At 16.2% CAGR, Biometrics Technologies Market Size Poised to Touch USD 55.42 Bn by 2027
MarketStudyReport.com Adds New Report Biometrics Technologies Market 2019 – 2027 research report providing information and data by Retail Type, Shopping Type, Carrier Type, Industry Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast spreading across 176 Pages with table and figures in it.
Delaware, Selbyville – November 18, 2019 /MarketersMedia/ —
The global biometrics technologies market is segmented on technology and application. Based on the technology, the biometrics technologies market is segmented into fingerprint recognition, palm recognition, face recognition, iris recognition, voice recognition, others. Based on application, the biometrics technologies market is bifurcated into the banking and finance, government, healthcare, military & defense, consumer electronics, others. Geographically, the biometrics technologies market is fragmented into five regions, including North America, Europe, Asia-Pacific, Middle East & Africa, and South America.
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The consumer devices industry is witnessing immense growth in both developed and developing countries majorly due to advancements and smart features offered by these devices. In the current scenario, consumer devices are being used by consumers for a plethora of tasks, ranging from banking tasks to online shopping. Consumer devices such as smartphones and tablets have become an integral part of today’s? consumers? lives. All these devices are becoming smarter with the ongoing technological advancements and integration of advanced technologies such as artificial intelligence (AI) and internet of things (IoT). In addition to all these factors, the market for consumer devices is continuously growing, owing to the fact that manufacturers are regularly coming up with advanced technologies and features such as biometric authentication such as fingerprint, face, iris, and voice recognition. The integration of biometric authentication in smartphones and other devices by large companies such as Google, Apple, Huawei, and Samsung is driving the demand for biometric sensors at an impressive rate.
The global biometrics technologies market accounted for US$ 14.60 Bn in 2018 and is expected to grow at a CAGR of 16.2% over the forecast period 2019-2027, to account for US$ 55.42 Bn by 2027.
Presently, the implementation of biometrics systems is gaining momentum in almost every geography across the globe. The global biometrics technologies market is led by the Asia Pacific region as the biometric deployments for air passenger identification in the region are growing at a rapid pace.
The global market for biometrics technologies is growing at an exponential rate due to increasing penetration of biometric-enabled consumer devices such as smartphones, tablets, speakers, etc. among consumers worldwide. With the rising demand for digital services such as mobile banking, digital payments, and mobile wallets, the demand for advanced user authentication is growing at a fast pace to ensure security and convenience for customers.
The introduction of biometric capabilities in consumer devices have revolutionized user identification and credentialing in sectors such as banking and finance by reducing risks of payment fraud, identity theft, and other possible frauds. These advantages of mobile biometric-based authentication are expected to drive the growth of the global biometrics technologies market during the forecast period of 2019 to 2027.
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The well established market players operating in the biometrics technologies market are Aware, Inc., BIO-key International, Inc., IDEMIA, ImageWare Systems, Inc., Fujitsu Limited, Gemalto NV, Precise Biometrics AB, NEC Corporation, Suprema Inc., and Secunet Security Networks AG.
The overall global biometrics technologies market size has been derived using both primary and secondary source. The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the global biometrics technologies market. It also provides an overview and forecast for the biometrics technologies market based on all the segmentation provided for the global region. Also, primary interviews were conducted with industry participants and commentators to validate data and analysis. The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the biometrics technologies market.
Table of content:
1. Introduction
1.1 Scope of the Study
1.2 The Insight Partners Research Report Guidance
1.3 Market Segmentation
1.3.1 Global Biometrics Technologies Market ? By Technology
1.3.2 Global Biometrics Technologies Market ? By Application
1.3.3 Global Biometrics Technologies Market ? By Geography
2. Key Takeaways
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. Biometrics Technologies- Market Landscape
4.1 Market Overview
4.2 Ecosystem Analysis
4.3 PEST Analysis
4.3.1 Biometrics Technologies Market ? North America PEST Analysis
4.3.2 Biometrics Technologies Market ? Europe PEST Analysis
4.3.3 Biometrics Technologies Market ? Asia-Pacific PEST Analysis
4.3.4 Biometrics Technologies Market ? Middle East and Africa PEST Analysis
4.3.5 Biometrics Technologies Market ? South America PEST Analysis
5. Biometrics Technologies Market ? Key Industry Dynamics
5.1 Key Market Drivers
5.1.1 Increasing implementation of biometric technologies for enhanced security and convenience
5.1.2 Rising demand of biometric enabled consumer devices or mobile biometrics
5.2 Key Market Restraints
5.2.1 Data security and privacy issues related to the use biometrics technology
5.3 Key Market Opportunities
5.3.1 Rising adoption of biometrics technologies in large scale government projects
5.4 Future Trends
5.4.1 Growing popularity of Biometrics-as-a-service (BaaS) solutions
5.5 Impact Analysis of Drivers and Restraints
6. Biometrics Technologies Market? Global Analysis
6.1 Global Biometrics Technologies Market Overview
6.2 Global Biometrics Technologies Market Forecast and Analysis
6.3 Market Positioning- Top Five Players
7. Biometrics Technologies Market?By Technology
7.1 Overview
7.2 Biometrics Technologies Market Breakdown, By Technology, 2018 & 2027
7.3 Fingerprint Recognition
7.3.1 Overview
7.3.2 Fingerprint Recognition Market Revenue and Forecasts to 2027 (US$ Mn)
7.4 Palm Recognition
7.4.1 Overview
7.4.2 Palm Recognition Market Revenue and Forecasts to 2027 (US$ Mn)
7.5 Face Recognition
7.5.1 Overview
7.5.2 Face Recognition Market Revenue and Forecasts to 2027 (US$ Mn)
7.6 Iris Recognition
7.6.1 Overview
7.6.2 Iris Recognition Market Revenue and Forecasts to 2027 (US$ Mn)
7.7 Voice Recognition
7.7.1 Overview
7.7.2 Voice Recognition Market Revenue and Forecasts to 2027 (US$ Mn)
7.8 Others
7.8.1 Overview
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Related Report:
Global Biometrics for the Connected Car-Automotive Biometrics Market Size, Status and Forecast 2019-2025
As cars evolve into smartphones on wheels, the automotive industry is facing stiff competition from new entrants such as Tesla and the possibility that technology giants Apple and Google will again disrupt another market. Identity becomes a key battleground for this market and, as with the mobile industry, biometrics is fast becoming the easiest way for people to prove their identity across a wide-range of end-points including the connected car.
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