Biometric System Market Forecast to 2030

The global biometrics market size reached USD 43.54 billion in 2021 and is expected to register a revenue CAGR of 14.8% during the forecast period, according to the latest analysis by Emergen Research. The increasing need for more convenient and fast authentication modes and the increasing need for easy-to-operate and user-friendly security systems are some key factors projected to support market revenue growth between 2022 and 2030. In addition, the increasing need for high levels of security in the banking, finance, and defense sectors is expected to continue to drive revenue growth in the market going forward. Biometrics provides increased levels of security to providers by verifying identity using several methods, such as face recognition, voice recognition, signature recognition, iris recognition, fingerprint recognition, and hand geometry recognition, among others. Biometric authentication is a roadblock for fraudsters, allowing only authorized users access. In addition, the increasing need to minimize data breaches and reduce the chances of cyberattacks is expected to boost demand for biometric systems. Furthermore, the increasing need for biometric systems to deliver the highest level of accuracy, security, and efficiency in various processes such as access control, customer onboarding, fraud prevention, loss prevention, time and attendance, forensic investigation, background checks, border security, and government benefit provision are some other key factors expected to drive market revenue growth during the forecast period.

The most current market research report from Emergen Research, which focuses on the global BIOMETRICS market, provides in-depth analysis of each of the market's major segments. The research on the global BIOMETRICS market includes information on market size, revenue growth rate, industry data, revenue splits by regional markets, gross margins, production costs, and product portfolios. The report also highlights a number of other micro- and macroeconomic factors, including the most important drivers, opportunities, trends, difficulties, supply and demand ratios, production and consumption patterns, stringent regulatory frameworks, and a wide range of other factors.

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The global Biometric System market report employs an extremely extensive and perceptive process that analyzes statistical data relating to services and products offered in the market. The research study is a pivotal document in understanding the needs and wants of the clients. The report is comprised of significant data about the leading companies and their marketing strategies. The Biometric System industry is witnessing an expansion and change of dynamics owing to the entry of several new players.

The study outlines the rapidly evolving and growing market segments along with valuable insights into each element of the industry. The industry has witnessed the entry of several new players, and the report aims to deliver insightful information about their transition and growth in the market. Mergers, acquisitions, partnerships, agreements, product launches, and joint ventures are all outlined in the report.

BIO-key International, NEC Corporation, Secunet Security Networks AG, HID Global Corporation, FUJITSU, Cognitec Systems GmbH, Thales, Precise Group, Aware Inc., Siemens, SUPREMA and IrisGuard Ltd

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Some Key Highlights From the Report

• Multi-factor authentication segment is expected to register a substantially rapid revenue CAGR during the forecast period due to increasing need to reduce risks associated with key logger activity
• Hardware segment is expected to register a significantly robust revenue growth rate over the forecast period, owing to increasing need to operate security systems in various organizations
• Asia Pacific market is expected to account for larger revenue share due to robust presence of major market players providing biometrics solutions such as Fujitsu Limited and NEC Corporation, among others, in countries in the region

Market Overview:

The report bifurcates the Biometric System market on the basis of different product types, applications, end-user industries, and key regions of the world where the market has already established its presence. The report accurately offers insights into the supply-demand ratio and production and consumption volume of each segment.

Segments Covered in this report are:

• Product Type Outlook (Revenue, USD Billion; 2019-2030)
  • Hardware
  • Software

• Authentication Type Outlook (Revenue, USD Billion; 2019-2030)
  • Single-Factor Authentication
  • Multi-Factor Authentication

• Contact Type Outlook (Revenue, USD Billion; 2019-2030)
  • Contact-based
  • Non-Contact-based
  • Hybrid

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The research report offers a comprehensive regional analysis of the market with regards to production and consumption patterns, import/export, market size and share in terms of volume and value, supply and demand dynamics, and presence of prominent players in each market. 

Regional Analysis Covers:

• North America (U.S., Canada)
• Europe (U.K., Italy, Germany, France, Rest of EU)
• Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
• Latin America (Chile, Brazil, Argentina, Rest of Latin America)
• Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)

Furthermore, the report provides the analytical data in an organized format segmented into charts, tables, graphs, figures, and diagrams. This enables readers to understand the market scenario in an easy and beneficial manner. Moreover, the report aims to impart a prospective outlook and draw an informative conclusion to assist the reader in making lucrative business decisions. The report, in conclusion, provides a detailed analysis of the segments expected to dominate the market, the regional bifurcation, the estimated market size and share, and comprehensive SWOT analysis and Porter’s Five Forces Analysis.

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