Global Biometrics Market Predicted to Flourish by 2028
The global biometrics market is estimated to prosper by 2028 due to increasing usage of biometrics-enabled smartphones and rising integration of such systems with IoT devices. The fingerprint recognition sub-segment is expected to be the most dominant due to its widespread usage in the consumer electronics industry. Market in the Asia-Pacific region is predicted to have the fastest growth rate.
New York, USA, May 16, 2022 (GLOBE NEWSWIRE) -- According to the report published by Research Dive, the global biometrics market is predicted to generate a revenue of $104,959.6 million by 2028 and grow at a stable CAGR of 15.0% over the forecast period from 2021-2028. The extensive report provides a concise layout of the biometrics market’s current framework including prime aspects of the market such as growth elements, challenges, restraints and various opportunities during the predicted timeframe of 2021-2028. The report also provides all the market figures to help new participants analyze the market easily.
Prominent Market Players
Some prominent biometrics market players include
BIO-Key International Inc.
Cognitec Systems GmbH
Fingerprints cards AB
RCG Holdings, Ltd.
Thales Group among others.
These key players are undertaking various strategies such as product development and enhancement, merger and acquisition, partnerships and collaborations to sustain the market growth.
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For example, in September 2021, NEC Corporation, a Japan-based IT and electronics organization, developed a touchless and high precision-level multimodal biometric authentication with face and iris recognition technologies. The biometric authentication technology has been ranked as No. 1 by the US National Institute & Technology in identification technology milestones.
Dynamics of the Market
Drivers: The increasing utilization of smartphones across the world and rising integration of biometric systems with IoT devices are some key factors estimated to drive the growth of the global biometrics market during the analysis timeframe. In addition, the wide usage of e-passports is also boosting the growth of the biometrics market by 2028.
Opportunities: The growing technological advancements and the launch of electroencephalogram (EEG) and electrocardiogram (ECG) to trace human’s heart and brain patterns are factors to offer ample growth opportunities for the global biometrics market during the analysis period.
Restraints: Concerns about data security is the main factor to hamper the market growth during the 2021-2028 timeframe.
Covid-19 Impact on the Global Biometrics Market
The Covid-19 pandemic has had a positive impact on the global biometrics market and boosted its revenue, unlike most businesses across the world. Due to strict lockdowns, social distancing norms, and travel restrictions imposed by governments worldwide, most industries switched to touchless biometrics systems to curb the virus spread. Additionally, as per recent government regulations, corporates should avoid utilizing fingerprint, palm print, and hand-key scanners to avoid any physical contact. Moreover, the pandemic forced people across the globe to utilize smartphones more than ever, thus boosting the demand for biometric solutions.
Segments of the Biometric Market
The report has divided the market into multiple segments based on technology, authentication, component, end-user, and regional analysis.
Technology: Fingerprint Recognition Sub-segment to be Most Dominant
The fingerprint recognition sub-segment is predicted to have a dominating market share and gather a revenue of $31,511.3 million by 2028 due to the widespread use of fingerprint sensors for biometric authentication in the electronics industry. Additionally, the growing incidences of threats, increasing adoption of fingerprint recognition in government buildings, and the emergence of touchless fingerprint technologies are some factors projected to bolster the sub-segment’s growth during the forecast period.
Authentication: Single-factor Authentication Sub-segment to be Highly Beneficial
The single-factor authentication sub-segment of the global biometrics market is estimated to have the highest revenue of $71,618.0 million by 2028. This immense growth is attributed to the new hacking techniques and viruses designed to steal sensitive data from organizations. Moreover, with the increasing preference for online transactions, it is crucial for businesses to have an authentication system that offers safe and easy access to information. Also, single-factor authentication systems require the user to verify his identification with only one factor that matches. These factors are anticipated to propel the sub-segment’s growth by 2028.
Component: Mobile Sub-segment to be Most Lucrative
The mobile sub-segment is expected to have the fastest growth rate of 16.0% CAGR during the forecast period due to the growing launch of biometric-enabled smartphones and rising preference for other types of recognition technologies like face, iris, or voice. Moreover, the industry agreement on increasing the intelligence in mobile devices is predicted to further augment the sub-segment’s growth by 2028.
End-user: Government and Defense Sub-segment to be Most Profitable
The government and defense sub-segment of the global biometrics market is projected to have the highest market share and gather a revenue of $29,222.5 million during the 2021-2028 timeframe due to the growing adoption of biometrics for civil or criminal identification. Moreover, biometric systems are also employed by law enforcement authorities as well as the FBI and Interpol to identify criminals. These factors are expected to uplift the sub-segment’s growth by 2028.
by Research Dive