Global Biometrics Market Size to Reach USD 99.63 Billion in 2027 | Increasing Penetration of Smartphones Around the World and Increasing Integration of Biometric Systems with Iot Devices are Some Key Factors Driving Industry Demand, says Emergen Research

VANCOUVER, B.C., Aug. 9, 2021 /PRNewswire/ -- The global biometrics market size reached USD 33.26 Billion in 2019 and is expected to register a revenue CAGR of 14.6%, during the forecast period, according to latest analysis by Emergen Research. Increasing penetration of smartphones around the world is one of the key factors expected to drive biometrics market revenue growth over the forecast period. Biometrics has become almost ubiquitous in smartphones. Significant increase in smartphone penetration, as well as a rising need for efficient and faster biometric security in smartphones facilitating smartphone manufacturers to significantly invest in the research and development of biometric systems technologies, as well as the implementation of biometric systems in smartphones.

Increasing integration of biometric systems with IoT devices is another factor expected to propel revenue growth of the market going ahead. Biometric authentication is a new approach to IoT security. In order to identify a user, behavioral biometrics uses now-common smartphones and IoT devices to collect important data sets. As more IoT-connected device is being used, data becomes richer, allowing for a continual authentication procedure to take place while the device is in operation. In addition, increasing introduction of e-passports is expected to increase demand for biometric systems, which in turn is expected to boost growth of the market in the forthcoming years. However, concerns regarding data security are expected to hamper growth of the global biometrics market over the forecast period.

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Key players in the Biometrics market include

Leidos Holdings, Inc., NEC Corporation, Fujitsu Ltd, Gemalto N.V. (Thales Group), BioEnable Technologies Pvt. Ltd., Mobbeel Solutions, S.L.L., M2SYS Technology - KernellÓ Inc., S.I.C. Biometrics Inc., Precise Biometrics, BioID AG, IriTech, Inc., IDEMIA France SAS, Aware, Inc., and Fulcrum Biometrics, LLC

Some Key Highlights in the Report

• Multimodal biometric systems segment revenue is expected to expand at a significant CAGR during the forecast period due to increasing demand for multimodal biometric systems as such biometric systems provides better precision and flexibility for improved security.
• Facial recognition segment is expected to register considerable revenue growth over the forecast period. From preventing crimes by enhancing security and safety to minimizing unnecessary human effort, facial recognition is an emerging technology that contributing to the social ecosystem. Facial recognition enabled biometric systems can also significantly boost medical activities in some cases.
• Software segment is expected to register substantial growth in terms of revenue contribution to the global market during the forecast period as software plays an important role in enabling biometric device compatibility and interoperability. Increasing use of cloud-based solutions and artificial intelligence for biometric systems is expected to increase the need for relevant software to ensure device and operating system interoperability for various applications.
• Asia Pacific is expected to expand at fastest growth rate over the forecast period. The market growth in Asia Pacific is attributed to increased public awareness about the usage of biometric systems for security and decreased costs of devices built on such technology. Various government initiatives to implement biometric systems is also expected to boost the market growth.
• In November 2020, AFIX Biometric Identification was acquired by Aware, Inc. AFIX offers facial and fingerprint biometric identification and forensics analysis software to small and medium-sized law enforcement and government organizations. This acquisition will expand the offerings of Aware, Inc.

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Emergen Research has segmented the global biometrics market on the basis of technology, industry vertical, application, system type, component, and region:

• Technology Outlook (Revenue, USD Billion; 2017–2027)
• Facial Recognition
• Fingerprint Recognition
• Voice Recognition
• Palm Recognition
• Iris Recognition
• Others
• Industry Vertical Outlook (Revenue, USD Billion; 2017–2027)
• Government and Defense
• Healthcare and Life Sciences
• Law Enforcement
• Human Resources
• Retail and E-commerce
• IT and Telecommunication
• Banking, Financial Services, and Insurance (BFSI)
• Others
• Applications Outlook (Revenue, USD Billion; 2017–2027)
• Site Access Control
• Time Recording
• Mobile Application
• Web and Workplace
• Others
• System Type Outlook (Revenue, USD Billion; 2017–2027)
• Unimodal Biometric Systems
• Multimodal Biometric Systems
• Component Outlook (Revenue, USD Billion; 2017–2027)
• Hardware
• Software

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• Regional Outlook (Revenue, USD Billion; 2017–2027)
• North America
  a.  U.S.
  b.  Canada
  c.  Mexico
• Europe
  a.  Germany
  b.  France
  c.  U.K.
  d.  Italy
  e.  Spain
  f.  BENELUX
  g.  Rest of Europe
• Asia Pacific
  a.  China
  b.  India
  c.  Japan
  d.  South Korea
  e.  Rest of APAC
• Latin America
  a.  Brazil
  b.  Rest of LATAM
• Middle East & Africa
  a.  Saudi Arabia
  b.  UAE
  c.  South Africa
  d.  Turkey
  e.  Rest of MEA

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About Emergen Research 

Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.

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Emergen Research | Web: www.emergenresearch.com 
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