Biometrics Market revenue to cross USD 45 Bn by 2027: Global Market Insights Inc.

Major biometrics market players include Aware Inc., Accenture PLC, ASSA ABLOY AB, Fujitsu Ltd., Idemia, NEC Corporation, Nuance Communications Inc., Thales Group, Stanley Convergent Security Solutions Inc., Leidos Holdings, and Megvi (Face++).

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Selbyville, Delaware, Sept. 01, 2021 (GLOBE NEWSWIRE) --

According to latest report “Biometrics Market by Technology (Face, Fingerprint, Palmprint, Iris, Voice, Signature), End-Use (BFSI, Government & Defense, Aerospace, Automotive, Consumer Electronics, Healthcare, Retail & E-Commerce), Regional Outlook, Price Trends, Competitive Market Share & Forecast 2027”, by Global Market Insights Inc., the market valuation of biometrics will cross $45 billion by 2027. The market growth can be attributed to the high demand for accurate access control systems across several industry verticals.

The iris recognition segment biometrics market will witness significant growth, which is credited to the high accuracy offered by the technology in the process of user authentication. Identification algorithms locate the boundaries of the iris and then process the image to provide a concise & distinct representation of an individual’s iris pattern. This representation offers a very high level of discrimination between individuals within a population. Iris recognition technology is showcasing increasing adoption as it has a very low false match rate and is frequently used where population sizes are large. Iris data from around one billion people has been collected for the Aadhaar Unique Identity program in India. Similarly, iris identity validation is also used in the UAE’s air and seaports.

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The expanding automotive sector globally will fuel the demand for in-car biometric solutions for user authentication, payments, and driver liveness detection. Renowned automotive manufacturers are integrating biometric solutions in cars for several applications and to improve passenger convenience. For instance, Hyundai Motor Group is currently developing an iris recognition technology feature that delivers a warning when the driver is not attentive or is not focusing on driving. It identifies the risk of lane departure and intrusion caused by the car driver’s carelessness in advance & calls the driver's attention with alarm sounds, cluster warning lights, and vibrations. Voice-enabled access control technology reduces car thefts by ensuring accurate user identification and authentication.

The expanding consumer electronics sector in North America region will offer growth opportunities to the biometrics market. Electronic device manufacturers are integrating fingerprint authentication and facial recognition for user validation. This factor ensures that the device is accessed only by authorized individuals. The integration of biometrics avoids the need to enter credentials, ensuring improved confidentiality in case of security breaches caused by password leaking. Voice-enabled electronic devices are gaining increasing popularity in the U.S. The increasing acceptance of biometric solutions across the government & defense sector will also spur the industry growth. Voice recognition systems are deployed at government facilities to provide a more seamless method of identifying individuals via their unique voice patterns.

Some of the major companies operating in the biometrics market are Aware Inc., Accenture PLC, ASSA ABLOY AB, Fujitsu Ltd., Idemia, NEC Corporation, Nuance Communications Inc., Thales Group, Stanley Convergent Security Solutions Inc., Leidos Holdings, and Megvi (Face++).

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Some major findings of the biometrics market report are:

  • High demand for accurate access control systems in corporate organizations and commercial complexes will support the market expansion. Fingerprint recognition systems are widely deployed across corporate buildings to ensure precise employee identification and track attendance automatically.
  • Facial recognition technology will gain traction with the increasing usage of the technique by government organizations to track criminals. Authorities use facial recognition technology to compare a face in real-time with the existing database of blacklisted people, assisting police authorities to catch criminals easily.
  • The growing adoption of electronic citizen ID cards globally will augment the demand for advanced biometrics. This factor enables government authorities to ensure that ID cards are not forged or duplicated. Fingerprint and palmprint recognition systems are registering increasing usage in citizen ID card enrolment.
  • The developing retail & e-commerce industry will offer exponential growth opportunities to the biometrics market. Large retailers are integrating analytics with facial recognition to track in-store consumer behavior and offer customized services as per individual preferences. It is also enabling them to improve marketing campaigns and loyalty programs by analyzing accurate consumer behavior.
  • The expanding BFSI sector will also propel the market value. The growing popularity of digital banking will impel the acceptance of biometrics that ensure precise user authentication during financial transactions. Fingerprint-enabled smart cards are observing increasing popularity in North America and Europe.

Table of Contents (ToC) of the report:

Chapter 3   Biometrics Market Insights

3.1    Industry segmentation

3.2    Impact of coronavirus (COVID-19) pandemic

3.2.1    Global outlook

3.2.2    Regional outlook

3.2.3    Industry value chain

3.2.4    Competitive landscape

3.3    Industry ecosystem analysis

3.4    Technology & innovation landscape

3.5    Regulatory landscape

3.6    Industry impact forces

3.6.1    Growth drivers

3.6.2    Industry pitfalls & challenges

3.7    Growth potential analysis

3.8    Porter’s analysis

3.9    PESTEL analysis

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About Global Market Insights Inc.

Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.


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