Dublin, Nov. 30, 2023 (GLOBE NEWSWIRE) -- The "Biometrics - Global Strategic Business Report" report has been added to ResearchAndMarkets.com's offering.
Global Biometrics Market to Reach $79.6 Billion by 2030
The global market for Biometrics estimated at US$24 Billion in the year 2022, is projected to reach a revised size of US$79.6 Billion by 2030, growing at a CAGR of 16.2% over the analysis period 2022-2030.
Non-AFIS, one of the segments analyzed in the report, is projected to record 14.1% CAGR and reach US$21.8 Billion by the end of the analysis period. Growth in the AFIS segment is estimated at 17.7% CAGR for the next 8-year period.
In 2022, the global biometrics market saw key competitors vying for market share. This market is introduced with an overview of biometrics technology, encompassing various types of biometric technologies. The growing use of biological traits for identification and verification is identified as a significant driver for market prospects. The COVID-19 pandemic had impacts on the contact-only biometrics market. Developing economies are expected to lead the future adoption of biometric technology.
The competitive landscape includes biometric startups poised to transform the competitive scenario, alongside established world brands. Recent market activity is also highlighted, with a focus on the competitive market presence of players worldwide in 2022, ranging from strong and active to niche and trivial.
The U.S. Market is Estimated at $6.5 Billion, While China is Forecast to Grow at 20.1% CAGR
The Biometrics market in the U.S. is estimated at US$6.5 Billion in the year 2022. China, the world's second largest economy, is forecast to reach a projected market size of US$14.9 Billion by the year 2030 trailing a CAGR of 20.1% over the analysis period 2022 to 2030.
Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 12.6% and 14.2% respectively over the 2022-2030 period. Within Europe, Germany is forecast to grow at approximately 14.7% CAGR.
What`s New?
- Special discussions on the global economic climate and market sentiment
- Coverage on global competitiveness and key competitor percentage market shares
- Market presence analysis across multiple geographies - Strong/Active/Niche/Trivial
- Online interactive peer-to-peer collaborative bespoke updates
- Access to digital archives and trademarked research platform
- Complimentary updates for one year
- Access to curated YouTube video transcripts of market sentiments shared by CEOs, domain experts and market influencers via interviews, podcasts, press statements and event keynotes
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 872 |
| Forecast Period | 2022 - 2030 |
| Estimated Market Value (USD) in 2022 | $24 Billion |
| Forecasted Market Value (USD) by 2030 | $79.6 Billion |
| Compound Annual Growth Rate | 16.2% |
| Regions Covered | Global |
MARKET TRENDS & DRIVERS
- Next-Generation Biometric Technologies to Transform Market Landscape
- Finger-Vein Recognition
- 3D Face Recognition
- Sensor Interoperability
- Biometrics Authentication in the Cloud
- AI & Biometrics
- Contactless Biometrics Technology Poised for Major Gains in Post COVID-19 Period
- Multimodal Biometrics Emerges as a Promising Area of Growth
- Future Trends in Biometrics Technology: A Review
- Growing Role of Biometrics for Identification & Authentication in Consumer Electronics Sector
- Smartphones Become a Critical Device for Biometrics
- Rise in Biometric Technology-based Government Initiatives Propel Market Growth
- National ID Programs Build Opportunities for Biometric Systems
- Border Control & Immigration Emerges as a Promising Market for Biometric Systems
- Continued Threat of Terrorism Drives the Focus on Beefing Up Security with Biometric Systems
- Fingerprint Technology Remains the Dominant Biometric System in Use for Immigration Purposes
- Rising Prominence of Iris Biometrics for Travel & Immigration Control
- Growing Role of Biometrics in Addressing Fraud and Security Breaches to Propel Use of Iris Recognition Technology in BFSI Industry
- Applications of Biometrics Technology in Financial Services Sector
- Digitization of Banking Services and Need for Stricter Identification Protocols to Prevent Security Breaches Drives Market
- Biometrics Enable Banks to Improve Customer Engagement Levels
- Fingerprint Scan Technology Leads the BFSI Sector
- Iris Biometrics Poised for Strong Growth in BFSI Sector
- Voice Biometrics Continues to Gain Growth in BFSI Sector
- Facial Recognition Growing in Popularity
- Banks See More Deployment of Vein Recognition Biometrics
