.S.)
  • Cognitec Systems GmbH (Germany)
  • IDEMIA France SAS (France)
  • Assa Abloy AB (Sweden)
  • BioID AG (Switzerland)
  • Hitachi Corporation (Japan)

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Hardware Segment to Continue Dominating the Market due to Its Higher Adoption in Consumer Electronics

The hardware segment dominates the biometrics system market in terms of components and is expected to control 44.3% of the market in 2022. High security & assurance, exact identification accountability, and high performance are just a few benefits of biometric hardware that help this market expand. In addition, the advent of mobile biometric devices, the rising emphasis on hardware-based security capabilities, and the expanding use of biometric technology in consumer electronics primarily drive the growth of biometric technology. As a result, many vendors are making R&D investments in cutting-edge technologies to improve hardware capabilities and minimize costs for small and medium-sized organizations.

Asia Pacific held the largest revenue share with a significant CAGR of 23.7% in 2022 and is projected to perform better in the coming years. Due to increased security and the need to verify access to sensitive data, which has made biometric devices vital for better organizational performance in India’s public and commercial sectors, Asia Pacific is predicted to have significant growth in this market. Additionally, the regional demand has grown due to the deployment of biometric systems in various industries, including banking and finance, defense, retail, healthcare, and airport security. 

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Multi-factor Authentication Segment to Expand at Rapid CAGR Thanks to Its Higher Protection Feature

In the biometrics system market, the multi-factor authentication category exhibited the quickest CAGR to gain 38.2% revenue share by 2022. The necessity for more protection against the theft of sensitive data, particularly in the government and defense industries, can be ascribed to the rising need for multi-factor authentication. Combining several I.D.s adds a layer of protection and improves the system’s efficiency, accuracy, and dependability. In addition, demand for multi-factor authentication is anticipated to increase due to the quick development of biometric smart cards for identity and payment.

With a significant CAGR, North America accounted for a sizeable market share of 32.4% in 2022. In the U.S., biometric techniques have wide applications in numerous departments, including defense, homeland security, commerce, justice, and the state. In addition, biometric technology is used to cater to safety and security needs, owing to increasing terrorist threats worldwide.

The presence of well-known biometric system manufacturers and the growing use of contactless biometrics technology are the significant factors fueling this North American region’s rapid growth. In addition, the regional market is predicted to grow substantially over the next several years thanks to supportive government measures, rising e-commerce and virtual payment trends, and rising worries about digital identity security.

The biometrics market is highly competitive and fragmented due to the presence of various domestic and international vendors. Biometrics solutions find applications across a range of end-user sectors. The vendors are also implementing significant product developments to increase their market share. Strategic alliances and acquisitions are also proving profitable avenues for market growth. The research report serves as a resource for investors thanks to its precise representation of competition analysis of key companies by market type, financial situation, growth plans, product portfolio, and regional presence in the market.

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Key Developments in Biometrics System Market

  • eGator, a biometrics and digital I.D. verification firm based in South Africa, has released new software for identity verification and authentication utilizing face and fingerprint biometrics. The company is also discussing deploying the new solution with a major insurance company. It is also working on developing other I.D. solutions to meet the needs of emerging markets.
  • Isorg, a leader in Organic PhotoDetectors (O.P.D.s) and wide area image sensors, divulges information about its partnership with Precise Biometrics, a leader in fingerprint identification software, on a novel Fingerprint on Display (FoD) solution for the mobile sector. Even under these demanding system requirements, Isorg’s O.P.D. technology, which has excellent efficiency, achieves considerably superior performance.
  • Under the brand name “Convego YOU,” Giesecke+Devrient’s new biometric payment card has been introduced. According to a corporate announcement, advantages to issuers include a compelling new offering for high-value consumers, a pleasurable user experience, naturally secure identification, robust onboarding, and G+D’s significant experience as a partner.
  • Aratek, a Taiwan-based security business, has unveiled a new multimodal biometric system for access management applications that supports RFID cards and can recognize faces and fingers. The solution, TruFace, was created expressly to serve as an access control and attendance management system.

Key Questions Answered in the Biometrics System Market Report

  • What is the anticipated size of the biometrics system market?
  • Which are the emerging trends likely to influence the market dynamics?
  • What are the key driving forces for the biometrics system market?
  • Which are the highly active companies in the global market?
  • What is the projected growth rate for the target market?

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