Biometric Market is expected to generate a revenue of USD 123.25 Billion by 2030, Globally, at 13.2% CAGR: Verified Market Research®
The market report is a good combination of qualitative and quantitative data that highlights significant market changes, obstacles that business and the competition must overcome, as well as new possibilities and trends in the global Biometric Market.
JERSEY CITY, N.J., Jan. 23, 2023 /PRNewswire/ -- Verified Market Research® recently published a report, "Biometric Market" By Functionality Type (Combined, Contact and Non-contact), By End-User (Government, Military & Defense, Electronics Healthcare, Banking & Finance), and By Geography.
As per the deep research carried out by Verified Market Research®, the global Biometric Market size was valued at USD 40.09 Billion in 2021 and is projected to reach USD 123.25 Billion by 2030, growing at a CAGR of 13.2% from 2023 to 2030.
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Browse in-depth TOC on "Biometric Market"
202 - Pages
126 – Tables
37 – Figures
Global Biometric Market Overview
The increasing demand for security and surveillance owing to the emergence of factors such as the threat of terrorist attacks is the major factor for fueling the growth of the market. In addition, the growing utilization of biometrics as the security identity management in the IT organizations, healthcare sectors are another factor propelling the growth of the market. Moreover, the rising government initiatives for promoting the adaption of biometrics impose a positive outlook on the market growth. However, the huge cost of deployment is expected to hamper the market growth. Biometric technology is becoming more widely used in businesses to provide increased convenience, secure identity management, and superior human resource management. When compared to traditional security systems that rely on passwords, PINs, or smart cards, biometric systems are thought to be more rapid, convenient, and secure.
International terrorism, criminal organizations, and illegal migration linked to identity theft and document fraud have all been facilitated by these systems. Additionally, biometric systems are easy to set up and don't require complicated operations. The adoption of the e-passport, voter registration in low literacy economies, ration card registration, and identifying individuals of interest have resulted in growing usage of the technology across the government sector. For example, India's national ID program, Aadhar, is one of the world's largest biometric databases, allowing government agencies to provide retail services without the need for burdensome paper-based methods or the physical presence of an officer at a specific location. Likewise, fingerprints are increasingly being employed in the educational and commercial sectors to preserve employee attendance, time, and work-check, resulting in their widespread adoption.
Fingerprint technology is also utilized to identify students and employees in cashless vending machines. Increased new technologies defined by accuracy and reduced implementation costs are expected to boost the Biometric Market. Emerging technolgies such as electroencephalograms and electrocardiograms are projected to boost the market. These technologies trace the unique nature of an individual's heart and brain patterns, allowing for enhanced fraud resistance.
Verified Market Research® narrows down the available data using primary sources to validate the data and use it in compiling a full-fledged market research study. The report contains a quantitative and qualitative estimation of market elements that interests the client. The "Global Biometric Market" is mainly bifurcated into sub-segments which can provide classified data regarding the latest trends in the market.
The "Global Biometric Market" study report will provide valuable insight with an emphasis on the global market. The major players in the market are Fujitsu, Cognitec Systems, Aware, ASSA Abloy, Precise Biometrics, Safran, Secunet Security Networks, Stanley Black & Decker, NEC Corporation, and Thales.
Based on the research, Verified Market Research® has segmented the global Biometric Market into Functionality Type, End-User, and Geography.
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