- Dual Biometrics Finds Acceptance among Banks
- Rise of Internet and Mobile Banking Drives Opportunities for Biometrics Market
- Biometrics-based Authentication at ATMs on Rise
- Rise in ATM Installations Presents Opportunity for Iris Biometrics
- Increasing Availability of Biometrics-Enabled Smartphones Transforms Mobile Banking Services
- Biometric Payment Cards Propel Biometrics Adoption in BFSI Sector
- Financial Inclusion of Unbanked Population: A Key Advantage of Biometrics Technology
- Top Factors Cited as Barrier to Account Ownership: % of Adults Citing the Reason for Being Unbanked
- Digital Onboarding Initiatives of Banks Present Favorable Outlook for Biometrics Technologies
- Amidst Digital Transformation of Banking Operations, Behavioral Biometrics Witnesses Growth
- Keystroke Dynamics Authentication Overcomes Challenges Related to Conventional Authentication Methods
- Regulatory Mandates Promote Adoption Biometrics Technology in Banking Sector
- Innovations in Biometrics for Banking and Financial Services Sector: A Review
- Increasing Significance of Biometrics Technology in Facilitating Contactless Passenger Journey Post-COVID-19 Pandemic
- Demand for Biometric Systems Rises from Law Enforcement Agencies
- Prisons & Detention Centers Bank on Iris Biometrics
- Significant Role of Biometrics in Access Control Implementations
- Iris Biometrics Rapidly Gains Adoption in Physical Access Implementations
- System & Network Access Control Presents Considerable Market Opportunity
- Use of Iris Biometrics for Attendance & Workforce Management to Grow in Prominence
- Multi Factor Authentication Continues to Grow in Popularity in Access Control
- Automotive Industry Exhibits Growing Inclination to Use Biometrics Systems
- Biometrics Technology Becomes Indispensable in Identity Verification & Access Control at Airports
- Biometrics Technology to Expedite Check In and Boarding at Airports
- Automated Border Control Systems (eGates) for Faster Processing at Border Checkpoints: Opportunities for Market Growth
- Enterprises Choose Biometric Technology for Secure Identity Management and Better HR Management
- Digital Transformation of Workplaces and Enterprise Mobile Enhance Importance of Biometrics Technology
- Threat to Security and Privacy-Increase in Cyberattacks and Hacking amidst COVID-19 Pandemic
- Healthcare Emerges as a High Growth Market for Biometric Systems
- Iris Biometrics Well Suited to Mitigate Hospital Patient Identification Issues
- Hygiene Concerns Amidst the COVID-19 Pandemic Create Business Case for Contactless Biometrics
- Education Sector to Leverage the Capabilities of Biometrics Technology
- Hospitality Industry: High Potential Market for Biometrics Technology
- Growing Role of Biometrics Technology in Smart Homes and Offices
- Biometrics Present Potential Opportunities for Retail Vertical
- Fingerprint Recognition: A Reliable Biometrics Technology with Varied Applications
- Low Costs Benefits Drive Gains in Non-Automated FIS Market
- Contactless Fingerprint Systems Drive Opportunities
- 3D Fingerprint Scanners Evolve as a More Accurate Technology
- Iris Biometrics: Uniqueness of Human Iris Holds Tremendous Potential as an Identification Technology
- Iris Recognition Gains Marked Adoption across Diverse Verticals
- Iris-based Identity Authentication Address Concerns with Contact Biometrics
- Cloud Solutions Boost Adoption of Iris Recognition Technologies
- Blockchain & Iris Recognition Opens Opportunities for Identity Verification in Various Industries
- Technology Developments to Transform the Iris Biometrics Market
- Advanced Hand Held Devices to Bring Portability to Iris Biometrics
- Face and Voice Recognition Technologies Continue to Gain Popularity
- Hand Geometry: Another Promising Biometric Authentication Technology
- Banking and Time & Attendance Management Sustain Demand for Hand Geometry Systems
- Consumer Biometrics: Need for Convenience and Hassle-Free Experiences Boost Technology Adoption
- Digital Authentication Needs of Diverse Verticals Turn Focus onto Behavioral Biometrics
- Key Issues Facing Biometrics Market
FOCUS ON SELECT PLAYERS(Total 340 Featured)
- Anviz Global, Inc.
- 4G Identity Solutions Pvt., Ltd.
- AGNITiO S.L.
- Animetrics, Inc.
- 360 Biometrics
- 3dMD LLC
- Accu-Time Systems, Inc.
- Applied Recognition, Inc.
- ACK3 Bionetics
- AgeWell Biometrics
- Acuity Market Intelligence
- Airside
- ALiCE Biometrics
- ANDE
- 3D Face
For more information about this report visit https://www.researchandmarkets.com/r/3ztv6n
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