Global Biometrics Strategic Market Analysis Report, 2022 and 2023-2030: Next-Generation Biometric Technologies to Transform Market Landscape
DUBLIN, Nov. 30, 2023 /PRNewswire/ -- 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.
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.
MARKET TRENDS & DRIVERS
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SOURCE Research and Markets